Kakao Bank, South Korea’s leading mobile-first bank, offers seamless international money transfer services, allowing account holders to send funds to 22 countries and receive remittances from over 200 nations. Whether you’re supporting family abroad, paying for overseas education, or managing international business transactions, Kakao Bank international transfer service provides a convenient and cost-effective solution through its app and website.
This guide covers everything you need to know about Kakao Bank international transfers, including fees, limits, delivery times, and step-by-step instructions.
Table of contents
- Why Choose Kakao Bank for International Transfers?
- Overview of Kakao Bank International Transfers
- How to Make International Transfers with Kakao Bank?
- How to Receive Overseas Remittance via Kakao Bank?
- What is Kakao Bank International Transfer Fees?
- Delivery Times for Kakao Bank Transfers
- Major Acceptable Foreign Currencies
- Transfer Limits and Restrictions with Kakao Bank
- Comparison of Kakao Bank with Alternatives
- FAQs on Kakao Bank International Transfer
Why Choose Kakao Bank for International Transfers?
Kakao Bank international transfer stands out for its several benefits of wire transfer with user-friendly digital platform and competitive fees. Here’s why it’s a top choice for international remittances:
- Accessibility: Send and receive money 24/7 via the Kakao Bank app or website, no branch visits required.
- Speed: Western Union international money transfer are processed in under a minute, while regular remittances take 1–5 business days.
- Global Reach: Supports transfers to 22 countries and inward remittances from over 200 nations.
- Transparent Fees: Competitive transfer fees with no hidden charges when using bank transfers.
Also Read: How Foreign Remittance Works? Know How to Remit Money
Overview of Kakao Bank International Transfers
Kakao Bank facilitates international transfers, with costs varying based on the sending and receiving locations as well as the payment method used. Generally, bank transfers are the most economical option, although some banks may promote low fees while incorporating hidden charges in their exchange rates.
Here are some important points to remember when making Kakao Bank international transfers:
| Category | Details |
|---|---|
| SWIFT Code | KAKOKR22XXX |
| Reference Number | After completing the transfer, provide a reference number starting with K########## to Kakao Bank support. |
| Payment Methods | Bank transfers are typically the cheapest; credit or debit card payments may incur additional costs. |
| Transfer Fees | – Regular overseas remittance: 5,000 to 10,000 Won (INR 300 to 600) – Western Union remittance: USD 5 (INR 400) |
| Delivery Time | – Regular overseas remittance: 1 to 5 business days – Western Union remittance: nearly 1 minute |
| Major Acceptable Currencies | United States Dollar (USD), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen (JPY), Hong Kong Dollar (HKD), Singapore Dollar (SGD), New Zealand Dollar (NZD) |
| Transfer Limits | Up to USD 3,000 per transaction for Western Union; higher limits for regular transfers. |
Important Notes on Kakao Bank International Transfer
- Exchange Rates: Kakao Bank may apply a markup on exchange rates, which can affect the total cost. Compare rates with it competitors for potential savings.
- Intermediary Fees: Transfers may incur additional fees from intermediary banks, typically USD 15–USD 50, depending on the transfer route.
- System Maintenance: Transfers may be restricted from 23:20 to 00:10 KST due to system maintenance.
How to Make International Transfers with Kakao Bank?
Kakao Bank international transfers can be processed through online transfer via the official website of this financial institution. Here are the basic guidelines to send money internationally through the Kakao Bank online service:
- Visit the official website of the bank
- Click on the “Overseas Remittance” menu
- Select “Send Overseas Remittance” from the drop-down menu
- Fill out the full name, address, and bank details of the recipient
- Fill in the transfer amount
- Click on “Complete” to complete the overseas transfer
How to Receive Overseas Remittance via Kakao Bank?
Account holders of Kakao Bank can receive inward remittances through Western Union transfers. Here are the instructions to receive a Kakao Bank international transfer from overseas without visiting a physical branch of Western Union:
- Take all the details from the sender. Acquire the sender’s full name, Money Transfer Control Number (MTCN), the country in which the sender is residing, and the expected receiving amount.
- Go to the “Overseas Remittance Collection” menu
- Select the “Receive Overseas Remittance” option and enter all the required information.
- Click on the “Complete” button.
- After this, the transfer amount will be deposited into Kakao Bank after 2 minutes.
What is Kakao Bank International Transfer Fees?
Kakao Bank offers competitive fees for international transfers, with costs varying by transfer type:
- Regular Overseas Remittance: Approx. USD 3.50– USD 7, paid by the sender.
- Western Union Remittance: USD 5, typically paid by the recipient in South Korea.
Hidden Costs to Watch For
- Exchange Rate Markup: Kakao Bank may apply a margin on the mid-market exchange rate, increasing the overall cost.
- Intermediary Bank Fees: These can range from USD 15–USD 50, depending on the banks involved.
- Payment Method Fees: Using credit or debit cards instead of bank transfers may incur additional charges.
To minimize the Kakao Bank international transfer costs, opt for bank transfers and compare Kakao Bank’s exchange rates with alternatives like Wise or RemitBee.
Also Read: Latest TCS on Foreign Remittance for Education Section
Delivery Times for Kakao Bank Transfers
The time it takes for Kakao Bank international transfer to reach the recipient depends on the method and destination:
- Regular Overseas Remittance: 1–5 business days, depending on the recipient’s country and currency.
- Western Union Remittance: Under 1 minute, ideal for urgent transfers.
Factors Affecting Delivery:
- Accuracy of recipient details.
