SENTBE review 2021 – that will be the topic of today’s article.
Nothing written here should be considered as legal, financial, tax or any other kind of advice.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via the WhatsApp function below.
In an era of 0% interest rates, it makes sense to invest rather than to send money home to save.
Hasn’t the Internet made life more manageable? Now the Internet allows us to access knowledge, entertainment, even sports and more. But now we can now even use the Internet to promote our business, shop online, and connect with others around the world. The Internet has also passed a revolution and the ways we control our banking and pay our bills. Surprisingly enough but today, you can send money from South Korea from your phone just connecting to the internet and using the mobile app.
In the modern world, the need for money transfers has grown: it can be a gift, help to relatives, payment for goods or services. At the same time, transfers across the state border are also possible. Now it is important to find a transfer system that would allow you to send funds to the desired country, in a specific currency, and at the same time be fast, reliable and user-friendly.
However, in the modern world there are ways to transfer money that seem to meet all of the above requirements, and in this article we will talk about one of the services called SANTBE and which was founded in Korea. But first let’s see what benefits you will have using online money transferring companies and after talk about the company.
Money transfer systems usually work with individuals. Transfers through the systems are distinguished by the convenience of processing, and most importantly, by the speed.
Among the undoubted advantages of money transfer systems is a large selection of methods for sending and receiving transfers, their availability for the consumer.
Another advantage of such systems is the ability to send cash or make an online transfer with payment for the recipient in cash or credited to the recipient’s account abroad – provided, of course, that such a service is provided. In the last years, money transferring systems have become more and more connected to the Internet.
You can send a transfer today from any gadget connected to the Internet, on the system’s website or in a mobile application, if available. These options are convenient for both the sender and the recipient.
If we talk about tariffs, then, for example, Western Union’s fee for an online transfer from $ 500 is 1% of the transfer amount, regardless of the destination country.
It is also worth noting that when using money transfer systems, the amount of payment can be found out immediately – online or from the employee who makes the transfer. In addition, when using money transfer systems, a minimum amount of information is required.
To process a transfer with cash payment in some systems, you only need the name of the recipient and the name of the country of destination of the transfer. When crediting to an account, as a rule, the bank details of the recipient are also required.
Note that in the same money transfer system, the transaction fee may, among other things, depend on the amount, method of sending and receiving the transfer. For instance, transferring money online is usually not only suitable, but also profitable. When choosing an operator, compare prices for different services.
The most significant drawback of online transfer systems is possible restrictions on the amount of the transfer, both for a one-time sending of funds and for the total transfer within a month. For example, the Western Union payment system has a maximum total amount of cross-border transfers: no more than $ 8000 can be sent to one country within a month; for Kazakhstan, Kyrgyzstan, China and Vietnam, the limit is $ 1500. The maximum amount of online transfer through the system is $ 800 per day before identity confirmation and $ 1500 per day after confirmation.
Korean banking: what it can offer you?
Korean banking is much less suitable for many Western people who are used to another system. Why should it be so difficult to send mom money as a gift? Or pay back student loans? Or take care of an emergency?
There is a new Korean fintech startup app called Sentbe that takes away the headaches and high fees. Associated with overseas remittances.
In other countries, applications such as TransferWise or Western Union are widely used to transfer money abroad. Sentbe is similar to these apps and was created for Korean expats. The standard transfer fee is 2,500 won per transaction (2 days), and express services are 5,000 won per transaction (within one day), which is 95% lower than most bank fees. And thanks to the partnership with Ripple, transactions are faster and more secure.
SENTBE is a money transfer service that works just like a money transfer account at any Korean bank. It works like this: you have both a regular checking account and a remittance account with a Korean bank. If you want to send money to your account in your country, you need to transfer money from your current Korean account to your money transfer account. The money you transfer to your account goes home. There is no cancellation for this, so be careful!
So, what does SENTBE have to do with it? Well, when you use a remittance account provided by Korean banks, you get several fees: transfer fee, receive fee, send fee, and (of course) currency exchange rate. With SENTBE, the only commission you charge is the transfer fee: KRW 5,000, which is a maximum of $ 5! You can also send to multiple bank accounts if they are in the countries, they do business with.
SENTBE was founded in 2015 and with that the company has revolutionized abroad money transfer services with low fees, fast transfer speeds and a easy user interface to create perfect financial services for clients.
SENTBE’s product offerings include SENTBE, an international money transfer platform, SENTBIZ, an enterprise cross-border payment and transfer platform, and a payment settlement API for SENDA, a global e-commerce platform. With the launch of SENTBE, GLOBAL SENTBE will provide money transfer services worldwide to 50 countries.
SENTBE has built a global network with partners such as Moneygram, Ripple and Samsung Pay. It is the only South Korean company to have acquired a Singaporean major payment institution license in addition to its Korean e-financial business license, another specialized foreign exchange license, and overseas small money transfer license.
