SWIFT codes in South Korea
KR · KRW
27 banks in South Korea, from WOORI BANK, SEOUL (HVBKKRSE) onward; every code carries KR as its country part.
Banks
27
SWIFT codes
2
Branches
6
Currency
KRW
Banks and SWIFT codes in South Korea
KKEB HANA BANK
| SWIFT/BIC | City |
|---|---|
KOEXKRSEXXX | SEOUL |
KOEXKRSEFCL | SEOUL |
KOEXKRSEFCN | SEOUL |
KOEXKRSECLS | SEOUL |
WWOORI BANK, SEOUL
| SWIFT/BIC | City |
|---|---|
HVBKKRSECUS | SEOUL |
HVBKKRSEXXX | SEOUL |
South Korea SWIFT code questions
What does a South Korea SWIFT code look like?
HVBKKRSEXXX (WOORI BANK, SEOUL): bank HVBK, country KR, location SE, branch XXX.
What are the SWIFT codes for major South Korean banks?
Key South Korean bank SWIFT codes include: KB Kookmin Bank — CZNBKRSE, Shinhan Bank — SHBKKRSE, KEB Hana Bank — KOEXKRSE, Woori Bank — HVBKKRSE, Industrial Bank of Korea (IBK) — IBKOKRSE, Nonghyup Bank — NACFKRSE, and Citibank Korea — CITIKRSX.
How do I send money to a South Korean bank account from abroad?
To send an international wire transfer to South Korea, you need: the recipient bank's SWIFT/BIC code, the recipient's full account number (10–14 digits depending on the bank), and the recipient's full name in Korean or as registered with the bank. South Korea does not use IBAN. Some providers require the recipient's date of birth for anti-money-laundering verification.
How long does a SWIFT transfer to South Korea take?
SWIFT transfers to South Korea typically arrive within one to three business days. Transfers from the United States and Europe to major Korean banks usually settle within one to two business days. Korea's time zone (UTC+9) means transfers sent late in the US day may be processed the following Korean business day. Some providers offer same-day or next-day delivery using local Korean payout networks.
Are there Korean financial regulations affecting large inbound transfers?
Yes. South Korea's Foreign Exchange Transactions Act requires that inbound transfers above USD 10,000 be reported to the Korea Customs Service. The recipient's bank handles the reporting automatically. For investment-related inbound transfers, additional registration with the Bank of Korea or Ministry of Economy and Finance may be required. Personal remittances are generally processed without additional steps.
Can I receive USD or EUR in a Korean bank account?
Yes. Major Korean banks offer foreign currency accounts (외화 계좌) that can hold USD, EUR, JPY, and other major currencies. Inbound foreign currency can be credited to these accounts without mandatory KRW conversion. The KRW is not freely traded outside Korea, so recipients who want to hold funds in USD before converting may benefit from a foreign currency account.
What is the KFTC system and how does it differ from SWIFT?
The Korea Financial Telecommunications and Clearings Institute (KFTC) network handles domestic Korean won interbank transfers — it is the equivalent of ACH systems in other countries. KFTC cannot receive international payments. SWIFT is used for cross-border transfers. After an international wire arrives via SWIFT at a Korean bank, the bank routes funds internally to the recipient's account through its own systems.
Are there fees for receiving a SWIFT transfer in South Korea?
Korean banks typically charge an inbound international wire fee of KRW 5,000–15,000 or a percentage of the amount received. Currency conversion involves an additional spread over the mid-market rate. For personal remittances, specialist providers using local Korean payout networks often deliver at lower total cost than a standard bank SWIFT wire.
How SWIFT works in South Korea
The Bank of Korea (BOK) regulates monetary policy, while the Financial Services Commission (FSC) oversees banking compliance. Domestic Korean won transfers use the Korea Financial Telecommunications and Clearings Institute (KFTC) network. International transfers require SWIFT codes. South Korea's major banks — KB Kookmin, Shinhan, Hana, and Woori — all have extensive SWIFT connectivity for inbound remittances.
- The four largest Korean commercial banks used for inbound international wires are KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, and Woori Bank. Each has a dedicated SWIFT code for international operations. Industrial Bank of Korea (IBK) and Korea Development Bank (KDB) are also commonly used for business-related payments.
- Korean financial regulations require that inbound foreign currency transfers above USD 10,000 be reported to the Korea Customs Service (KCS) as part of the Foreign Exchange Transactions Act. The recipient's bank will handle the reporting, but large personal transfers may require a declaration of source-of-funds. Business transfers need supporting documentation such as invoices or contracts.
- The Korean won (KRW) is not freely convertible outside Korea. Inbound foreign currency transfers are typically converted to KRW at the bank's exchange rate on the credit date. Some Korean banks offer foreign currency accounts (FCA) that allow recipients to hold USD, EUR, or JPY before converting, which can be useful if waiting for a more favorable KRW exchange rate.
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For transfers to South Korea, you may also need the recipient's IBAN.
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