- Bank processing times in the recipient’s country.
- Public holidays or weekends.
Major Acceptable Foreign Currencies
This South Korean Bank accepts inward remittances in the majority of the globally accepted currencies. Some of the major currencies accepted by Kakao Bank are as follows:
- Singapore Dollar (SGD)
- New Zealand Dollar (NZD)
- United States Dollar (USD)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- Australian Dollar (AUD)
- Euro (EUR)
- Canadian Dollar (CAD)
Transfer Limits and Restrictions with Kakao Bank
Kakao Bank imposes limits on international transfers to comply with regulations and ensure security:
- Western Union Transfers: Up to USD 3,000 per transaction, with promotional fees as low as USD 5.
- Regular Transfers: Kakao Bank international transfer’s higher limits are available but vary by account type and destination. Contact Kakao Bank for specific details.
- Annual Limits: Under South Korea’s Foreign Exchange Transactions Act, individuals can transfer up to USD 20,000 annually through fintech platforms like Kakao Bank.
Country Restrictions: Some countries may have restrictions on receiving funds due to local regulations. Verify eligibility before initiating a transfer.
How to Track Your Kakao Bank International Transfer
To track international wire transfer with Kakao Bank, follow these steps:
- Log into the Kakao Bank app.
- Navigate to the “Transaction History” or “Overseas Remittance” section.
- Select the relevant transfer to view its status (e.g., “Pending,” “Processing,” or “Completed”).
If you encounter issues, provide the reference number (K##########) to Kakao Bank support for faster resolution.
Comparison of Kakao Bank with Alternatives
While Kakao Bank offers competitive fees and fast Western Union transfers, other providers may offer better exchange rates or higher limits. Here’s a quick comparison of Kakao Bank international transfer with others:
| Provider | Transfer Fee | Delivery Time | Exchange Rate |
|---|---|---|---|
| Kakao Bank | ₩5,000–₩10,000 or $5 (WU) | 1–5 days or ~1 min | May include markup |
| Wise | From 0.33% of transfer amount | 1–3 days | Mid-market rate, no markup |
| RemitBee | Free for transfers over $500 | 1 business day | Competitive rates |
Recommendation: For large transfers or frequent remittances, compare Kakao Bank with Wise or RemitBee to find the most cost-effective option.
Also Read: HSBC Global International Money Transfer
Kakao Bank’s international transfer service is a reliable and convenient option for sending and receiving money globally. With competitive fees, support for major currencies, and fast Western Union transfers, it’s ideal for both personal and business needs.
FAQs on Kakao Bank International Transfer
For Kakao Bank international transfer, the bank accepts United States Dollars, Euros, Canadian Dollars, Australian Dollars, Japanese Yen, Hong Kong Dollars, Singapore Dollars, and New Zealand Dollars.
Kakao Bank allows the collection of inward remittances via Western Union international money transfer and sending overseas remittances through the online portal of the South Korea-based financial institution.
The transfer fees for Kakao Bank international transfers lies somewhere between 5,000 (INR 300) Won to 10,000 (INR 600) Won on an online overseas remittance and USD 5 (INR 400) on Western Union Fast international remittance.
For Kakao Bank international money transfers it takes 1 to 5 days to complete an online overseas remittance and nearly 1 minute to process a Western Union Fast international remittance.
Kakao Bank allows transfers in various currencies, including Korean Won, US Dollars, and other major currencies depending on the recipient’s country.
Yes, transfer limits may vary based on the method used; however, Kakao Bank generally imposes a maximum limit per transaction.
Yes, you can track Kakao Bank international transfer through the Kakao Bank app, which provides real-time updates on the status of your transaction.
Yes, some countries may have restrictions or limitations on receiving funds through Kakao Bank, so it’s advisable to check before initiating a transfer.
If your transfer is delayed, you can contact Kakao Bank’s customer service for assistance and to inquire about the status of your transaction.
To set up an international transfer on Kakao Bank, log into your account, navigate to the “Overseas Remittance” section, enter recipient details, specify the amount, review fees, confirm the transfer, and track its status.
Yes, you can bank transfer internationally with Kakao Bank. The bank allows account holders to send money to 22 countries using its app or website. Regular overseas remittances take 1–5 business days, and you can choose bank transfers as the payment method for the most cost-effective option.
The SWIFT code for Kakao Bank is KAKOKR22XXX. This code is required when receiving international transfers or sending money to a Kakao Bank account from abroad.
Kakao Bank is one of the banks that transfers money internationally, supporting outbound remittances to 22 countries and inbound remittances from over 200 nations. Other banks and services, such as Wise and RemitBee, also offer international money transfers, often with competitive fees and exchange rates.
Yes, you can transfer money to Kakao Bank from over 200 countries through Western Union international money transfers. To receive funds, provide the sender with your full name, Kakao Bank account details, and the SWIFT code (KAKOKR22XXX). The transfer is typically deposited within 2 minutes via Western Union.
This was all about Kakao Bank international funds transfer. To learn more about the best bank accounts for students, education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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Can you send western union to Thailand from Korea western union
Yes, you can send money from South Korea to Thailand through Western Union. The process can be done either by visiting a Western Union location in South Korea or using their online services, if available. To send money, you need to provide details such as the recipient’s full name (as it appears on their identification) and the amount you wish to transfer. You will also need to pay a service fee, which varies based on the amount sent and the method of transfer.
actually one client of mine sent money from kakao bank overseas remittance on Saturday till Tuesday it is not shown in my State Bank of India account not credited how much time it will take from there the payment is processed