Kakao Bank account holders can send money to nearly 22 countries and receive funds from nearly 200 nations. Kakao Bank international transfers to any country other than South Korea can be made through the official website and app of this bank. The financial institution allows inward remittances via the Western Union international money transfer. Just like every other bank allowing inward and outward remittances, this South Korean bank also charges transfer fees on each transaction, levies exchange rate charges, and accepts transfers in all the major currencies.
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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 an international transfer with Kakao Bank:
| 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) |
How to Send Overseas Remittance via 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
Also Read: HDFC International Money 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.
Transfer Fees
Kakao Bank levies Won 5,000 (INR 300) to Won 10,000 (INR 600) for a regular overseas remittance and USD 5 (INR 400) on a Western Union international remittance. The sender has to pay the regular overseas transfer fee while sending money to nearly 22 countries from South Korea and the receiver in South Korea has to bear the cost of the Western Union transfer fee.
Also Read: Latest TCS on Foreign Remittance for Education Section
Delivery Time
Kakao Bank completes a regular overseas remittance in nearly 1 to 5 business days. The exact time depends on the recipient country and currency. For each Western Union international remittance, Kakao Bank takes under 1 minute.
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)
Also Read: HSBC Global International Money Transfer
FAQs
This 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.
Kakao Bank charges 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.
The bank 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 your transfers 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.
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.