Supported payout countries
Summary
Summary
South Korea
Account channel
Service specification
| Type | Description | |||||||||||||||
| Direct to Bank method | Direct credit to bank account in Korean Won. Supported beneficiary account type – individual and company. Supported sender type - individual and company. |
|||||||||||||||
| Transaction Turnaround Time | . Real time Payout (within 5 minutes) for Normal Payout. . Real time Payout (within 5 minutes) for Business Payout. . T+1 Korea Banking day for transaction processed and credited after 18.00pm (Mon- Fri) GMT +9 for Business Payout with amount more than KRW 10,000,000.00. |
|||||||||||||||
| Area availability | South Korea nationwide | |||||||||||||||
| Validation / Verification | · Beneficiary name shall be match with the bank register system. | |||||||||||||||
| Amount received | Beneficiary to be received the payout in the nearest KRW 1. All Decimal value will be discarded. | |||||||||||||||
| Transaction Limit | Normal Payout Maximum per Transaction : KRW 5,000,000.00 Minimum per Transaction KRW 30,000.00 Maximum per Year USD 50,000.00 equivalent KRW Business Payout Maximum per Transaction : KRW 500,000,000.00 Minimum per Transaction KRW 30,000.00 Compliance accumulated limit KRW 65,000,000.00 per day per beneficiary |
|||||||||||||||
| Maximum Beneficiary | No restriction | |||||||||||||||
| Service Charge | Transaction Fee will be refunded If the transaction is Rejected. | |||||||||||||||
| Cancellation Process | Cancellation is on best effort basis. | |||||||||||||||
| Remarks |
Normal Payout 1. First time beneficiary is required to register online with a valid South Korea Mobile Number. SMS will be sent to beneficiary for KYC purpose. 2. KYC is valid only for 72 hours. 3. KYC is needed even the beneficiary is a company. (Using company mobile number or responsibility of remittance) Business Payout 1. No KYC needed List of Purpose code for Business Payout :
| |||||||||||||||
| Do_Transfer bAccType Value | 1 |
Supported bank
| No | Name | Issuer Code |
| 1 | Korea Development Bank | 820001 |
| 2 | 부산은행:Busan Bank | 820002 |
| 3 | IBK기업:Industrial Bank of Korea | 820003 |
| 4 | KB국민:Kookmin Bank | 820004 |
| 5 | 제주은행:Jeju Bank | 820005 |
| 6 | 수협은행:Suhyup Bank | 820006 |
| 7 | 경남은행:Kyongnam Bank | 820007 |
| 8 | NH농협:National Agricultural Cooperative Federation | 820008 |
| 9 | 우리은행:Woori Bank | 820010 |
| 10 | SC은행:Standard Chartered First Bank Korea | 820011 |
| 11 | 신한은행:Shinhan Bank | 820013 |
| 12 | 대구은행:Daegu Bank | 820014 |
| 13 | 하나은행:Hana Bank | 820015 |
| 14 | Kakao Bank | 820017 |
| 15 | Korea Citi Bank | 820018 |
| 16 | K-Bank | 820020 |
| 17 | JeonBuk Bank | 820023 |
| 18 | 새마을은행:Korea federation of Community Credit cooperative | 820009 |
| 19 | KwangJu Bank | 820024 |
| 20 | National Forestry Cooperative Federation | 820035 |
| 21 | Post Office | 820036 |