Yes, there are. Following are the conditions of transactions to South Korea:
- Transactions to South Korea have a limit of USD 50,000 per year for each recipient. If the recipient has reached the limit, they cannot receive any more money.
- For every transaction to new destinations, a verification process is required. Recipients will get an SMS containing a link and password to complete the verification process.
Here's how to verify the receipt to South Korea.
- Recipients will get an SMS containing a link to verify their account detailsRecipients do not need to download another app and only need to verify their identity from the link sent via SMS. Make sure the recipient's cellphone number is active. The recipient must be 14 years of age or older.
- Select Verify, then select the ID (Korean Registration Number/SIM/Foreign Registration Card/Passport/SIM) used by the recipient when opening a bank account.
- Enter recipient ID details, then click Next
- Upload a photo of the physical ID card of your recipient (not a scan/copy)
- Select Next
- Enter the last 4 digits of the beneficiary's bank account
- SENTBE will send 1 KRW to the beneficiary's account, ask the beneficiary to check their transaction history, and input the 4 unique codes after the letter 'S,' e.g., S1234. If recipients do not have e-banking, they can check the unique code through:
- Bank account book
- ATM (without having to print the account book)
- Customer Service from each bank
- The verification process will take 1x24 hours (bank working days). After that, your money will be directly deposited into the recipient's bank account.