Here you’ll find answers to the most common questions about South Korean won (KRW) transfers.
You can’t currently send money from KRW.
Sending to KRW
Who can I send KRW to?
You can send KRW to individual and business bank accounts in South Korea. We don't support transfers to virtual accounts.
What information do I need about my recipient?
You’ll need their:
full name in English
date of birth — this has to match their bank account
email address — our partner PayGate might email your recipient for further identification
phone number — our partner PayGate might email your recipient for further identification. If you're sending to a business, you don't need this.
11–16 digit bank account number. Some banks let customers use their cell phone number as their bank account number, so you can also use this
reason why you’re sending money, which you’ll need to select from a dropdown menu
Keep in mind, only Latin letters can be used and the language must be in English.
How much can I send?
You can send up to 5,000,000 KRW per transfer and 50,000 USD (or equivalent) per year to an individual.
For transfers more than 950,000 KRW, you’ll need to provide the recipient’s Korean local phone number so that our partner, PayGate, can verify them. We’ll send them an SMS to complete the verification. PayGate might also send them an email as well.
You can send up to 999,999,999 KRW per transfer to a business, but this also depends on what currency you’re sending from. Check the relevant currency article for more information on how much you can send.
How long does it usually take for the money to arrive?
We’ll always give you an estimate for how long your transfer will take when you set it up.
If you sent less than 950,000 KRW: once Wise receives and converts your money, it usually arrives in your recipient’s bank account on the same working day. Conversion can take up to 2 working days.
If you sent more than 950,000 KRW and your recipient needs to go through verification by SMS or email: it can take up to 2 working day for the transfer to arrive. If your money is taking longer, reach out to the recipient for them to complete verification.
Keep in mind: Due to South Korea regulations, sometimes your recipient still needs to go through verification by SMS or email even if you send less than 950,000 KRW. It can take up to 2 working days for the transfer to arrive. If your money is taking longer, reach out to the recipient for them to complete verification.