Frequently Asked Questions

General


What is Bitcoin?

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.

Where can I buy bitcoins?

The easiest way to buy bitcoins is from a Bitcoin exchange. Here is a list of popular Bitcoin exchanges:

How does Bitwire work?

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.

How is Bitwire’s fee much lower than those of other wire services?

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.

How does Bitwire calculate the exchange rates?

Bitwire relies on aggregated third party information sources (including Korbit, Google and Yahoo) for mid-market foreign exchange rates.

I have a question that’s not listed here. Who can I contact for help?

Please feel free to reach us via email ([email protected]), social media (Facebook, Twitter) or phone (1661-9707). We'll get back to you as soon as we can!

Hours of Service

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.

Account


I created an account, but I’m stuck at "Limits & Verifications" page and can’t send any money.

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.

How do I upgrade my account to Level 2 and what are the benefits?

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.

Upgrade Level

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.

What types of documents are permitted for identity verification to become Level 2?

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:

  • Passport

  • Driver’s license

  • National ID card

  • Permanent resident card

  • Certificate of Alien Registration

  • ID published by government offices with photo

What types of documents are permitted for proof of residency to become Level 2?

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)

  • Bank statement

How can I change my account information? (e.g. email, phone number, password)

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.

What is my transfer amount limit? Can I increase it?

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]

Transfer


How do I send bitcoins to Bitwire?
  1. If you proceed to the next step after you review transfer details, a Bitcoin address and a QR Code will be displayed.

  2. 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.

  3. Then, specify the exact amount that we provided you and click "Send."

  4. 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

Why do I need to pay Bitcoin transaction fee?

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.

snapcard

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.

How can I register a default wallet?

Web Browser

  • Google Chrome:

    Default Wallet Chrome
  • Firefox:

    Default Wallet Firefox
  • 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.

Mobile Device

  • 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.

How long does a transfer take?

The entire process takes around 30 minutes, but it may take longer.

What happens if I send more bitcoins than what was asked for?

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.

What happens if I send fewer bitcoins than what was asked for?

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.

Why do I only have 15 minutes to send the bitcoins? What happens if I don’t send any bitcoin within that time?

If the you don’t send us bitcoins in the 15 minutes, the transfer order will expire and be cancelled automatically.

What does each transfer status mean (Pending, Processing, Completed, Expired, Cancelled)?
  • 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.

Can I send money to people in countries other than Korea?

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.

Merchant


How do I pay Gmarket?

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.

What is the process for refunds ?

The communication will be between the customer and the merchant. Bitwire is not responsible for contacting the merchant.