SWIFT/BIC codes in North Korea

SWIFT/BIC codes in North Korea

This overview lists 11 banks and other institutions in North Korea. A SWIFT code shows the banks handling a transfer exactly which bank should receive the money.

Each bank is listed with its own page with its main code and, where available, codes for branches and departments. The sections below covers the structure of the codes, the cost of transfers and how to avoid mistakes before a payment.

International payments to North Korea and the BIC

Since North Korea does not belong to SEPA, an international payment is usually sent through SWIFT. That means the payment always needs the BIC of the recipient’s bank in addition to the account details.

Not every country uses IBAN numbers – where there is none, the local account number is enough. The receiving bank usually provides a list of required details for incoming international payments – follow them exactly. SWIFT payments can pass through one or more intermediary banks and fees can be taken along the way.

Which bank in North Korea has the most codes?

Of all banks we list for North Korea, Foreign Trade Bank of The D.p.r. of Korea is listed with the largest number of SWIFT codes. Its head office code is FTBDKPP1XXX, which is the code to use when no branch is specified.

Many codes often means that the bank registers branches and departments separately. Unless a branch code is given, the head office code FTBDKPP1XXX works for a payment to Foreign Trade Bank of The D.p.r. of Korea.

Tracking a payment to North Korea

There is no fixed answer for transfers to North Korea: many arrive the same day or the next. Public holidays in either country can add extra days to the journey.

A growing number of banks use SWIFT gpi for faster and traceable payments. Each payment carries a unique transaction reference, the UETR. Specialist transfer services often provide tracking online, which makes it easier to see where the money is.

What a transfer to North Korea really costs

A bank transfer to North Korea can cost rather more than you think. On top of a fixed fee, correspondent banks can take a cut and, if currencies are converted, the bank often uses a less favourable rate than the real market rate.

That exchange rate margin tends to be the biggest part of the cost because it is hidden in the rate. Check the rate you are offered with the mid-market rate that you find on financial sites.

Specialist money transfer services often use rates closer to the mid-market rate with clearer fees. GoldexPay compares what recipients in North Korea receive with different services, so you can pick the cheapest route.

How reliable is this list?

The most reliable place for the correct BIC remains paperwork issued by the bank, such as a statement or the account page in online banking. If the code you have does not match the code listed here, do not guess – contact the recipient or their bank.

We collect SWIFT/BIC codes from publicly available data and check them from time to time. Banks merge, close branches and change codes, and no directory catches every change immediately. Before a payment of any size, check the BIC with the recipient. GoldexPay is not a bank and is not affiliated with the banks listed.

Watch out for payment requests containing changed bank details. Always verify a change of bank details by phone.

Recognising a SWIFT code from North Korea

A BIC is either 8 or 11 characters long and the parts always come in the same order. First comes a four-letter bank code, then two letters for the country and a two-character location code.

No matter which bank, every code from North Korea share the same fifth and sixth letters: the ISO code of the country. Codes with a different country code come from another country, even if the bank name looks familiar.

When a code ends in XXX, it refers to the main office. For most transfers the head office code is what you need.

Receiving money in North Korea from abroad

When you expect money from abroad in North Korea, send the payer a complete set of details. Share the account holder’s name, the IBAN or account number, your bank’s SWIFT code and your address.

Find the bank in the list on this page to check its code – your bank statement is the final word. Certain banks may also want the name and address of your bank.

The amount you receive is often lower than what was sent. Charges on incoming payments vary per bank; check the price list of your bank. Agree with the sender who pays which costs before the money is sent.