Make Payments in KRW - South Korean Won
Pay in South Korean Won (KRW)
Mondial Change allows you to make international payments in KRW (South Korean Won) with ease. Manage your South Korean Won beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your KRW operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in South Korean Won (KRW)
It is currently not possible to receive payments in KRW.
Do you want to hedge your exchange risk on the South Korean Won (KRW)? Check our dedicated page for KRW exchange hedging
Mondial Change Answers All Your Questions About Payments in South Korean Won (KRW)
What is the timeframe for a KRW payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a transfer in South Korean Won to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if KRW payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in South Korean Won (KRW)?
The fees applied to transfers in South Korean Won (KRW) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual KRW exchange volume and the number of South Korean Won payments made during the year.
Are there minimum or maximum amounts for payments in South Korean Won (KRW)?
Mondial Change and its partners verify that your South Korean Won flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in South Korean Won (KRW)?
For payments in KRW via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Account number
• SWIFT code
• Reason for payment
Is it possible to modify a payment in South Korean Won (KRW) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in South Korean Won (KRW) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in South Korean Won (KRW) cannot be executed?
January 1st: New Year's Day (신정 – Sinjeong)
Variable date (January/February): Lunar New Year – Seollal (설날) – 1st day
Variable date: Seollal – 2nd day
Variable date: Seollal – 3rd day
March 1st: Independence Movement Day (Samiljeol)
Variable date (April/May): Buddha's Birthday (부처님 오신 날 – Buddha’s Birthday)
May 5th: Children's Day (어린이날 – Children’s Day)
June 6th: Memorial Day (현충일 – Memorial Day)
August 15th: Liberation Day (광복절 – Gwangbokjeol)
Variable date (September/October): Chuseok – 1st day (harvest festival)
Variable date: Chuseok – 2nd day
Variable date: Chuseok – 3rd day
October 3rd: National Foundation Day (개천절 – Gaecheonjeol)
October 9th: Hangeul Day (한글날 – Korean Alphabet)
December 25th: Christmas (크리스마스 – Christmas Day)
History of the South Korean Won
The South Korean Won (KRW) is the official currency of South Korea, one of Asia's most dynamic and developed economies. As the national currency, the South Korean Won is widely used in commercial, financial, and tourist transactions throughout the country. Its currency code KRW is used to facilitate exchanges and international transactions involving South Korea. The South Korean Won is subdivided into 100 jeon, although this subdivision is no longer used in practice.
Monetary Policy of the South Korean Won
The Bank of Korea is the institution responsible for the monetary policy of the South Korean Won (KRW). Its main role is to regulate and supervise the country's financial and monetary system. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these goals, the Bank of Korea closely monitors economic indicators such as inflation, economic growth, exchange rate, and foreign exchange reserves. It uses various instruments, such as setting interest rates and regulating the money supply, to influence the economy and maintain monetary stability. Thanks to a prudent and well-managed monetary policy, the South Korean Won enjoys a reputation for stability and credibility in both domestic and international markets.
Characteristics of the South Korean Won
The South Korean Won (KRW) has unique characteristics that distinguish it from other currencies. Firstly, it is not pegged to another currency, meaning it floats on the foreign exchange market. This flexibility allows the South Korean Won to adjust to market fluctuations and adapt to international economic conditions. Additionally, the South Korean Won is widely accepted throughout South Korea for payments in stores, restaurants, hotels, and financial transactions. Finally, South Korean banknotes are equipped with advanced security features to prevent counterfeiting, such as holograms, watermarks, and special inks. This enhanced security ensures the integrity of the currency and strengthens user confidence in the South Korean financial system.