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).
- Currency Guidelines
Besides the standard information, the full name of the beneficiary (written out in full, without initials, abbreviations or acronyms) is 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 purchasing goods (cosmetics) – 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), if the provided BIC code has only 8 digits
Transactions above 20,000.00 USD equivalent can only be executed if the purpose for KRW payment falls under one of the following two categories:
- Paying for Current Trades*
- Reinsurance Claim
Relevant supporting documentation should be submitted in order to verify its true purpose. The requested documentation is in most cases provided by the beneficiary, emphasizing the need to provide beneficiary contact details in the remittance information field (field 70). In addition, transactions above 20,000.00 USD equivalent for personal purposes, or so called 'Capital Trade', cannot be executed.
*'Current Trades' category includes the following - trade related transactions, salary, student payments and tax payment. Below, some examples of acceptable documents for each purpose of payment:
Purpose of Payment Documents (provided by the beneficiary) Trade Related Payment Invoices (PI/CI), Contract, etc. Salary Salary Statement, etc. Student Payment University/School Fee Details, Tuition Statement, etc. Tax Tax Bill Others To be determined
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