Receive payouts via local wire transfer in KRW (South Korea)

Overview

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)

📌 If the currency of your balance in Smartcat is different from KRW, the funds are converted to KRW using the Smartcat exchange rate.

Commission

10 USD + 0.5% of the withdrawal amount. The fee is converted into the payout currency at the time of the transaction.

You can view a list of companies that reimburse your commission in the My Payouts section (smartcat.com/billing/payout-instruments). Click the Details button on your payout method.

Minimum and maximum payout amounts

From 30,000 KRW to 5,500,000 KRW

Smartcat lets you set the minimum amount from which a payment is sent to you. To learn more, see Minimum payout amount.

Required details

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 within 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 use the money in your country right away

FAQs

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 the postal code, city, street, and house number are specified in the corresponding fields of the details. Make sure you do not enter a PO box or email address instead of your residential address

• Check that the account number, bank name, SWIFT, and phone number are correct

• Make sure the name of the account holder is entered in the details exactly as it appears in the bank details, including all spaces and symbols. 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 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, 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, enter the following Smartcat details in your account:

• Full name: Smartcat Europe BV

• Legal address: Strawinskylaan 903, 1077 XX Amsterdam, the Netherlands

• VAT no.: NL859832880B01