Banking
South Korea — Banking: International Transfers
Korean international transfers need the recipient's SWIFT/BIC code; Standard Chartered Korea charges up to KRW 10,000 and the guide warns of correspondent fees and FX margins.
VerifiedProfessional tax guide — not a government sourceWise guides to South Korean banks (commercial source, checked May 2024 and August 2022)Last reviewed: 2026-10-26
Why this matters
Relocating individuals should understand the international transfer process in South Korea to effectively manage their finances and make informed decisions.
Key facts
- SWIFT payments need the account number and the bank's SWIFT/BIC code.
- Watch for correspondent bank fees and margins added to the mid-market exchange rate.
- Standard Chartered Korea charges up to KRW 10,000 for international transfers depending on the amount.
- Transfers to other banks cost about KRW 500 at KB Kookmin and Hana (as of August 2022).
Steps
- Step 1: Choose a Bank — Select a bank in South Korea that offers international transfer services and has a branch or ATM near your location.
- Step 2: Gather Required Documents — Collect the necessary documents, including proof of identity and address, as required by your bank.
- Step 3: Initiate the Transfer — Fill out the transfer application form and provide the required information, including the recipient's details and transfer amount.
Costs
- Standard Chartered international transfer: Up to KRW 10,000