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South Korea
| Type | Description |
|---|---|
| Direct to Bank Method |
Direct credit to bank account in Korean Won
Supported sender type - Individual and Corporate Supported beneficiary type – Individual and Corporate |
| 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 Subjected to Singapore office timing and funds being received |
| Area availability | South Korea nationwide |
| Validation / Verification | Beneficiary name shall be matched with the bank register system |
| Account received | Amount received Beneficiary to be received the payout in the nearest KRW 1.00. 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 |
| Service Charge | Transaction fee will not be refunded upon submitted to the banks |
| Cancellation Process | Cancellation is on best effort basis |
| Remarks | First time beneficiary is required to register online with a valid Korean mobile number |