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South Korea

Bank account

TypeDescription
Area availability Available across South Korea
Service type C2B / B2C / B2B
Currency KRW
Payout channel Bank Transfer
Transaction turnaround time Within 5 minutes for Normal and Business Payout
Transaction limit Normal Payout
Minimum limit per transaction: KRW 1.00
Maximum limit per transaction: KRW 7,000,000.00
Standard annual maximum limit: USD 50,000.00 equivalent KRW
Enhanced annual maximum limit: USD 100,000.00 equivalent KRW for eligible beneficiaries*

Business Payout
Minimum limit per transaction: KRW 1.00
Maximum limit per transaction: KRW 500,000,000.00
Annual maximum limit: KRW 1,000,000,000.00

Compliance daily limit per beneficiary: KRW 65,000,000.00**

*Beneficiaries must be Korean nationals or residents that has completed KYC to be eligible.
**The transaction will be held for review if the sender or receiver exceeds the compliance limit.
Amount received Beneficiary received net amount as specified by sender.
Maximum number of beneficiaries No limit
Validation No account validation
Service charge The transaction fee will be refunded on a best-effort basis after the transaction is accepted by gloRemit and forwarded to the payout channel.
Cancellation Cancellation is on best effort basis.
Remarks Normal Payout
a) First-time beneficiaries are required to register online using a valid South Korea mobile number. An SMS will be sent to the beneficiary for KYC verification.
b) KYC is valid for only 72 hours.
c) KYC is strictly required.*
Business Payout

a) KYC is not required.
b) Refer here for more details

Important notes
a) The beneficiary name must match the name registered with their Korean Bank.
b) Refer to table below for List of Purpose code for Business Payout

*Normal payout requires KYC for both individual and company beneficiary. The transaction must be linked to a company mobile number, and the company is responsible for the payment.
Do_Transfer bAccType Value 1

Purpose codes for business payout

NoPurpose CodePurpose Description
110010Goods for Processing/Manufacturing Services
213210Goods and Services
316791Trade-Related Services
412500Maintenance and Repair Services n.i.e.
516740Architectural, Engineering and Other Technical Services
616760Advertising, Market Research and Public Opinion Polling Services
716850Other Personal Services
835000Equity Capital
96000Manufactured Goods

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