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🇰🇷 Sending to Korea (Republic of)

KR · KOR · +82 · East Asia

KRW

National format   SWIFT BIC required

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Required information

  • Account number

    11-16 digits; no IBAN. Most banks let customers choose the account number (often linked to mobile number or SWIFT/BIC).

  • SWIFT BIC

    Beneficiary bank BIC (8 or 11 characters).

  • Purpose-of-payment code (strongly advised)

    5-digit Purpose of Payment code (categories include Exports, Other Trades, Travel, Transport, Insurance, Other Expenses, Unilateral Transfer, Investments, Return Receipts).

  • Beneficiary full name

    Spelled out exactly as registered at the bank. No initials or abbreviations.

  • Beneficiary address

    Match the address template — partial addresses cause holds.

For your end users

South Korea: A 5-digit BoK Purpose of Payment code is highly recommended; payments without one for non-goods/non-services purposes must be sent directly to the beneficiary bank and may settle slowly. Provide the beneficiary's tax registration number (13-digit individual / 10-digit corporate).

Real-Time Alternative

Hanaro (KFTC)

Last reviewed by GIB compliance on 2026-05-21. Reference material only.

  • Currency

    KRW

  • Typical settlement

    1-2 business days; non-trade purposes may take longer (sent direct to beneficiary bank).

  • SWIFT BIC

    Required

  • Local clearing

    BOK-Wire+

Account format

How beneficiary account numbers are structured for Korea (Republic of). Failure to match this format is the single most common reason wires are rejected at the destination.

Field Value
Format tier National format
Length 11-16 digits; no IBAN. Most banks let customers choose the account number (often linked to mobile number or SWIFT/BIC).
Example 110-234-567890

Routing identifiers

Which routing codes the wire-creation API call must include for Korea (Republic of).

Field Value
SWIFT BIC Required
Branch Code Optional
Format required for payments related to goods/services/invoices
Directory ↗ Source
Local clearing BOK-Wire+

Address format

How Korea (Republic of) expects the beneficiary address to appear on the wire. Free-form variations frequently trigger compliance holds.

  1. Addressee Full Name
  2. Building Name (separate row from building #)
  3. Building Number, Street Name, & Dependent Locality
  4. City
  5. Administrative area & Postal Code
  6. Alpha-3 Country Code (all caps)
Field Value
Postal code Optional — this country has no postal code format
Example Chansonggyohoe
560-7 Jeungpyeong-Eup
Jangdong-Ri
Jeungpyeong-Gun
Chungcheongbuk-Do 27924
KOR

Counterparty fields

Party details the destination expects on the beneficiary. Mandatory fields are required by the destination; recommended fields reduce the chance of a delay or return.

Recommended:

  • Beneficiary phone number (Cdtr/CtctDtls/PhneNb)
  • Whether the beneficiary is a company or a person (Cdtr/Id/OrgId or Cdtr/Id/PrvtId)
  • Beneficiary identifier, such as a tax or registration number (Cdtr/Id/OrgId/Othr/Id or Cdtr/Id/PrvtId/Othr/Id, with SchmeNm) — 10-digit Business Registration Number

Purpose of payment

Put the country's own code in <Purp><Prtry> (purpose_code_proprietary). Requirement: Highly recommended GIB check: a missing or unexpected purpose is reported as a validation warning; the wire is not held.

Not yet confirmed

We have not yet confirmed this country's purpose-of-payment requirement against a central-bank or correspondent-bank source. Including a purpose is recommended. We update these guides as we confirm each country.

Field Value
Code format 5-digit Purpose of Payment code (categories include Exports, Other Trades, Travel, Transport, Insurance, Other Expenses, Unilateral Transfer, Investments, Return Receipts).
Authoritative source ↗ View source

Available codes:

5-digit codes. Major buckets (full inline list omitted for length - pull from BoK URL): Exports 10101-10299; Other Trades 10901, 20101-20299; Travel 30101-30901; Transport 31101-31999; Insurance 32101-32302; Other Expenses 33301, 34101, 35101-37106; Unilateral Transfers 37203-37901; Investments 33101-33210, 35104, 35501; Return Receipts R5605-R6016. HIGHLY RECOMMENDED - payments without a code can be delayed.

Remittance info

Extra content the regulator requires inside the free-text remittance field, beyond the purpose-of-payment code.

PoP codes are mandated under Korea's Foreign Exchange Transactions Act (administered by Bank of Korea / Ministry of Economy and Finance). For purposes not relating to goods/services/invoices, transactions must be sent directly to beneficiary bank for processing (may delay settlement).

Operational notes

Field Value
FX minimum (USD) $25
Currencies accepted KRW, USD
Typical settlement 1-2 business days; non-trade purposes may take longer (sent direct to beneficiary bank).
Banking holidays ↗ Calendar

Known issues:

  • Most banks let customers choose their account number, often linking to mobile phone number or SWIFT/BIC code.
  • US Embassy does not accept payments in local currency for VISAs.

Common rejection reasons

Documented patterns that cause this country's banks to return wires. Universal reasons (sanctions holds, missing BIC) aren't repeated here.

Missing or wrong 5-digit BoK PoP code - payments not relating to goods/services/invoices must be sent directly to the beneficiary bank.
Missing beneficiary tax registration number (13-digit individual or 10-digit corporate).
Beneficiary name mismatch.
US Embassy in Korea does not accept payments in KRW for visas - wire returned.
Sanctions or compliance hold.

Validate before you send

Check identifiers before you submit. The IBAN check runs in your browser (format plus the ISO 13616 MOD-97 check digit). GIB's API checks the IBAN format for countries where an IBAN is required. The BIC lookup searches GIB's BIC directory and needs a dashboard login.

BIC lookup

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References

First-party sources — central banks, FX regulators, ISO registries. Always re-verify against these before pushing volume to a new corridor.

Disclaimer

These country guides aggregate information from central banks, regulators, and industry-standard references. Global Innovations Bank reviews them on a rolling cadence and notes the verification date on each page. Payment-corridor rules change between releases, so we cannot guarantee continued accuracy.

Always verify against the primary sources linked in the References section before going live in a new corridor. Re-check applicable sanctions lists (OFAC, EU, UK, UN consolidated, and any state-level requirements) at the time of payment, since designations shift between our refreshes.

For fintech partners on GIB's sponsor-bank rails, these guides do not replace your BSA/AML, KYC, sanctions-screening, or transaction-monitoring obligations under your program agreement with GIB.

Nothing in this material constitutes legal, tax, or regulatory advice, and wire-acceptance decisions remain at the discretion of GIB Compliance and the destination bank.

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