Recipient countries: Philippines, Vietnam, Indonesia, Japan, China, Thailand, Nepal, Pakistan, Bangladesh, Sri Lanka, Malaysia, Cambodia, India, USA, Australia, Canada, Ukraine, Uzbekistan, Kazakhstan, Kyrgyzstan, Mongolia, Turkey, Great Britain, Russia, Germany, France, Italy, Spain, Netherlands, Sweden, Belgium, Poland, Austria, Denmark. Finland, Portugal, Ireland, Luxembourg, Bulgaria, Lithuania, Latvia, Cyprus, Estonia, Malta, Monaco, Singapore, Hong Kong and South Korea. The service will included Myanmar and Nigeria in November, 2020.
If you have already set up mobile banking services with a Korean bank:
- Download the app
- Enter your phone number, take a photo of a valid ID (foreigner’s registration card, Korean driver’s license or passport) and enter your bank account number in Korea.
- Sentbe will send 1 KRW to your bank account with a 4-digit verification code and after enter that code in the mentioned poll.
For those using Korean banking programs to transfer money overseas, it may sometimes be necessary to create separate accounts and sign up for special services, which can take 30-60 minutes at the bank.
After requesting an in-app transfer and sending money from your Korean account (via online banking, ATM transfer, or Sentbe’s automatic withdrawal feature) in Sentbe, the transaction takes 1 business day.
You can find their English social media feeds on their Sentbe Expat Facebook or Sentbe Global Instagram.
If you are concerned about security, rest assured that Sentbe is licensed by the Korean government and registered with up to KRW 2 billion in security insurance.
If you are trying to send huge amounts of money, you might want to look at traditional money transfer services. Korean law restricts Sentbe users to 30,000,000 won per year and a maximum of 3,000,000 won per transaction but nothing prevents you from breaking the rules and sending multiple transactions per day. Those with lighter pockets can send money on a regular basis or just for special occasions.
Latest News: SENTBE, South Korea’s First Neo Bank Specialized in Currency Exchange
Over the past years, SENTBE as processed more than KRW 1 trillion in remittances, or nearly 1 million transactions, and all this due to creating a totally new business model and using specialized foreign exchange technologies and licenses.
SENTBE GLOBAL is the Korean company’s first service, which gives the clients an opportunity to complete money transfers to more than 50 countries around the world. Recently the company also released another service called SENDA. This is an API service that enables cross-border settlement for global e-commerce platforms.
Global Fintech Solution Provider, SENTBE Inc. (CEO Songuk Choi), announced at its 5th anniversary its achievements and goals in new business models to expand its position as South Korea’s first neo-bank to specialize in exchange services. This was announced today at a press conference in Seoul.
SENTBE launched its overseas money transfer service in 2016, which processed over 1 million remittance transactions, which equates to nearly KRW 1 trillion (approximately USD 800 million) in volume.
On average, a transfer transaction is made using SENTBE every 30 seconds, of which customer savings have so far exceeded KRW 46.1 billion (approximately USD 41 million). SENTBE helps customers save up to 90% in fees over traditional banks by offering a smoother user experience as well as much faster data transfer speeds, all available 24/7, via desktop or mobile app.
SENTBE focused on obtaining foreign currency exchange licenses with the aim of introducing foreign currency exchange services in the domestic and foreign markets. SENTBE is the first South Korean company to get the Singapore payment institution license, additionally to Korean licenses for electronic financial business and another specialized currency license, which laid the foundation for its establishment. The first foreign exchange bank in South Korea.
In February of this year, SENTBE introduced SENTBIZ to enable companies to process international payments and transfers. Thanks to SENTBIZ, SENTBE provides up to 70% lower fees than banks and employs a self-developed currency hedging algorithm called AHS (Automatic Exchange Rate Hedging System). AHS helps to minimize exchange rate losses caused by exchange rate fluctuations during cross-border transactions.
SENTBE GLOBAL, which was also presented as a new product, is a globalized version of SENTBE money transferring platform, which is not only available in Korea but in many countries. SENTBE plans to expand this business worldwide, including the United States and Canada, starting in Singapore.
In Singapore, money transfers through local banks usually take two to three days, but SENTBE GLOBAL allows you to receive payments in just 5 minutes. SENTBE provides this service with fees up to 90% lower than those of traditional banks. With SENTBE GLOBAL’s low fees, user-friendly interface, and faster speeds, SENTBE is committed to offering this service to local expatriates, businesses, South Korean residents and foreign workers.
Today, SENTBE financial services are available in about 50 countries, including Myanmar and Nigeria.
In addition, SENTBE Inc. also introduced SENDA, a cross-border settlement API for global e-commerce platforms. In the global e-commerce ecosystem, payments are made in the merchant’s local currency, resulting in high fees and inefficiencies. With this API, e-commerce platforms can automatically pay all payments in the merchant’s local currency, saving up to 70% in fees compared to using existing banks.
