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Flag of South Korea

Asia · KRW · 2 routes

Payouts to South Korea

Route catalog · KR

Choose a payout method

Supported currencies

KRW

Cutoff & delivery timing

INSTANT

24x7 Availability, 1st time Beneficiary (Beneficiary / account combination) requires a Beneficiary KYC which is online (submission of ID). Subsequent transactions are processed in Real Time. Transactions Above KRW 7,000,000 are paid same-day (cut-off 18:00 GMT+9)

Scroll horizontally to compare supported modes

Transaction limit per end-user B2BB2PP2PP2B
MaxNo limitNo limitUSD 5,000No limit
MinNot specifiedNot specifiedNot specifiedNot specified

Route details

Select a supported mode

Beneficiary statement narrative

Beneficiaries will see the senders' name for all transactions. Format will be: FIRST NAME + SPACE + LAST NAME The length of narrative depends on the Beneficiary Bank, usually 10 characters.

Network participant

Partner

Channels

All major banks in South Korea

Routing code

BANK CODE

Notes

The detailed KYC registration process document can be provided upon request.

KYC registration is dependent on purpose of transaction- details available.

Max Beneficiary can receive in a day is 500M KRW. So Txn of 1300M KRW will be paid out over 3 days. Day 1= Day 2 =500M KRW and Day 3 pay-out = 300M KRW.

*No transaction limits & no KYC for Goods/Service/Salary payments.

For other purposes per transaction USD 5000 limit is applicable (USD 50,000 per year per Beneficiary).

Mandatory data requirements

Remitter

  • Remitter Name
  • Remitter Account Type
  • Remitter Identification Type
  • Remitter Identification Number
  • Remitter Bank Account Number
  • Remitter Country Code
  • Remit Purpose Code
  • Remitter Source of Income
  • Remitter Address
  • Remitter Contact Number
  • Remitter Nationality

Beneficiary

  • Beneficiary Name
  • Beneficiary Email
  • Beneficiary Contact Number
  • Beneficiary Account Number
  • Beneficiary Contact Contry Code
  • Beneficiary Account Type
  • Beneficiary Bank Code
  • Beneficiary Country Code

Supporting documents

  • Remitter Beneficiary Relationship
  • Nature of Business
  • Duration of Contract
  • Commercial Agreement
  • Current Invoice

Beneficiary account type

CORPORATE

← All Asia markets