Even though nowadays a lot of people use banks or other adjacent apps to send money to and from Korea, the old ways still exist. Western Union and MoneyGram are used today and no matter how expensive they are people prefer them for security reasons, or because these are the only ways to be able to send or receive money abroad.
In this article, we will explain how to send or receive money using these two methods.
How to send money?
This method has three ways of sending money from Korea to Korea, and across Korea.
AUTO-SEND money online
Send money online for a cash pickup in a few simple steps.
Send money online with AUTO-SEND for a cash pickup
Your receiver can pick up your cash transfer as quickly as in minutes2 at any of our 525,000+ locations1 around the world.
Open a WU AUTO-SEND account by pre-registering at a bank that offers WU AUTO-SEND. During the pre-registration process, you will be asked for your receiver’s name and the way you want to send money.
Top up your WU AUTO-SEND account with the amount you wish to send at any ATM or via your bank’s internet or mobile banking. Your money will be transferred to your receiver automatically.
Provide your receiver with the Money Transfer Control Number (MTCN) you receive via SMS. He/she can pick up the money at any of our agent's locations overseas. You can also use the MTCN to track your transfer. It is important that you do not share this number with any other person.
For subsequent money transfers to the same recipient, simply top up your WU AUTO-SEND account online or at an ATM for automatic transfers.
Which banks offer WU AUTO-SEND service?
WU AUTO-SEND service is offered by these banks:
Can I top up my WU AUTO-SEND accounts with accounts from other banks?
Yes, you can top up your WU AUTO-SEND account via ATM, internet banking, or mobile banking provided by other banks.
How soon can my receiver get the money?
Money transfers started online are generally available for pick up in minutes2. Receivers can pick up the money at any Western Union agent's location around the world, depending on the hours of operation.
How much is the transfer fee4?
The transfer fees are as follows:
Send money on the Kakao bank app
Download the app to send money for a cash pickup at 525,000+ locations1 around the world.
Your receiver can pick up your cash transfer as quickly as in minutes 2 at any of our 525,000+ locations1 around the world.
Download Kakao Bank mobile app and register via the eKYC process to open a bank account with Kakao bank.
Log in to the app. Choose the Kakao Bank - Western Union MT Service and fill in the required information to start your money transfer. Then, select your Kakao Bank account to pay for the transfer.
Pay for the transfer. Upon successful payment, you’ll get an eReceipt with your Money Transfer Control Number (MTCN), which you can use to track your transfer.
Inform your receiver. Share the MTCN with your receiver and let them know that the cash is ready for pickup at one of our agent locations. Do not disclose your money transfer details to anyone except your intended receiver.
To send money to another recipient, simply update the receiver’s information in the app.
Where can I download the Kakao Bank mobile app?
You can download it on the App Store or Google Play.
Who can use the Kakao Bank - Western Union MT Service?
Korean citizens only. As per local laws and regulations, eKYC is not allowed for foreign customers at the moment.
When can I use the Kakao Bank - Western Union MT Service?
You can use the service 24/7, except for maintenance hours.
How soon can my receiver get the money?
Money transfers sent through the Kakao Bank mobile app are generally available for pick up in minutes2. Receivers can pick up the money at any Western Union agent's location around the world during operating hours.
How much is the transfer fee4?
The transfer fees are as follows:
Visit an agent location
Send money for a cash pickup or directly to a bank account by visiting any of our 4,000+ agent locations in South Korea. Use this website and by writing your address you can find the closest locations.
Send money from an agent location for a cash pickup
Your receiver can pick up your cash transfer as quickly as in minutes2 at any of our 525,000+ locations1 around the world.
Go to an agent location. Use our agent locator to find one near you. Make sure to bring a government-issued photo ID with you.
Fill out the Send Money form. Then give it to the agent, along with the money you wish to send. You will need to present your ID for confirmation purposes.
Pay for the transfer. You may choose to pay in cash, or with your credit or debit card5, depending on agent location facilities.
Track your transfer. Upon successful payment, you’ll be given a receipt with your Money Transfer Control Number (MTCN), which you can use to track your transfer.
Inform your receiver. Share the MTCN with your receiver and let them know that the cash is ready for pick-up at one of our agent locations. Do not disclose your money transfer details to anyone except your intended receiver.
