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Stablecoin Trade Journal

Guides

Wire Transfer to Korea: How to Pay a Korean Supplier (Bank Details, SWIFT Codes, Fees)

Paying a Korean supplier is routine — until a payment sits unclaimed at a Seoul bank because of an outdated SWIFT code or a missing invoice number. A step-by-step guide built from Korean banking rules.

Editorial Desk
By · Stablecoin Trade Journal
Document
STJ-2026-0001
Published
Last reviewed
Version
1.0
 
5 min read

Key takeaways

  • Korea does not use IBAN. You need the supplier's bank SWIFT/BIC code, account number, the account holder's English name and the bank's address — no routing or clearing code.
  • Use the code your supplier's bank gives you. Hana Bank's old code HNBNKRSE can no longer receive payments; the current code is KOEXKRSE.
  • You file nothing in Korea. Your supplier may have to explain the payment to its bank, and above USD 100,000 from one sender in a day it needs the bank's written confirmation of the reason — so always quote the invoice number.
  • Expect two to three working days, and a receiving-bank fee in Korea of around KRW 10,000 per payment, usually borne by the supplier.

Most payments to Korean suppliers arrive without incident. The ones that do not tend to fail for the same few reasons: a SWIFT code that a merged bank retired years ago, a beneficiary name that does not match the account, or a large payment the supplier cannot explain to its bank because the transfer carried no invoice number.

This guide covers what your bank needs, what happens to the money once it reaches Korea, and how to avoid those delays.

What you need from your supplier

Korean banks do not use IBAN. A payment is routed by the bank’s SWIFT/BIC code and credited by the supplier’s domestic account number, whose length varies from bank to bank. KB Kookmin Bank states that no routing number or clearing code is required.3

Ask your supplier for these details in writing, ideally on company letterhead or a bank-issued account confirmation:

DetailExample of what to ask forWhy it matters
Beneficiary name (in English)The company name exactly as the bank holds itA mismatch can delay crediting or trigger a return
Account numberThe full domestic account numberNo IBAN exists in Korea
Bank name and SWIFT/BICe.g. Woori Bank, HVBKKRSERoutes the payment to the right bank
Bank addressAs shown on the supplier’s bank letterSome sending banks require it
Contact phone in KoreaThe supplier’s finance contactWoori Bank lists it among the details a payer should have2

SWIFT codes for major Korean banks

The codes below are head-office BICs, checked against the BIC-to-LEI records that GLEIF publishes with SWIFT and, where available, against the bank’s own English pages.5 If your supplier’s bank gives you a different branch code, use the code the bank provides.

BankSWIFT/BIC (head office)Confirmed on the bank’s own page
KB Kookmin BankCZNBKRSEYes3
Shinhan BankSHBKKRSE—
Woori BankHVBKKRSEYes2
Hana BankKOEXKRSEYes4
Industrial Bank of Korea (IBK)IBKOKRSE—
NongHyup BankNACFKRSE—
Korea Development BankKODBKRSE—

Online directories also disagree on several banks’ addresses. Take the address from your supplier’s bank letter rather than a directory site.

Dollars or won?

You can usually send either. Korean companies may hold foreign-currency accounts, and Korean banks accept both foreign-currency and won-denominated inward payments, with different fees.16

The practical difference is who converts. If you send US dollars to a won account, the supplier’s bank converts at its rate and your supplier bears the spread. If you send won, the conversion happens on your side. Agree the currency in the contract and state it on the invoice, so that a short-paid invoice is not blamed on an exchange rate.

What happens when the money reaches Korea

You file nothing in Korea. The Korean rules apply to your supplier and its bank.1

Your bankSWIFT paymentIntermediary bank(s)may deduct chargesSupplier’s bank in Koreasupplier explains the receipt;invoice no. makes this quickOver USD 100,000same sender, same day:bank confirms the reasonin writing (Art. 4-3)Automatic bank reportingexport proceeds → Korea Customsover USD 10,000 per item →National Tax Service (Art. 4-8)
Figure 1. What happens to an inward payment for goods under Korea's Foreign Exchange Transaction Regulations. Thresholds are per item or per sender per day as stated in Articles 4-3 and 4-8.

Three rules are worth knowing:

  1. Your supplier explains the payment. Even when no documents are required, a Korean recipient must explain the transaction to its bank. Above USD 100,000 from the same sender on the same day, the bank must confirm the reason for the receipt in writing.1 If your transfer quotes the invoice number, that conversation takes minutes.
  2. Banks report automatically. Korean banks report receipts of export and import proceeds to the Korea Customs Service, and payments over USD 10,000 per item to the National Tax Service.1 This happens without any action from you.
  3. Very early prepayments are reported. If a supplier receives more than USD 100,000 per contract more than one year before shipment, it must report to the Bank of Korea.1 Normal deposits and prepayments within a year of shipment need no such report.

Banks also apply their own procedures. Woori Bank, for example, credits payments to a resident’s designated account automatically only below USD 20,000 per sender per day; above that, the supplier may need to visit a branch.2 This is why a large payment can be “received” in Korea but not yet credited.

