Local wire transfers in KRW (South Korea)
A local wire transfer in KRW is a transfer of funds between banks in South Korea in the local KRW currency. This method is valued for its reliability, convenience and speed, as it provides a direct transfer from one bank account to another within the country.
Supported currencies
South Korean won (KRW)
Please note that if the currency of your balance in Smartcat is different from KRW, the funds will be converted to KRW using the Smartcat exchange rate.
Commission
4,000 KRW
You can view a list of companies that are reimbursing your commission in the My Payouts section (click on the Details button on your payout method).
Minimum and maximum payout amounts
From 6,000 KRW to 5,500,000 KRW
Smartcat allows setting the minimum amount, starting from which the payment will be sent to you. You can learn more in the article " Minimum payout amount".
Required details
Field | Individual | Company | Description |
Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
Beneficiary first name | ✓ | ✕ | The name of the individual beneficiary in Latin |
Beneficiary last name | ✓ | ✕ | Surname of the individual beneficiary in Latin |
Birth date | ✓ | ✕ | Beneficiary's birth date |
Beneficiary company name | ✕ | ✓ | Legal name of the beneficiary's company in Latin |
Recipient’s country | ✓ | ✓ | Beneficiary's country |
Recipient's state (province, prefecture) | ✓ | ✓ | Enter a state, province, or prefecture if the beneficiary's country is the United States, Mexico, Canada, or Japan |
Recipient's city of residence | ✓ | ✓ | City or town from the beneficiary's address |
Recipient's address | ✓ | ✓ | Beneficiary's address, including building number or name |
Recipient's postal code | ✓ | ✓ | Beneficiary's postal code |
Recipient's phone number | ✓ | ✓ | Correct beneficiary's phone number |
Bank name | ✓ | ✓ | Name of the bank receiving the funds |
Bank code | ✓ | ✓ | 3-digit bank ID code used for local payments |
SWIFT | ✓ | ✓ | 8-11-digit code identifying the country, city, bank and bank branch of the beneficiary |
Account number | ✓ | ✓ | Beneficiary's bank account number |
Advantages
Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer.
Speed. Payouts are processed up to 3 business days on the Smartcat side and up to 1-2 business days on the bank side.
Funds are received immediately in the local currency. You do not spend money on additional conversions and can immediately use the money in your country.
Frequently asked questions
I chose this method, but the payment was rejected. Why?
Act as follows:
Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer).
Make sure that the postal code, city, street and house number are specified in the corresponding fields of the details. Make sure that you do not enter a PO box or email address instead of your residential address.
Check if the account number, bank name, SWIFT, phone number are correct.
Make sure that the name of the account holder is entered in the details exactly as it is in the bank details, including all spaces and symbols. Please note that the beneficiary's name must be written in Latin letters.
If the details you provided are correct, contact your bank branch to find out the reason for the rejection of the payment on the bank's side.
I cannot find the payment. What does the payment look like on the bank statement?
If you cannot find the payment, please check your account statement for the following transactions:
As a reference, the payment ID can be specified in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT EUROPE BV, AIRWALLEX or Banking Circle SA is displayed as the sender, depending on the receiving bank.
For which countries is this method available?
The method is available only for receiving funds to a bank account in South Korea.
I received a payment. What details should be used for billing?
When receiving funds by local bank transfer in KRW, you need to enter the following Smartcat details in your account:
Full name: Smartcat Europe BV
Legal address: Strawinskylaan 613, 1077 XX Amsterdam, the Netherlands
VAT no.: NL859832880B01.