Bitcoin is a form of digital currency that is encrypted by its users and not by one central organization. Bitcoins are stored in a digital wallet on your mobile phone or computer. The decentralized P2P system makes Bitcoin the easiest and safest currency to transfer to anyone in the world.
The easiest way to buy bitcoins is from a Bitcoin exchange. Here is a list of popular Bitcoin exchanges:
Bitwire uses Bitcoin technology to allow you to send money to Korea at a much lower cost. Check out our How It Works to learn more.
Taking advantage of Bitcoin’s decentralized network, Bitwire can skip all the extra transaction and foreign exchange fees that regular banks and money wire companies charge. This allows you to send money to Korea for cheaper than you imagined.
Bitwire relies on aggregated third party information sources (including Korbit, Google and Yahoo) for mid-market foreign exchange rates.
Due to daily system maintenance by Korean banks from 23:30 to 01:00 KST (Korean Standard Time), you will be unable to create new transfers during that period.
For security measures, we only allow verified users to make transfers. Your email and phone number have to be verified to become Level 1 and start making transfers.
Level 2 users have increased tranfer limits. To upgrade to Level 2, please log in and click "Upgrade Level" as seen from the screen shot below. Then, fill out the form, upload appropriate verification documents and submit.
After you submit the form, we will review it as quickly as possible and email you regardig the upgrade to Level 2. For lists of allowed documents, please refer to questions below.
An identity document must be government issued, have an expiration date, display your date of birth and registered full name. Following is a list of legal documents that can be submitted to verify your identity:
National ID card
Permanent resident card
Certificate of Alien Registration
ID published by government offices with photo
Proof of residency document should be dated within the last 90-days and clearly show your registered full name and full address. Following is a list of permitted types of documents:
Utility bill (hydro, internet, phone, etc)
Under “My Account”, there is a link to “Profile Settings” which leads you to a screen where you can change your email, phone number or password.
Currently, you are able to transfer 3,000,000 KRW per day and total 15,000,000 KRW per week as listed on "Limits & Verifications" under "My Account". You are also limited to two transfers per day. To increase your limits, please contact us at [email protected]
If you proceed to the next step after you review transfer details, a Bitcoin address and a QR Code will be displayed.
You can either scan the QR Code with your phone if you have a Bitcoin wallet installed or simply copy the Bitcoin address and paste it where applicable on your Bitcoin wallet website.
Then, specify the exact amount that we provided you and click "Send."
The exact steps to send bitcoins may vary for different Bitcoin wallet services, but generally the steps are very similar. For reference, refer to Coinbase's steps here
When you use a Bitcoin wallet service (eg. Snapcard) to send BTC, some services subtract a transaction fee from your desired sending amount. As a result, Bitwire receives less BTC and your transfer is expired. To avoid this issue, please check your service's Bitcoin transaction fee and add the fee to the sending amount.
For example, if you use Snapcard to send Bitcoins, Snapcard subtracts 0.0004 BTC from your sending amount. Therefore, you must add extra 0.0004 BTC to make sure Bitwire receives the exact amount from you. Bitcoin transatoin fees are required for Bitcoin confirmations by the Bitcoin network.
Not all Bitcoin web serivces support this feature. Above screenshots are the most simple ways and if you want to see more detailed steps from Coinbase, please click here.
If you choose the “Pay with Default Wallet” option on your mobile device, it will automatically open a Bitcoin wallet installed on your device from where you can make a Bitcoin trasnfer. Please check if the transaction fee is included and confirm the final amount before making the transfer.
The entire process takes around 30 minutes, but it may take longer.
Your transfer will go through, but the recipient will only receive the amount you have input in Step 2. Don’t worry, we will refund you the extra bitcoins you sent us. Please contact [email protected] for further refund instructions.
Your transfer will not go through and the recipient will not receive any money. We will refund you the bitcoins you sent us. Please contact [email protected] for further refund instructions.
If the you don’t send us bitcoins in the 15 minutes, the transfer order will expire and be cancelled automatically.
Pending: We are waiting for you to send us the displayed amount of bitcoins. You have 15 minutes to send us the bitcoins before the transfer is expired and we can no longer guarantee the exchange rate.
Processing: Bitcoin transfer is being verified. Once verified, the bitcoins are in process of being exchanged to KRW and deposited into recipient’s bank account
Completed: The recipient has received correct amount of KRW in his/her bank account and the transfer process is completed.
Expired: If you haven’t sent us bitcoins within 15 minutes of creating a transfer, your Pending transfer will expire automatically.
Cancelled: You can only cancel a Pending Transfer.
Currently, Bitwire provides service only for inbound transfers to Korea. We do have plans to support other countries. You can subscribe to Bitwire to get the latest update on any new Bitwire features.
Depositing to a merchant’s bank account requires same steps as sending money to a regular person. Enter the bank name and the bank account number provided by the merchant to verify that it is the correct merchant.
The communication will be between the customer and the merchant. Bitwire is not responsible for contacting the merchant.