Coinepay | How to Send Money to South Korea with Coinepay

Coinepay Global Remittance supports transfers to South Korea. The most important preparation is to get your recipient’s full legal name and the exact payout details they use in Korea. You can then review the available delivery options, exchange rate and fees in Coinepay before confirming the transfer.

What you need before you start

A verified Coinepay account. Register and complete identity verification before sending. Coinepay may request additional information about a transfer, such as its purpose or the source of funds.
Your recipient’s full legal name. Ask them to provide it exactly as their receiving bank or payout provider records it. Check the order and spelling of each part of the name rather than relying on a nickname.
Payout details for South Korea. For a bank deposit, ask for the Korean bank’s name and the recipient’s account number. Depending on the transfer route and the instructions shown in Coinepay, you may also need a bank code, SWIFT/BIC, bank address, recipient address or Korean phone number. For another payout method, collect the details requested for that method only after you confirm it is offered in the app.
A clear reason for the transfer. Be ready to describe why you are sending the money and provide genuine supporting documents if Coinepay or the receiving institution asks.

South Korea’s local currency is the South Korean won (KRW). Check the receiving currency displayed for your selected payout route rather than assuming every route settles in the same currency.

How to send a transfer to South Korea

Sign in to Coinepay. Use the mobile app or the 24/7 self-service dashboard. If you are new, register and complete the required identity verification first.
Start a Global Remittance transfer. Choose South Korea as the destination. Select the sending and receiving currencies offered for your route and enter the amount using the fields shown.
Choose a payout method. Review the methods actually displayed for South Korea. Bank deposit is the option to look for when your recipient wants funds sent to a Korean bank account. Do not select a mobile wallet or cash pickup on the assumption that it is available for this route; confirm availability in the app.
Enter the recipient’s information. Copy their legal name and payout details from information they have checked with their bank or provider. If Coinepay requests a transfer purpose or other information, answer accurately.
Review before confirming. Check the recipient, destination, currency, payout method and account information. Coinepay shows the exchange rate and fees before you confirm the transfer. Read that review screen so you understand what you are authorizing.
Confirm and track. Submit the transfer only when the details are correct. Follow its status in Coinepay and keep the transfer information handy in case you or your recipient needs help.

Bank deposit: Korean account details and codes

For a deposit to a South Korean bank, ask the recipient for their full legal name, bank name and account number as provided by the bank. Examples of Korean banks include Woori Bank, Hana Bank, IBK and KakaoBank; the bank named in your transfer must be the one that holds your recipient’s account. Account-number requirements can differ by bank and transfer route, so have the recipient confirm the exact number instead of relying on a generic digit count.

Do not invent an IBAN for a Korean account. South Korea does not have a registered national IBAN format. Use the Korean account number and the other fields requested by Coinepay. If a form appears to require an IBAN for a Korean payout, pause and contact Coinepay support rather than entering an unrelated code.

A SWIFT/BIC identifies a bank for an international bank transfer and may be needed for the route you choose. The receiving bank’s name and address, and sometimes the recipient’s address or Korean phone number, may also be requested. If the Coinepay form asks for a local bank code, obtain the correct code from the receiving bank’s instructions; do not substitute a US routing number, Indian IFSC or Mexican CLABE. Not every payout route asks for the same fields, so follow the fields shown and verify any unfamiliar requirement with the recipient’s bank or Coinepay support.

What about mobile wallets and cash pickup?

Coinepay supports mobile-wallet and cash-pickup payouts as part of Global Remittance, but the methods offered for a particular transfer must be checked in the app. Direct payout into a South Korean mobile wallet is not established by the available Korea-specific information. In particular, do not treat KakaoPay or Naver Pay as confirmed Coinepay payout options. KakaoBank is a bank: receiving or claiming a transfer through a banking app is different from receiving money in a KakaoPay wallet.

If the Coinepay app offers a wallet payout for your South Korea route, select only the named wallet shown. Ask your recipient to confirm that they have an eligible account with that provider and supply the exact registered name, mobile number or wallet identifier requested on the transfer screen. If no wallet option appears, use an available method that suits the recipient instead; do not put a wallet identifier into a bank-account field.

If cash pickup appears as an option for your route, check the pickup provider and instructions displayed before confirming. Ask the recipient to use their full legal name as it appears on the identity document they will present. They should follow the provider’s instructions for the pickup location, identification and any transfer reference they may need. If cash pickup does not appear, do not promise that the recipient can collect cash locally; check another available method or ask Coinepay support about your route.

What the recipient may need to do in South Korea

Receiving a cross-border payment can involve checks by the Korean bank or payout provider. The recipient may be asked to confirm their identity, explain the purpose of the payment or provide supporting evidence. Depending on the bank and transfer, they may also need to follow instructions in their banking app to accept an incoming remittance. For example, KakaoBank has procedures under which some recipients claim an arrived transfer in its app; that is a KakaoBank procedure, not a step for every Korean bank.

Keep the transfer purpose accurate, particularly for business payments, gifts or other transactions that may require documentation or reporting under applicable rules. If the recipient is unsure what their bank needs, they should contact the receiving bank directly. Coinepay transfers are subject to identity verification, sanctions screening and local regulations; Coinepay may request documents relating to the purpose or source of funds. Coinepay does not serve sanctioned persons or residents of jurisdictions under comprehensive sanctions.

Troubleshooting a South Korea transfer

Recipient details are wrong. If you notice a misspelled legal name, incorrect account number or wrong bank, check the transfer status and contact Coinepay support promptly. Do not assume you can change the details after confirmation. Ask the recipient to verify the corrected information with their bank before taking further steps.
The transfer is under review. Check Coinepay for requests for identity, purpose-of-payment or source-of-funds documents, and respond with accurate information. The recipient may separately need to complete checks with their bank or payout provider.
The recipient has not received the money. Review the tracked status first. Ask the recipient to check with their bank whether an incoming payment needs attention, including any request to accept a transfer or provide documents. If the status and the bank’s information do not agree, give Coinepay support the transfer details so they can investigate.
A transfer is rejected or returned. Possible causes include missing or mismatched recipient information, an account that cannot receive the payment, or incomplete recipient-side checks. Review the reason shown in Coinepay and confirm the requirements with the recipient’s bank before starting another transfer. Do not repeatedly resend using unverified details.

For route-specific questions before you confirm—or if the status of an existing transfer is unclear—contact Coinepay support with the destination, intended payout method and relevant transfer information.

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FAQ

Does South Korea use an IBAN for bank transfers?

No. South Korea has no registered national IBAN format. Use the recipient’s Korean bank account number and the other details requested for your transfer route.

Do I need a SWIFT/BIC to send money to South Korea?

You may need the receiving bank’s SWIFT/BIC for an international bank transfer. Follow the fields shown in Coinepay and confirm the bank’s details with the recipient.

Can I send directly to KakaoPay or Naver Pay?

Do not assume either wallet is available for direct payout. Check the methods displayed for your South Korea transfer in Coinepay; a KakaoBank account deposit is not a KakaoPay wallet payout.

Can my recipient collect cash in South Korea?

Choose cash pickup only if it appears for your route in Coinepay. Check the listed provider’s pickup instructions, including the identification and transfer information the recipient needs.

What should I do if my South Korea transfer is delayed?

Check its tracked status and any requests for information. Ask the recipient whether their bank needs them to accept the payment or provide documents, then contact Coinepay support if you need help.

How to Send Money to South Korea with Coinepay