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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 55,000,000.00 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