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KRW Transfers

Here you'll find everything you need to know about payments to South Korean Won.

Payments to KRW

 

Basic Information   Notes
TransferWise Fee 1.5% (or 3750 KRW for payments under 250,000 KRW) When sending from currencies where the fee would normally be 0.5%, the fee is instead 1.5%. 
For larger business transfers, the fee on the amount above £3,000/€4,000/$4,000/A$6,000 is reduced to 1% (for transfers from GBP, EUR, USD, and AUD only).
Delivery time* 0-2 working days *After payout. Please keep in mind that TransferWise can take up to two working days to convert your funds from receiving the deposit
Maximum amount (per transfer) For personal transfers* *Korean regulations limit the amounts TransferWise can send to individual recipients to 2,000 USD (or equivalent) per transfer and 20,000 USD (or equivalent) per year to KRW.
These limits do not apply to business transfers. The limits per transfer when sending to a business will depend upon the currency that you are sending from.
Countries we can send to South Korea only  
Additional Receiving Banking Fees None  
Required Details    
Recipient's Full Name Yes When sending to individuals, please include first name and surname
Account Number Yes These should be between 11 and 16 digits. Some banks allow customers to use their cell phone number as their bank account number, and we can also accept this. 
Bank Name/Code Yes This can be selected from a drop-down menu. 
Payment Purpose Yes You'll need to select the purpose for your KRW transfer from a drop-down menu.
Features    
Amount Lock Transfers Yes The currency you're sending from must also be able to send fixed amounts. 

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