♦ SWIFT (Wire Transfer)
Delivery Time: Two Day Value
Beneficiary Information
- Full Beneficiary Name
- Beneficiary Country
- Beneficiary Address: (Zip Code, Street, City, Province or State).
- Beneficiary Telephone Number
Beneficiary Bank Details
- Beneficiary Bank Name
- Beneficiary Account Number
- Beneficiary Bank BIC / SWIFT Code: 8 or 11 characters.
- Beneficiary Bank Country: South Korea
- Beneficiary Bank Branch Address
- Purpose of Payment
Possible Purpose: Advertising Fees, Expense Reimbursement, Financial Services, Legal Services, Medical Reimbursement, Payroll, Processing, Trade Related Services, Transaction between Banks, Transportation Costs, Travel Related Services, Personal, Other.
- Reference: Omipay allows you to submit maximum 50 characters for reference, but the length shown is depend on the beneficiary bank.
♦ ADDITIONAL CONSIDERATIONS:
Method of payment (Electronic or Check): All payments processed electronically.
If the beneficiary account is a branch or liaison office account of a foreign company it is likely to be rejected.
If the payment amount is less than USD 1,000 then the payment is processed by the branch on value date.
If the amount is between USD 1,000 and USD 50,000 then the Beneficiary needs to be contacted to provide his national ID (this ID should not be provided in the payment instructions) and needs to accept the funds.
For payments above USD 50,000 Citi Korea must receive underlying documentation from Beneficiaries to evidence the purpose of payments and only after receipt of this documentation are payments processed.
Beneficiary’s account must be denominated in Korean Won (KRW).
