South Korea

Bank account

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.

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: http://www.tranglo.com/wp-content/uploads/info/Tranglo_Korea_Inbound_KYC_Explanation.pdf

List of Purpose code for Business Payout :

No	Purpose Code	Purpose Description
1	10010	Goods for Processing/Manufacturing Services
2	13210	Goods and Services
3	16791	Trade-Related Services
4	12500	Maintenance and Repair Services n.i.e.

Do_Transfer bAccType Value

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

Telegraphic transfer

Service Specification

Type

Description

Direct to Bank Method

Direct credit to bank account in US Dollar (USD) and South Korean Won (KRW).

Supported beneficiary account type – Individual and company.
Supported sender account type - Individual and company.

Transaction Turnaround Time

*T+1 business days for USD transaction processed and credited before 6pm (Mon-Fri) GMT +8.

*T+1 business days for KRW transaction processed and credited before 6pm (Mon-Fri) GMT +8.

Transaction sent on Saturdays, Sundays or public holidays will be processed on next South Korean Banking day.

*Processing time may vary based on the beneficiary bank’s cut-off time.

Area Availability

South Korea nationwide

Validation / Verification

No system validation on account available.

Amount Received

Beneficiary received net amount as specified by Sender.