Here is some information for sending money to South Korea:


Currency

Service

Fee

Transaction Limit

Estimated Arrival Time

KRW

Bank Transfer - Instant Speed

IDR 75,000

KRW 5,500,000

15 minutes for payments before 16:00 (GMT+7)

KRW

Bank Transfer - Normal Speed

IDR 55,000

KRW 1,000,000,000

(For transactions with the purpose of Savings, Gifts, Living Cost, or Donation, max. amount per transaction is KRW 5,500,000)

Same banking day for payments before 14:30 (GMT+7)

USD

SWIFT

IDR 75,000 + IDR 330,000 (correspondent bank fee) 

USD 5 - USD 100,000

1 banking day for payments before 16:00 (GMT+7)



Can I send more than the transaction limit in a day?
Yes, you can send more than the transaction limit stated above by providing relevant supporting documents and following the provided regulations from South Korea:

  • For KRW:

Service

Regulations

Bank Transfer (Instant & Normal Speed)

You can send an unlimited amount of money for business purposes. For other purposes, you can send up to KRW 53,500,000/recipient/year


My recipient’s identity has to be verified. How do we do it?

If it is the first time for your South Korean recipient to receive money from overseas, they will have to verify their identity first. To see how they can verify their identity, check this article: Here’s How to Validate Recipient’s Identity in South Korea.



Additional Information

- For Bank Transfer (KRW):

  • The recipient's name should be in alphabet letters even if the recipient is a local resident (example: Ji Chang Wook). 

  • The recipient's phone number is mandatory and it has to start with a South Korean country code (8200000000) as the recipient has to fill in the verification link that will be sent to the number later on.

  • Recipient's name and account number should be the same as those registered in the bank.

  • Recipient's account number must be filled in with regular account number that can receive KRW currency. Here are account types that are not supported:

    - Virtual account

    - Savings account

    - Foreign exchange account

    - Security account

    - Stock account

    - Old account from merged banks

    - Accounts in mobile number format (or simplified account number)


- For SWIFT (USD):

  • Make sure that your recipient’s bank account currency is in USD.

  • Make sure that you already have your recipient’s IBAN (if any) and SWIFT Code, as they are required for transactions via SWIFT.
    -     What is IBAN?
    - What is SWIFT Code?

  • The recipient's full name registered in the bank account must be in alphabet letters, including numbers if any (example: VentureTech 365 Ltd).

  • Some recipient banks might charge a fee which will deduct the amount received.