If you’re paying suppliers, manufacturers or employees in South Korea, this often means a slow international bank transfer, unclear fees and a wait of several days. For businesses paying manufacturers or settling recurring invoices, that uncertainty makes cash flow harder to manage.
Independent Reserve Payments provides your business with a faster and cheaper alternative way to send money overseas. You fund your account, we provide a quote, and once you confirm, the payment is sent – with most transfers settling in near real-time.
This guide explains how to transfer money to South Korea to pay suppliers and invoices, which currencies you can send, how the process works, and what it costs.
Speak to a Payments Relationship Manager
Key takeaways
- Independent Reserve Payments gives businesses a fast, cost-effective way to pay suppliers, invoices, and manufacturers in South Korea, with most transfers settling in near real time.
- Payments to South Korea are made in KRW (South Korean won), and settled (paid for) using SGD, USD or stablecoins.
- There’s no fixed fee: pricing is a small margin on the exchange rate, based on the currency, destination and amount. You’ll need a registered business and an Independent Reserve account to get started.
A faster way to pay suppliers and invoices in South Korea
Independent Reserve Payments is a business payments service that lets you send money overseas quickly and at a transparent price.
Our payments solution is designed for businesses, from SMEs to corporates that need to pay suppliers, invoices or employees in another country. At a minimum, you’ll need a registered business.
Once your account is set up, you fund it in SGD, USD or stablecoins, nominate the supplier you’re paying, and we handle the transfer.
Which currencies you can send to South Korea
When you pay a supplier or invoice in South Korea, the recipient receives South Korean won (KRW). You can fund your payment using SGD, USD or stablecoins.
How to get set up
Getting started takes a few steps:
- Contact our payments team. Reach out via the Independent Reserve Payments page to speak with a relationship manager about your requirements.
- Create an account with Independent Reserve. This is the account your business will use to fund and send payments.
- Send money. Our team will help you manage the execution of fund transfers.
How a payment works
Each payment follows the same simple process:
- Fund your account. Add funds in SGD, USD or stablecoins (or other supported currencies).
- Nominate your beneficiary. Provide the details of the supplier or recipient you’re paying.
- Receive a quote. We enter the details and provide a quote for the transfer.
- Confirm the deal. Once you confirm the quote, we execute the payment.
- Funds are sent. The payment is made in near real-time.
Delivery time depends on the destination currency, the receiving bank and the size of the transfer. Many payments arrive almost instantly; others may take 30 minutes to an hour. In rare cases, it can take a little longer.
One thing to note: payments must be funded from your own business account. Independent Reserve can’t accept third-party payments on your behalf.
Fees
Independent Reserve Payments doesn’t charge a fixed fee.
Instead, pricing is a small margin built into the exchange rate. The exact rate depends on the currency you’re sending, the destination and the amount.
For more information, please speak to our payments team.
Beyond South Korea: paying suppliers, invoices and employees elsewhere
Independent Reserve Payments isn’t only for South Korea. We support a range of currencies, and work as an alternative to traditional bank transfers for paying:
- Overseas suppliers and manufacturers
- International invoices
- Employees and contractors based overseas
If you regularly pay across borders, one account lets you manage payments to multiple markets, quickly and at a transparent price.
Frequently asked questions
Can I send money to any country?
Not everywhere. Independent Reserve Payments supports the currencies listed below. If you’re unsure whether we can send to a particular market, speak to our payments team.
Asia
- China
- Hong Kong
- India
- Indonesia
- Malaysia
- Philippines
- South Korea
- Thailand
- Vietnam
The rest of the world
- Australia
- Canada
- England
- Euro-zone
- New Zealand
- UAE
If you would like to send money to other regions, please speak to our relationship managers to see if we can enable those zones for you.
What currency will my South Korean supplier receive?
Suppliers in South Korea receive South Korean won (KRW).
What are the fees?
There’s no fixed fee. Pricing is a small margin on the exchange rate, based on the currency, destination and amount you send. Speak to our team for pricing based on your requirements.
How soon will the funds arrive?
Typically in under an hour. The exact time depends on the destination, the receiving bank, the currency and the amount being sent.
How will I get confirmation?
Your relationship manager or trader will send you a confirmation once the payment has been executed. You’ll also see the funds deducted from your Independent Reserve account. If you need a report, our team can provide one.
Can someone else pay on my behalf?
No. Payments must be funded from your own business account. Independent Reserve can’t accept third-party payments.
Which currencies do you support?
Independent Reserve Payments also supports a range of other currencies, so you can pay suppliers and invoices across multiple markets from one account.
| Currency | Code |
|---|---|
| Chinese yuan (mainland China) | CNY |
| Hong Kong dollar | HKD |
| Singapore dollar | SGD |
| US dollar | USD |
| Australian dollar | AUD |
| New Zealand dollar | NZD |
| British pound | GBP |
| Euro | EUR |
| Canadian dollar | CAD |
| South Korean won | KRW |
| Indian rupee | INR |
| Indonesian rupiah | IDR |
| Malaysian ringgit | MYR |
| Philippine peso | PHP |
| Thai baht | THB |
| Vietnamese dong | VND |
| UAE dirham | AED |
Start paying suppliers in South Korea
Independent Reserve Payments gives businesses a faster, more predictable way to pay suppliers, invoices and manufacturers in South Korea and beyond.
To find out how it works for your business, speak to our payments team.
