Reasons for Transfer of Money to North Korea
You can transfer money to North Korea for a variety of reasons. Investment in North Korea can yield profits in the long run. But for this you have to ensure that enough funds are available locally for the purchase. The official currency of North Korea is the North Korean Won denoted by KPW. The currency rate of North Korea should be studied if you planning to invest in the same.
Wire Transfer Options to North Korea
Electronic fund transfer can be done through websites on the Internet that have been designed specifically for this purpose. It is the cheapest, safest and most convenient method to send money to North Korea. But you have to check the authenticity of these websites to ensure that no fraudulent transactions take place. Customer testimonials in these websites will give you an insight into its security. The Internet permits you to do instantaneous fund transfers avoiding any delays making it faster than bank transfers and exchange bureaus.
Transfer done through Banks in North Korea
Banks also facilitate money transfer to North Korea. All you need to do is to open an account with the bank and give the details of your recipient with his account number and branch name in North Korea. All banks charge a fee to transfer and receive money. So ensure that you check the rates offered by various banks and then decide on that particular bank offering the best rates.