Here is some information for sending money to South Korea:
Please note that the amount of money that the recipient can get is limited to KRW 53,500,000 per year for Bank Transfer KRW service.
My recipient’s identity has to be verified. How do we do it?
If it is the first time for your South Korean recipient to receive money from overseas, they will have to verify their identity first. To see how they can verify their identity, check this article: Here’s How to Validate Recipient’s Identity in South Korea.
- For Bank Transfer (KRW):
The account name should be in alphabetical name even if the recipient is a local resident.
The recipient's phone number is mandatory and it has to start with a South Korean country code (8200000000) because the recipient has to fill in the verification link that will be sent to the number later on.
Beneficiary name and account number should be the same as those registered in the Bank