Paying from a different company

If your group pays from a different entity than the one named on the contract, Korean rules allow the supplier to receive payment from a non-resident that is not party to the contract without filing a third-party payment report.1 Tell your supplier in advance and name the contract or invoice in the payment, so its bank can match the payer.

Fees and timing

CostWho usually paysTypical amount
Your bank’s outgoing wire feeYouSet by your bank
Intermediary (correspondent) chargesYou under OUR; deducted from the amount under SHAVaries by route8
Korean bank’s inward feeYour supplierKRW 10,000 per foreign-currency payment at KB Kookmin Bank (January 2026)6; KRW 10,000 at Standard Chartered Korea, waived under USD 1007
Currency conversionWhoever convertsThe converting bank’s spread

If your supplier insists on receiving the full invoice amount, choose OUR so intermediary charges are not deducted along the way. Even then, the Korean bank’s own inward fee is normally charged to your supplier.

Woori Bank says international transfers generally take two to three working days, sometimes longer depending on the sending bank.2

A checklist before you press send

  1. Get bank details in writingBeneficiary English name, account number, SWIFT/BIC and bank address, from the supplier or its bank letter.
  2. Verify by phoneConfirm new or changed details with a known contact before the first payment.
  3. Check the SWIFT codeFor Hana Bank, use KOEXKRSE, never HNBNKRSE.
  4. Agree currency and chargesMatch the invoice currency, and choose OUR if the supplier must receive the full amount.
  5. Quote the invoice numberPut the commercial invoice number in the payment reference so the supplier can explain and match the receipt.
  6. Send the payment adviceEmail your bank's SWIFT confirmation to the supplier's finance contact on the day you pay.

When a payment goes missing

If your supplier says nothing has arrived after three working days:

  • Ask your bank for the SWIFT gpi tracking status or the MT103 confirmation, and send it to the supplier.
  • Ask the supplier to check with its bank whether the payment is received but not yet credited — for example, awaiting its explanation of the receipt.
  • Check the SWIFT code and beneficiary name you used against the supplier’s written details. A retired code or a name mismatch is the most common cause of a return.

Frequently asked questions

What information do I need to send a wire transfer to a Korean company?

The beneficiary's name in English exactly as on the account, the account number, the bank's name and SWIFT/BIC code, and the bank's address. Korean banks do not use IBAN, and KB Kookmin Bank states that no routing number or clearing code is required.

Does South Korea use IBAN?

No. Korean accounts are identified by the bank's SWIFT/BIC code and a domestic account number, whose length varies by bank.

What is the SWIFT code for Hana Bank (formerly KEB Hana)?

KOEXKRSE. Hana Bank states that the former Hana Bank code HNBNKRSE has been unable to receive payments since its systems merged with Korea Exchange Bank in 2016.

How long does a wire transfer to Korea take?

Woori Bank says international transfers generally take about two to three working days, sometimes longer depending on the sending bank's system.

Is there a limit on wire transfers to a Korean business?

There is no general cap on a Korean company receiving payment for goods. Korean rules do require the supplier to explain larger receipts to its bank: above USD 100,000 from the same sender on the same day, the bank must confirm the reason in writing. Advance payments of more than USD 100,000 per contract received more than a year before shipment must be reported to the Bank of Korea.

Who pays the fees on a wire to Korea?

It depends on the charge option you choose. Under OUR you pay the sending and intermediary charges; under SHA each side pays its own bank and intermediaries may deduct from the amount. The Korean bank's own inward fee — KRW 10,000 per payment at KB Kookmin Bank in January 2026 — is normally charged to the supplier.

Sources

  1. Foreign Exchange Transaction Regulations (외국환거래규정), Articles 4-2, 4-3, 4-8, 5-8 and 5-10, version in force from 16 September 2026. Korea Law Information Center. www.law.go.kr
  2. Woori Bank, 'Information for receiving remittances from abroad' (English). spib.wooribank.com
  3. KB Kookmin Bank, 'Receive Money from Overseas' (English). omoney.kbstar.com
  4. Hana Bank, notice on the SWIFT code KOEXKRSE and the retired code HNBNKRSE, 5 January 2018. biz.kebhana.com
  5. GLEIF, BIC-to-LEI relationship records published with SWIFT (used to confirm head-office BICs). www.gleif.org
  6. KB Financial Group (kbthink), overseas remittance fees at KB Kookmin Bank as of January 2026. kbthink.com
  7. Standard Chartered Bank Korea, foreign-exchange fee schedule (inward remittance). www.standardchartered.co.kr
  8. Standard Chartered Bank Korea, business remittance charges, including correspondent charges and the OUR option. www.standardchartered.co.kr

Cite this article

Stablecoin Trade Journal. (2026, 16 October). Wire Transfer to Korea: How to Pay a Korean Supplier (Bank Details, SWIFT Codes, Fees) (STJ-2026-0001, v1.0). https://stablecointradejournal.com/guides/wire-transfer-to-korea-pay-korean-supplier/

Corrections & revisions

v1.02026-10-16First published.

From the publisherStablecoin Trade Journal is published by KRD, which also operates Chungoose, an invoicing and receivables platform used by Korean suppliers. Ownership & funding

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