South Korea - Tranglo

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South Korea

Bank account

TYPEDESCRIPTION
Area availability Available across the South Korea
Service type B2C / B2B
Currency KRW
Payout channel Bank Transfer
Transaction turnaround time Within 5 minutes for Normal and Business Payout
Transaction limit Normal Payout
Minimum limit per transaction: KRW 1.00
Maximum limit per transaction: KRW 7,000,000.00
Standard annual maximum limit: USD 50,000.00 equivalent KRW
Enhanced annual maximum limit: USD 100,000.00 equivalent KRW for eligible beneficiaries*

Business Payout
Minimum limit per transaction: KRW 1.00
Maximum limit per transaction: KRW 500,000,000.00
Annual maximum limit: KRW 1,000,000,000.00

Compliance daily limit per beneficiary: KRW 65,000,000.00**

*Beneficiaries must be Korean nationals or residents that has completed KYC to be eligible.
**The transaction will be held for review if the sender or receiver exceeds the compliance limit.
Amount received Beneficiary received net amount as specified by sender.
Maximum number of beneficiaries No limit
Validation No account validation
Service charge The transaction fee will be refunded on a best-effort basis after the transaction is accepted by gloRemit and forwarded to the payout channel.
Cancellation Cancellation is on a best-effort basis.
Remarks Normal Payout
a) First-time beneficiaries are required to register online using a valid South Korea mobile number. An SMS will be sent to the beneficiary for KYC verification.
b) KYC is valid for only 72 hours.
c) KYC is strictly required.*
d) Recipient KYC is strictly required. Accepted identification documents are:
- Foreign recipients: Passport only
- Korean recipients: Resident Registration Card (RRC) or Driver's License only.
Verification requests submitted with other document types will be rejected.

Business Payout
a) KYC is not required.
b) Refer here for more details

Important notes
a) The beneficiary name must match the name registered with their Korean Bank.
b) Refer to table below for List of Purpose code for Business Payout

*Normal payout requires KYC for both individual and company beneficiary. The transaction must be linked to a company mobile number, and the company is responsible for the payment.
Do_Transfer bAccType Value 1

List of Purpose code for Business Payout

NoPurpose CodePurpose Description
110010Goods for Processing/Manufacturing Services
213210Goods and Services
316791Trade-Related Services
412500Maintenance and Repair Services n.i.e.
516740Architectural, Engineering and Other Technical Services
616760Advertising, Market Research and Public Opinion Polling Services
716850Other Personal Services
835000Equity Capital
96000Manufactured Goods

Supported bank

NONAMEISSUER CODE
1Korea Development Bank820001
2부산은행: Busan Bank820002
3IBK기업: Industrial Bank of Korea820003
4KB국민: Kookmin Bank820004
5제주은행: Jeju Bank820005
6수협은행: Suhyup Bank820006
7경남은행: Kyongnam Bank820007
8NH농협: National Agricultural Cooperative Federation820008
9새마을은행: Korea Federation of Community Credit Cooperatives820009
10우리은행: Woori Bank820010
11SC은행: Standard Chartered First Bank Korea820011
12신한은행: Shinhan Bank820013
13대구은행: Daegu Bank820014
14하나은행: Hana Bank820015
15Kakao Bank820017
16Korea Citi Bank820018
17K-Bank820020
18JeonBuk Bank820023
19KwangJu Bank820024
20National Forestry Cooperative Federation820035
21Post Office820036
22Bank of America820037
23Bank of Chinas820038
24Bank of communications820039
25BNK Investment & Securities820040
26BNP Paribas Bank 비엔피파리바은행820041
27Buguk Securities820042
28Cape Investment & Securities820043
29China Construction Bank820044
30Daehwa Bank820045
31Daishin Securities820046
32Daol Investment & Securities820047
33DB Financial Investment820048
34Deutsche Bank820049
35DS Investment & Securities820050
36Eugene Investment & Securities820051
37Hana Financial Investment820052
38Hanwha Investment & Securities Co., Ltd820053
39Hanyang Investmentt & Securities820054
40Heungkuk Securities820055
41HSBC Bank820056
42Hyundai Motor Securities820057
43IBK Investment & Securities820058
44ICBC Bank820059
45iM Securities820060
46JP Morgan Chase Bank820061
47Kakao Pay Securities820062
48KB Securities820063
49KIWOOM Securities820064
50Korea Asset Investment & Securities820065
51Korea Force Securities820066
52Korea Investment & Securities820067
53Korea Securities Finance820068
54Kyobo Securities820069
55Leading Investment & Securities820070
56LS Securities820071
57Meritz Securities820072
58Mirae Asset Securities820073
59Mutual Savings Bank820074
60National Credit Union Federation of Korea820075
61NH Futures820076
62NH Investment & Securities820077
63Samsung Securities820078
64SangSangIn Investment & Securities820079
65Shinhan Securities820080
66SK Securities820081
67Toss Bank820082
68Toss Investment & Securities820083
69Woori Financial Group820084
70Yuanta Securities820085
71Shinyoung Securities820086