SWIFT/BIC codes in South Korea

SWIFT/BIC codes in South Korea

For South Korea our database holds 272 SWIFT/BIC codes. Each code identifies a bank or one of its branches, so a payment from abroad reaches the right place.

Look for the bank you need below and click through to see the full list of codes. Further down we explain how codes from South Korea are built, how to send money there at a fair price and how to check a code before you pay.

Paying a bank in South Korea from abroad

Because South Korea does not belong to SEPA, an international payment normally goes as a SWIFT payment. This means the payment always needs the SWIFT/BIC code of the receiving bank.

Depending on the country, accounts are identified by a domestic account number instead of an IBAN. The recipient’s bank usually has a list of required details for incoming international payments – follow them exactly. Before it arrives, a payment may go through intermediary banks that take a fee.

Check the code before you pay

The most reliable place for the correct BIC is a document from the bank itself. A wrong code may lead to delays, a returned payment or additional charges.

The directory on GoldexPay is compiled from public sources. Even so, banks merge or change codes and our data may lag behind. Treat this list as a reference rather than the last word. GoldexPay is an independent comparison site.

Be wary of payment requests with a new account. A valid BIC tells you nothing about whether a request is genuine – scammers use the codes of real banks.

What a transfer to South Korea really costs

A bank transfer to South Korea often costs more than the fee suggests. There is a transfer fee, possibly fees from correspondent banks and, above all, the exchange rate markup.

Most of the cost usually sits in the exchange rate, rather than in the fee: banks convert at a rate with a margin built in. Check the rate you are offered with the mid-market rate. The difference is your real cost.

Specialist money transfer services frequently use rates closer to the mid-market rate and lower fees. GoldexPay lists these providers next to each other so you can see what actually arrives in South Korea for the same amount sent.

Incoming international payments in South Korea

A sender in another country needs several details from you, and missing ones are a common cause of delays. Give them your name as registered with the bank, your account number or IBAN, the BIC of your bank and your address.

Find the bank in the list on this page to check its code – your bank statement is the final word. It helps to add your bank’s name and city.

Do not be surprised if the incoming amount is smaller than the amount on the sender’s receipt. Intermediary banks may deduct a fee, and if the money is converted, a markup on the rate comes on top. For business payments, state how the fees are split to avoid a shortfall.

Tracking a payment to South Korea

There is no fixed delivery time for transfers to South Korea: many land within a day, others take several business days. Bank holidays in either country can add extra days to the journey.

When a payment takes longer than expected, ask the sender to contact their own bank and ask for the status or the UETR – the receiving bank often cannot see a payment that has not arrived. Save your transfer receipt until the money has arrived.

What the letters in a South Korea BIC mean

SWIFT/BIC codes use one international format: eight characters plus an optional three-character extension. It starts with four letters for the bank, followed by a two-letter country code and two characters for the location.

No matter which bank, every code from South Korea have the same fifth and sixth letters, namely the ISO code of South Korea. A code with other letters in that position come from a bank abroad.

The last three characters, if present, stand for a specific branch; XXX means the head office. Use a branch code only when the recipient explicitly gives you one; otherwise the head office code is the safe choice.

Bank of China Seoul Branch and its SWIFT codes

Bank of China Seoul Branch tops our list for South Korea in the number of SWIFT/BIC codes. The head office uses BKCHKRSEXXX – the code most transfers need.

A large number of codes usually reflects separate codes for branches, departments or services – it says nothing about the size of the bank as such. If not a branch code is given, BKCHKRSEXXX is fine for a payment to Bank of China Seoul Branch.