Sending Money Internationally to and from Korea

1. Sending Money Internationally to and from Korea medicine_bottle@hotmail.com Bitcointalk: medicine

2. 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

3. Why use bitcoin? • Cheaper fees range form free to around $0.40 • Faster usually about 1 hour for deposit on receiving exchange • Pseudonymous You need to give personal information to exchanges • Irreversible and requires no permission form anyone

4. Sending money internationally fiat fiat What you will need: • Bank account for sendingfunds • Bank account for receiving funds *This implies that banks know everything about you and are monitoring all ingoing and outgoing transactions connected to your accounts. **This further implies that you must follow their rules and pay their fees

5. Sending money internationally 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(has English), Coinplug. • An account on a bitcoin exchange that deals in a currency you wish to receive.

6. Fiat  fiat costs Exchange rate fee charged by the bank ~1% Telegram fee: 8,000 KRW Wire remittance fee: 외환은행 KEB 10,000 KRW all other Korean banks 25,000 KRW Intermediate/receiving bank fees: Canada $31 CAD Hong Kong $0

7. Fiat-fiat - cost to send dollars Total cost for sending $10000 Exchange rate (1%) $100 Telegram fee 8,000 KRW wire remittance fee 10,000-25,000 KRW Intermediate/Receiving bank 0-$30 $118-$163

8. Cost to send bitcoin ($10,000) Sending KRW to an exchange free Buying btc 0% fee (free) Sending btc to your country’s exchange 0.0002 btc or 12 KRW Selling btc for dollars 0.2-0.6% 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. $21-$67.50

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 for free! (use a banking app or an ATM) • Buy bitcoins for free! • Send the bitcoin to the 2nd bitcoin exchange. • Sell bitcoins. • Withdraw the money from the exchange to your bank account.

10. Notes • Bitcoin is volatile so do your research before getting involved!! • Figures based on personal experience • Must take into account exchange rates between bitcoin and fiat currencies. With a favorable exchange rate you can actually make money sending money. • There are deposit and withdraw limits on some exchanges. • Other options are available: person to person transactions, atm, bitcoin bank cards etc. • Tax 