- Supported Modes
- B2B, B2P, P2P, P2B
- Supported Currencies
- KRW
- Network Participant
- Partner
- FX Source
- Live Interbank based rates available 24x7, including off-market hours
- Channels
- All major banks in South Korea
- Cutoff & delivery timing
-
24x7 Availability, 1st time Beneficiary (Beneficiary / account combination) requires a Beneficiary KYC which is online (submission of ID). Subsequent transactions are processed in Real Time. Transactions Above KRW 7,000,000 are paid same-day (cut-off 18:00 GMT+9)
- Mandatory data requirements
- Remitter Name Remitter Account Type Remitter Identification Type Remitter Identification Number Remitter Bank Account Number Remitter Country Code Remit Purpose Code Remitter Source of Income Remitter Address Remitter Contact Number Remitter Nationality Beneficiary Name Beneficiary Email Beneficiary Contact Number Beneficiary Account Number Beneficiary Contact Contry Code Beneficiary Account Type Beneficiary Bank Code Beneficiary Country Code
- Supporting Documents
- Remitter Beneficiary Relationship Nature of Business Duration of Contract Commercial Agreement Current Invoice
- Beneficiary Statement Narrative
-
- Beneficiaries will see the senders' name for all transactions. Format will be: FIRST NAME + SPACE + LAST NAME The length of narrative depends on the Beneficiary Bank, usually 10 characters.
- Notes
-
The detailed KYC registration process document can be provided upon request. KYC registration is dependent on purpose of transaction- details available. Max Beneficiary can receive in a day is 500M KRW. So Txn of 1300M KRW will be paid out over 3 days. Day 1= Day 2 =500M KRW and Day 3 pay-out = 300M KRW. *No transaction limits & no KYC for Goods/Service/Salary payments. For other purposes per transaction USD 5000 limit is applicable (USD 50,000 per year per Beneficiary).
| B2B | B2P | P2P | P2B | |
|---|---|---|---|---|
| Min | 0 | 0 | 0 | 0 |
| Max | No limit | No limit | USD 5,000 | No limit |
- Supported Modes
- B2B, B2P, P2P, P2B
- Supported Currencies
- USD, EUR, SGD, GBP, AUD, CAD, HKD, JPY, CHF, NZD
- Network Participant
- Bank
- FX Source
- Live Interbank based rates available 24x7, including off-market hours
- Channels
- All SWIFT enabled banks in the country
- Cutoff & delivery timing
-
Same-day processing subject to cutoff of 07:30 UTC
- Mandatory data requirements
- Remitter Name Remitter Account Type Remitter Identification Type Remitter Identification Number Remitter Address Remitter Country Code Beneficiary Name Beneficiary Account Type Beneficiary Account Number Beneficiary Country Code Beneficiary Address (Recommended) Beneficiary City (Recommended) Beneficiary Postcode (Recommended) Routing Code Value 1 Routing Code Type 1 - SWIFT Code Remit Purpose Code
- Supporting Documents
- Remitter Beneficiary Relationship Nature of Business Duration of Contract Commercial Agreement Current Invoice
- Beneficiary Statement Narrative
-
- Ultimate Sender Name and narrative details will be passed as part of MT103 message to beneficiary bank.
- Details available on beneficiary statement will be dependent on beneficiary bank.
- Proof of Payment
-
MT103 can be considered as a proof of payment and can be provided on request
- Notes
-
WIRES can be sent to all countries except for OFAC listed. MT103 can be provided on request. For foreign currency wire currencies USD, EUR, GBP - NIUM supports both OUR and SHA fee type while for other currencies AUD, CAD, CHF, JPY, NZD, HKD, SGD - NIUM supports only SHA fee type
| B2B | B2P | P2P | P2B | |
|---|---|---|---|---|
| Min | 0 | 0 | 0 | 0 |
| Max | No limit | No limit | No limit | No limit |