KRW Transfers

Here is some information regarding KRW transfers to South Korea.

General Information

• Who can I send to?
  You can send KRW to personal and business bank accounts in South Korea.
• How much can I send?
  The amount you can send will differ depending on what type of MoneyMatch user you are registered as. Check Transaction Limits for more information.
  
  Note: Annual limit of USD 50,000 (or equivalent) applies for each individual recipient.
• How much does it cost?
  Check our latest fees
• What will be the payout method used?
  Account Credit (Bank Transfers)
• How long does it take for the funds to be transferred?
  Once processed and set "In-Transit", transfers may take up to 1-2 business days to reach the recipient. However, sometimes it might take up to 4 business days to reach your recipient depending on the recipient's bank validation, as it might be held due to compliance checking in the recipient bank end. Learn more about how long transfer takes. 

What information do I need about my recipient?

Sending to a Personal Bank Account

• Bank Details
  • Recipient Account Number:
  • Account Title/Name:
  • Bank Name
  • SWIFT Code
• Recipient Details
  • Recipient Name
  • Recipient ID Type & Number: Passport or Government Issued ID
  • Recipient's Nationality
  • Mobile Phone Number: Active and valid number
  • Email Address
  • Home Address

Sending to a Business Bank Account

• Bank Details
  • Recipient Account Number
  • Account Title/ Name
  • Bank Name
  • SWIFT Code
• Recipient Details
  • Company Name:
  • Company Registration Number/ Tax ID
  • Mobile Phone Number: Active and valid number
  • Email Address
  • Company Address

Additional Steps

Recipient Validation Required

• Recipient Validation via SMS
  

  For transfers to South Korea, your recipient will need to complete a validation process before they can receive the funds.
  
  They will receive an SMS message from our payout partner in South Korea. Thus, kindly ensure you provide a valid recipient mobile number including the country code.

• Transfers less than KRW 1 million
  
  When you send a transfer to a recipient of less than KRW 1 million, your recipient will receive a verification link via SMS from our partner. They'll need to click the link and input an ID type and verification number.
• Transfers more than KRW 1 million
  
  When you send a transfer to a recipient that is KRW 1 million or greater, your recipient will need to verify both their identity and bank account information. They will have to click the link and complete the steps indicated.
• What will happen if my recipient did not complete the steps?
  
  Your recipient to complete the steps indicated in the SMS message within 72 hours in order for the funds to be released to their bank account. If the steps are not completed, the transaction will be rejected and returned to MoneyMatch for further action.
  
  If your recipient did not receive the SMS from our partner, kindly Submit a Request and reach out to us for further assistance!