Formal: "천만해요" pronounced "cheon-mahn-haeyo"
Informal: "천만해" pronounced "cheon-mahn-hae"
However, this isn't what is always used. Not many people use this phrase. If you want to say it more casually, you can say...
Formal: "아니에요" pronounced "ah-ni-eh-yo" Which directly translate, "It's not it" but it can mean "That's okay" "Don't mention it." So people use this to say "You're welcome."
Informal: "아니야" pronounced "ah-ni-ya" Same as above.