KRW – Korean Won
KRW is considered to be a restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of South Korea.
Besides this limitation, this currency is considered to be complex (multiple information to be provided and complex processing). In some cases, the final beneficiaries will have to contact their local branch to release the funds, while in some cases, the beneficiaries might be required to sign documents to authorise the release of funds. This emphasises the importance of adding the beneficiary’s telephone numbers in the payment instructions.
- Currency Guidelines
Besides the standard information, the full name (written out in full, without initials, abbreviations or acronyms) and the physical full address of the beneficiary are mandatory.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
Additionally, it is mandatory to provide in the remittance information:
• The beneficiary’s telephone number and the e-mail address (e-mail address can be removed in case there are insufficient characters in the field 70)
• The beneficiary’s bank full name (no initials)
• The beneficiary’s bank full address (exact branch location)
In case of tax payments, the beneficiary’s tax ID/ID number is needed by the South Korean FX regulations.
- This information is mandatory and should be added to the remittance information in case the tax payments amount to a value larger than countervalue USD 20.000.
- The beneficiary’s tax ID/ID number is recommended for amounts greater than countervalue USD 1.000.
This currency does not have any decimal places.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
- Additional information
• Available charge options: OUR/SHA/BEN
• The beneficiary, the beneficiary’s address and bank must be located in South Korea. The beneficiary’s account has to be KRW denominated and must be opened in South Korea.
• Central bank of South Korea: http://eng.bok.or.kr/eng/engMain.action