When you choose to pay in South Korean Won (KRW) via a domestic bank transfer, Flywire provides you with a unique account number created just for your specific payment. This process is similar to how you would typically pay bills within South Korea.
How do I complete my domestic bank transfer in KRW?
Once you have created your payment request, you will see a unique beneficiary account number in your payment instructions. You can use this number to send your funds through any of the following domestic methods:
- Mobile or Online banking apps
- Any local ATM
- In-person at your local bank branch
What should I know for a successful KRW bank transfer using a virtual account?
To make sure your payment goes through smoothly and is matched to your account instantly, please keep these simple tips in mind:
- Send the exact amount: The bank will decline the transfer if the amount is even slightly different from your instructions.
- Use it only once: Your unique account number is for one-time use and will expire after the date shown.
- Check the beneficiary name: You will see the beneficiary name in your app only after entering the correct account number and exact amount.
- Domestic transfers only: These instructions are only for KRW transfers made within South Korea. Do not use them for international wire transfers, as the funds will be returned to you.
- Online System Limitations: Sometimes, online banking systems may fail to verify virtual accounts automatically. If all details are correct but the error persists, we recommend visiting your bank in person. Ask the teller to process the transfer manually without using the "Account Name Verification" feature.
Why is my KRW virtual account showing as "invalid" or "error"?
If your banking system shows the account is invalid when making a domestic KRW transfer, please double-check the following:
- Correct Details: Are the account number and the exact KRW amount entered correctly?
- Account Limits: Does your personal bank account have a daily or per-transaction transfer limit?
- Expiration: Has your Flywire payment due date passed? If it has, your KRW virtual account is no longer active, and you will need to create a new payment request.
When will Flywire receive my KRW bank transfer and how can I track it?
- Status Update: Typically updates within 10–15 minutes of your transfer. We will send you a confirmation email as soon as it’s processed.
- Delivery: It usually takes 2–3 business days to reach your institution. We will notify you again once been delivered.
- Tracking: Click the "Track your payment" button in any of our emails to check your status at any time.
Whose bank account should be used to make the transfer?
To ensure your payment is identified correctly, please make the transfer from a bank account held in the same name as the Payer registered on your Flywire booking.
Tip: If you haven't created your booking yet, please ensure the "Payer Information" matches the full name (in English) of the actual person who will be sending the money.
Do I have to use a specific bank (Hana bank or IBK Kiup bank) for the transfer?
No. You can make the transfer from any local bank account in South Korea. A standard interbank transfer is all that is required to send the funds to your Flywire virtual account.
Is the branch code required for domestic bank transfer?
No, a branch code is not necessary. You only need the virtual account number and the exact payment amount to complete a standard domestic transfer.
Is it possible to split the payment due to daily transfer limit?
No, As this is a virtual account, split payments are not supported. The full amount must be transferred in a single transaction for the payment to be processed.
If you are unable to make the full payment at once, we recommend contacting your bank to request a temporary increase in your daily transfer limit or visiting your bank in person for assistance.