In today’s world, online banking has been on the rise and slowly being more secure, especially in this pandemic, some people are afraid to go out and withdraw money from banks or ATMs, and online banking is quite useful for those who are not close to any bank or ATM. Some people have more than one bank account, especially nowadays, people are getting more and more comfortable in online banking and mobile payment apps where it is common for people to keep their savings or get their salaries from overseas employers and clients. While these kinds of services are still rising and some systems are still being developed, there are only a few options for online banking transfers, so in this article, Ziptoss will be discussing these payment methods and where to deposit money to the best banks in Korea.
Paypal is an American finance technology company that holds online payments and transfers, it is one of the pioneers for online payments and transfers worldwide. Paypal is available in many countries such as the United States, Canada, Hong Kong, Argentina, and including South Korea where you can deposit money to your bank from Paypal Korea.
How to deposit money using Paypal:
- You’ll have to first create a Paypal account and link your bank account(make sure your paypal and bank accounts should have the same so they can verify it’s you).
- As soon as you get verified, you can now transfer money to your bank account.
- Click transfer money
- Put the amount you want to deposit to your account.
- Select the bank account you want to transfer it to(if you put more than one bank account)
- Confirm and wait for your money to be transferred in your bank account.
Xoom is a subsidiary of Paypal, they have similar features but the biggest difference is that the recipient needs to create or have an existing account when transferring or sending money from Paypal to Paypal. For Xoom, the recipient does not need to have a new or existing Paypal account if you are planning to send money to a different person.
How to deposit money using Xoom:
- You can create an account in Xoom, or log in with your Paypal account.
- Enter the amount you want to send to your bank account and choose your bank.
- Enter your account information on Xoom’s secure page.
- Wait for your money to be transferred to your bank account.
Formerly known as “TransferWise”, Wise is a London-based finance technology company that can quickly transfer or send money abroad with lower costs. It’s safe and quite efficient to use when sending money to loved ones, abroad or in the same country.
- How to deposit money using Wise:
- Create an account and link your bank account.
- Enter the amount you want to send to your bank account.
- Choose which branch you want to send it to.
- Once you send the amount you want to transfer, it will take up to one day to receive your money.