Songuk Choi, CEO of SENTBE, said, “We started out as an overseas money transfer service, but we acquired the necessary licenses, streamlined currency management and built global partnerships to provide a financial service which can be utilized in the global foreign exchange market. “We are now developing as the first neo-bank in South Korea to specialize in currency exchange. “
How safe is SENTBE?
SENTBE is an official overseas money transfer company registered with the Ministry of Strategy and Finance in 2017. SENTBE guarantees a secure transfer of funds for our clients, as evidenced by the licenses and certificates we have obtained:
- License to register small money transfers abroad, Ministry of Strategy and Finance (No. 2017-12)
- Singapore license for money transfers abroad, Currency Singapore Authority (No. RA01548)
- Korean Electronic Payment Agency License (No. 02-004-00155)
- License for Business Registration in Foreign Currency, Ministry of Strategy and Finance (No. 2020-04)
Since the launch of the service in 2016 at SENTBE there were no accidents out of the estimated 1.7 million remittances abroad. Even in the event of an accident, we are insured up to 6.5 billion won. In addition, we conduct regular security checks in accordance with the standards of the Korea Financial Services Agency. SENTBE maintains a high level of security with TLS (Transport Layer Security) technology and P2P technology to prevent phishing attacks.
Can corporate businesses use SENTBE too?
Yes, senders of corporate business can also use SENTBE’s services to transfer money abroad. Depending on the amount of the company’s annual transfer, they can register through SENTBE Corporate or SENTBIZ.
1. SENTBE Corporate – Recommended for companies shipping less than $ 50,000 per year. To register, fill out this link: http://bit.ly/sentbe_corporate and our CS will contact you shortly.
2. SENTBIZ – Recommended for companies shipping USD 50,000 and up per year
Can I send money only from South Korea?
You can send from South Korea, Singapore and Indonesia to over 50 countries around the world. To change the country of departure, simply follow the additional verification process according to each country’s service rules.
Benefits of using online money transferring companies
Let’s take a look at the some most important benefits of online translation.
1) safe, reliable and fast
Online money transfers have become not only more convenient, but also safer. When transferring money over the Internet, you don’t have to worry about someone running away with your hard earned money. Moreover, if there is ever a problem with the money transfer, the company will inform you and refund all your money back, so that you never have to face any problems. If you didn’t know, sending cash over the Internet is probably the safest method today. In addition, the online transfer is so fast that the money can be received by the recipient almost instantly.
2) reduced service fees
Wouldn’t you like to pay less to get your job done? When transferring money from bank to bank or through an agency such as Western Union, you will have to pay a little more than when transferring money over the Internet. Therefore, it is cheaper to send money abroad. One reason for this is that when transferring money by other means, you are charged a fee based on the total percentage of the amount of money you send, whereas online you are charged a nominal amount of the total amount you want to send. not as a percentage.
3) reduce paperwork
As the world becomes more aware of the dangers of deforestation to create more paper, many countries in the West are working to go online for all their needs to dramatically reduce the amount of paper needed. When you transfer money online, you do not need to sign any documents and receive paper receipts. All transactions are stored in an “archive” which contains the history of all transfers made by you, and all receipts and confirmations of transfers remain online; hence, paper is not wasted.
4) available 24/7
Have you ever had an emergency at home and needed to transfer money at 2 AM? Well, with online transfer, you can transfer money any time of the day or night, no matter where you are. All you need to do is have your mobile phone and cash in your account in order to make the transfer. If you were to make a bank transfer, it is important for agencies like Western Union to be open, but with online transfers this is never a problem. Moreover, the needy will quickly receive money and satisfy their needs.
5) extremely convenient conditions
If you are used to using brick and mortar transportation services, you know how time-consuming this process can be. You need to drive up to the location, start the transfer process, wait for it to complete, and then return home. Depending on how far you get to work and how long the transfer takes, you spend at least an hour transferring money. With online money transfers, you will never need your home to send money anywhere in the world. You just need access to Wi-Fi or the Internet, as well as a computer, laptop or mobile phone. This level of convenience is not offered by brick and mortar handling services.
So with this new Korean company you can feel all the benefits mentioned above. SENTBE is a good option for those expats who live in the South Korea and want to send money abroad to their families, friends and kids. SENTBE has enough good conditions, and a wide variety of countries where you can send money.
If you decides to use an online money transfer service in South Korea and want to transfer money from one account to another at the same bank, your transaction fees may be deducted. Online money transfers have many advantages. These benefits include low transaction fees, convenience and time savings. Using SENTBE services, you can make transfers easily and to any country you want. And best of all, you don’t have to queue at a financial institution waiting for the transaction to complete, which is great.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 284.8 million answers views on Quora.com and a widely sold book on Amazon