Question 1

Who can I send South Korean won (KRW) to?

Accepted Answer

You can send South Korean won (KRW) to individual and business bank accounts in South Korea. We don’t support transfers to virtual accounts.

Question 2

What information do I need about my recipient?

Accepted Answer

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 text 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
bank name/code
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.

Question 3

How much can I send to South Korea?

Accepted Answer

Personal:

If you’re a personal customer and sending to a personal recipient:

You can send up to 6,400,000 KRW per transfer
50,000 USD (or equivalent) per year to an individual

For transfers more than 950,000 KRW, we’ll need the recipient’s Korean local phone number so that our partner, PayGate, can verify them.We’ll send them through a Kakao message* or email to complete the verification. PayGate might also send them an email as well.

Business:

If you and/or your recipient are a business:

You can send up to 999,999,999 KRW per transfer. There may be limits on the currency you‘re sending from.

*If a recipient is unable to receive Kakao message, it will be sent via SMS

Question 4

How long does a money transfer to South Korea take?

Accepted Answer

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 South Korean won (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 South Korean won (KRW) and your recipient needs to go through verification by Kakao message* or email: 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.

Keep in mind: Due to South Korea regulations, sometimes your recipient still needs to go through verification by Kakao message* or email even if you send less than 950,000 South Korean won (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.

*If a recipient is unable to receive Kakao message, it will be sent via SMS.
Learn more about how long transfers take

Question 5

My payment got rejected even though I entered the details correctly?

Accepted Answer

Sometimes your recipient will need to complete a form their bank sends to them. In the form, they need to fill in the name in the exact order as the recipient’s registered name on the bank account. You should enter your recipient’s email when setting up your recipient details, so that they receive the email from their bank

Check with your recipient if they’ve received an email from Paygate at the email you entered, and check if the recipient entered their name in the exact order as it appears on their bank account.

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How to send money to South Korea from Turkey

Enter amount to send in TRY.

Choose recipient in South Korea.

Send TRY, receive KRW.

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