1 / 10

Sending Money Abroad - to and from Korea

dory
Download Presentation

Sending Money Abroad - to and from Korea

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments.” - J. OrlinGrabbe – Financial economist, writer, proponent of digital money

  2. Sending Money Abroad - to and from Korea May 24th 2014 Chris Williams medicine_botte@hotmail.com Bitcointalk: medicine

  3. Why Use Btc to Send Money Abroad? • It’s cheaper • It’s faster • It’s pseudonymous • It’s irreversible

  4. Sending Money Abroad Fiat  Fiat What you will need: • Bank account for sendingfunds • Bank account for receiving funds

  5. Sending Money Abroad Fiat  BTC  Fiat What you will need: • Bank account for sending funds • Bank account for receiving funds • An account at a bitcoin exchange that services Korea.(Korbit, Coinplug) • An account on a bitcoin exchange that deals in a currency you wish to receive.

  6. Fiat  Fiat Costs Exchange rate fee ~1% Telegram Fee: 8,000won *Wire Remittance Fee: 10,000 (외환은행 KEB) - 25,000won (all other banks) Intermediate /Receiving bank fees: To Canada $31 CAD To Hong Kong $0

  7. Cost to Send Dollars Total cost for sending $1000 Exchange rate (1%) $10 Telegram fee 8,000won wire remittance fee 10,000-25,000won Intermediate/Receiving bank 0-$30 $26-$69

  8. Cost to Send Bitcoin Sending KRW to an exchange free Buying btc 0% fee (free) Sending btc to your country’s exchange 0.0002btc or 12KRW Selling btc for dollars 0.2-1.0% Withdrawing fiat to a bank account $1-$7.50 CampBX is $2 for direct deposit USD withdraws. Bitstamp is 0.90 Euros for SEPA withdraws. Vault of Satoshi charges $7.50 for direct withdraw in Canada. $3-$17.50

  9. How Do You Do This? 1. Assume you have a bank account in Korea and a bank account in your home country. 2. Sign up for an account on Korbit or Coinplug here in Korea. • Sign up for an account on an exchange that deals in the currency you wish to receive. (2nd exchange) • Send money to your bitcoin exchange account in Korea. • Buy bitcoins. • Send the bitcoin to the 2nd bitcoin exchange. • Sell bitcoins. • Withdraw the money from the exchange to your bank account.

  10. Notes • Must take into account exchange rates between bitcoin and fiat currencies. • Deposit and withdraw limits on exchanges. • Must give exchanges your personal information to become a verified customer. • Other options are available: person to person transactions, atm, bitcoin bank cards etc. • Tax 

More Related