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South Korea

Bank account

Service specification

TypeDescription
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.
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 6,000,000.00
 Minimum per Transaction KRW 1.00
 Maximum per Year USD 50,000.00 equivalent KRW

Business Payout
 Maximum per Transaction : KRW 500,000,000.00
 Minimum per Transaction KRW 1.00

 Compliance accumulated limit KRW 65,000,000.00 per day per beneficiary
Maximum Beneficiary No restriction
Service Charge Transaction Fee will be refunded on best effort basis once the Transaction is accepted by the gloRemit® Service System and submitted by the gloRemit® Service System to the Payout Channel.
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

For more details, please refer here: https://www.tranglo.com/wp-content/uploads/info/Tranglo_Korea_Inbound_KYC_Explanation.pdf

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.
Do_Transfer bAccType Value 1

Supported bank

NoNameIssuer 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