This article provides information on sending money to South Korea.
Verification requirements for first-time transfer recipients
First-time beneficiaries in South Korea need to complete verification in order to receive a money transfer.
When you send money to someone in South Korea, we'll ask you for your recipient's mobile phone number.
We need this because our partner, will send an SMS to your recipient asking them to complete verification. This is a requirement for all first-time beneficiaries in South Korea.
|We can only send money to recipients in South Korea once they've completed verification. To avoid transfer delays, please speak to your recipient and ask them to verify their identity.|
What information do I need to provide about my recipient?
We'll ask you to provide the information below about your recipient:
- Their full name, as per their ID
- Their address
- Their phone number (so that they can receive an SMS and verify their identity)
- Their 11–16 digit bank account number
- Their bank name or code
- Their bank account number
- The reason for the transfer
How will my recipient verify their identity?
Information your recipient needs to provide
Your recipient will receive an SMS and will be asked to provide the information below to verify their identity:
- Their National ID Card, passport or Alien ID card
- The name of their Korean bank and their account number
- Their mobile phone number
- Their email address
Completing a 'penny test'
Your recipient will also need to complete a 'penny test'.
One KRW will be sent to the recipient's account. The transfer will have a 4-digit code (starting GMW-XXXX). Once received, your recipient will see this code on their bank statement. They will need to enter the code shown on their bank statement on GME's app to complete the verification process, as per Korean regulations.
What happens when my recipient has completed the verification process?
If your recipient has successfully completed the verification process, they'll receive an SMS confirming that they are now verified and the transfer will be completed shortly afterwards.
How much can I send to South Korea?
You can send the equivalent of USD 5,000 per transfer and up to USD 50,000 per year.
How long do transfers to South Korea take?
When you pay by credit or debit card, your money normally arrives within 15 minutes. Some transfers may need to be reviewed. This can take up to 6 hours.
If you pay by bank or wire transfer, please allow 4 working days for your transfer to arrive.
If your transfer is taking longer than expected, please speak to your recipient and ask them to complete verification.