What types of beneficiaries can I transfer KRW to?
You can send KRW payments to individual and business accounts in South Korea.
Payment Types
KRW transfers are sent via local transfer.
Name Checks
Name verification is required for KRW transfers.
Is there a limit on the amount I can send?
Transfer Limit: KRW 999,999,999 per transfer
How long does it take for the funds to reach the beneficiary?
Cut-off Times: Continuous processing available, except between 1:30 to 2:30 PM UTC
Delivery Estimate: Typically within 5-15 minutes after currency conversion is completed
Notes:
Currency conversion can take up to 2 business days from the time your transfer is approved.
No payouts are processed during weekends or South Korea public holidays.
Transfers submitted after the cut-off times will be processed at the next available window.
What will the sender's name be reflected as?
Your business name will be displayed as the sender on the recipient's bank statement.
What types of payments are restricted?
Aspire does not support KRW transfers to multi-currency accounts and virtual accounts.
What information should I include when sending KRW transfers?
Recipient and Transfer Details:
When initiating the transfer in the Aspire app, Admin and Finance Users will be asked to provide:
Recipient's full name or business name:
Up to 256 characters
Latin characters only (a-z)
Individual accounts:
Date of birth (DOB)
Email address
Phone number
Bank name
Account number: 11 to 16 digits
Reference: Up to 35 characters
Traces and Recalls
Traces: Trace requests are not supported.
Recalls: Recall requests are supported for the following valid reasons:
Incorrect recipient name
Incorrect account number
Fraud-related cases
To request a recall, contact the Aspire Support Team via the Aspire app.
Bounceback
If your transfer is rejected by the recipient's bank, the funds will be returned to your Aspire account instantly.
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.