Send money from an agent location to a bank account
You can send money directly to your receiver’s bank account in China.
Know your receiver’s bank details. Typically, you’ll need your receiver's bank name and code, as well as their bank account number. Learn more about what bank details are needed 3.
Go to an agent location. Use our agent locator to find one near you. Make sure to bring a government-issued photo ID with you.
Fill out the Send Money form. Make sure to include your receiver’s bank information. Then give it to the agent, along with the money you wish to send. You will need to present your ID for confirmation purposes.
Pay for the transfer. You may choose to pay in cash, or with your credit or debit card 5, depending on agent location facilities.
Track your transfer. Upon successful payment, you’ll be given a receipt with your Money Transfer Control Number (MTCN), which you can use to track your transfer. Do not share your money transfer details with anyone except your intended receiver.
How soon can my receiver get the money?
This may be on the same day but can take up to five working days 5. You may check our direct-to-bank country information for more details.
How much is the transfer fee 4?
The transfer fees for direct-to-bank transfers to China are as follows:
How to receive money?
Cash pick up
With 4,000+ agent locations1 in South Korea and 525,000+ agent locations around the world, you can always find one nearby.
Choose a location. Find a Western Union agent location near you with our agent locator.
Provide transfer details. Visit the agent's location and provide your sender's name, country, sent amount, and the Money Transfer Control Number (MTCN). Also, show the agent your government-issued photo ID.
Receive money. The money is available right after your details are verified. You’ll also be given a receipt.
Bank account
Get money sent directly to your Kakao Bank account.
Download the Kakao Bank mobile app on App Store or Google Play.
Register via the eKYC process to open a bank account with Kakao Bank.
Log in to the app. Choose the Kakao Bank - Western Union MT Receive Service and fill in the required details (sender's name, country, sent amount, and the MTCN—Money Transfer Control Number).
Select your Kakao Bank account in the app to get the money deposited in that account right away. Once done, you can transfer the money to any other bank account in Korea without any transfer fee.
*Information is taken from the official Western Union website.
How to send money?
How to send money from South Korea in person at a MoneyGram agent location
With thousands of agent locations worldwide, it's easy to send money from a location near you.
1. Find an agent location Find a MoneyGram agent location near you
2. Prepare for your agent's visit Bring the following information:
For all sends:
Your I.D. where applicable
Your recipient's full name matches their I.D. and their location
The amount you wish to send, plus fees
* If sending to a bank account, you also need your recipient's bank name and account
number
* If sending to a mobile wallet, you also need your recipient's mobile number with an
international dial code 3. Complete your transaction Where applicable, complete a send form. Give the agent the completed form with applicable
funds (including transaction fees). 4. Notify your recipient Save your receipt and share the 8-digit reference number with your recipient for pick-up.
Funds sent to a bank account will be sent directly into the account.
How to send money directly to a bank account
Save your loved one's time by sending money directly to their bank accounts at more than 400 banks around the world. *
1. Find an agent location Find a MoneyGram agent location near you 2. Prepare for your agent's visit Bring the following information:
Your I.D. where applicable
Your recipient's full name matching their I.D., bank name, and account number
Your recipient's location
The amount you wish to send, plus fees
3. Complete your transaction Where applicable, complete a Send form. Give the agent the completed form with applicable
funds (including transaction fees) 4. Notify your recipient Save your receipt and share the 8-digit reference number with your recipient. Funds will be
sent directly into their account.
* Timing of funds availability depends on destination country and is subject to banking hours and compliance with regulatory requirements.
How to receive money?
Money was sent to your bank account or mobile wallet
You don't need to do anything. The money will be automatically sent!
How to receive money in person at a MoneyGram agent location in Korea
With approximately 350,000 agent locations worldwide, it's easy to receive money from a location near you.
1. Find a location Find a MoneyGram agent location near you 2. Complete the form, if applicable If required, complete a simple Receive From entering the reference number given to you by
the sender 3. Receive your funds Hand the completed form and your valid photo I.D. to the agent to receive your money.
* Timing of funds availability depends on destination country and is subject to banking hours and compliance with regulatory requirements.
*Information is taken from the official MoneyGram website.
A lot of people still use these methods of transferring money and also, they have become easier and easier and cheaper. If this is your go-to, don't hesitate to check their information!
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