🇰🇷 Pay Suppliers in South Korea
Pay Korean suppliers for electronics, semiconductors, automotive parts, shipbuilding
T+0 (2.3s avg within Unicorn network). Save 83% vs traditional banks.
What you need to send money to South Korea
What details do I need to pay suppliers in South Korea?
To pay suppliers in South Korea you need the recipient's Bank Code + Account (Bank code and account number (or domestic transfer code)), plus account number and beneficiary name. Payments typically settle in 2.3 seconds and cost 0.5% FX spread + £5 per payment.
How fast are payments to South Korea?
Payments to South Korea settle in an average of 2.3 seconds when using local rails such as Kakao Pay for Business, compared to 2–3 days via traditional SWIFT.
How much does it cost to send money to South Korea?
Unicorn Currencies charges 0.5% FX spread and £5 per payment. You save about 83% versus banks (e.g. £505 vs £2930 on a £100k transaction).
Cost Comparison: Banks vs Unicorn Currencies
See how much you save on £100,000 payment to South Korea
| Cost Item | Traditional Banks | Unicorn Currencies |
|---|---|---|
| FX Spread | 2.9% | 0.5% |
| Payment Fee | £30 | £5 |
| Total Cost (£100,000) | £2,930 | £505 |
| YOUR SAVINGS | N/A | £2,425 (83%) |
| Settlement Time | 2-3 days (SWIFT) | T+0 (2.3s avg within Unicorn network) |
Local Payment Rails in South Korea
Avoid expensive SWIFT fees. We use local payment systems in South Korea for faster, cheaper settlement.
Kakao Pay for Business
Instant mobile payment system, 90% market penetration
KFTC (Korean Financial Telecommunications)
Standard Korean bank transfer system
BOK-Wire+
Bank of Korea RTGS for large corporate payments
Who Uses This Payment Corridor
Key Industries in South Korea
- Semiconductors
- Electronics
- Automotive
- Shipbuilding
- Steel
Average Transaction: £100k-£500k
Typical Monthly Volume: £600k-£6M
Popular Supplier Types
- Semiconductor manufacturers (Seoul, Suwon)
- Display panel producers (Paju, Asan)
- Automotive parts (Ulsan, Changwon)
- Shipbuilding (Busan, Geoje)
What You Need to Know: South Korea Payments
Regulatory Considerations
- Foreign Exchange Transaction Act compliance
- Korea Customs Service documentation
- VAT (10%) on imported services
- FSC (Financial Services Commission) regulations
Payment Tips for South Korea
- South Korea = Semiconductor/display leader (Samsung, LG, SK Hynix)
- Kakao Pay dominates - most suppliers accept it
- Fast-paced business culture - quick decisions expected
- Strong tech infrastructure - digital documentation preferred
Why Choose Unicorn for South Korea Payments
Local Rails, Not SWIFT
We use Kakao Pay for Business and other local systems in South Korea. Avoid 3-4% SWIFT fees and 2-3 day delays.
83% Lower Costs
Save £2,425 on every £100,000 payment. On £600k-£6M monthly volume, save up to £72,750 annually.
Bank of Canada Supervised
Registered Payment Service Provider (PSP) and FINTRAC MSB. Full regulatory compliance for South Korea payments.
Real-Time FX Tracking
Upload supplier invoices in KRW. See live P/L as GBP/KRW rates move. Lock rates for 15 seconds before committing.
£1,000,000+ Paying Suppliers in South Korea? Save 83%
Enterprise treasury for import/export businesses with T+0 (2.3s avg within Unicorn network) settlement to South Korea
For businesses with high annual FX volume. Not consumer transfers.