Dollar transfer
for companiesPayment against an invoice to the supplier's corporate account. The format Korean companies accept most readily.
The timing depends on the recipient's bank and the chain of correspondent banks
For companies and individuals
Paying a supplier in South Korea
Korean companies most often accept payment by dollar transfer rather than in won inside the country. We send the funds in the format your supplier agrees to accept — and the group has its own legal entity in the Republic of Korea and a current registration.
Company deals
from $1,000
the equivalent, across all destinations
Transfer in won
from KRW 500,000
private transfer
Crediting in won
2 h – 1 day
from two hours to one business day
Cash in Korea
from KRW 10M
or the equivalent of $10,000
Key feature of this destination
Why a Korean supplier asks for dollars
Korean export companies in most cases refuse to accept payment in won inside the country and ask for a dollar transfer against an invoice. This is their established practice with foreign buyers, and there is usually no way to talk a supplier out of it — it is easier to match the format to them.
That is why for company deals we more often take the dollar route, and we use a transfer in won where the recipient is ready to accept it — usually private payments. The format is agreed with the supplier before the operation starts, not after the money is sent.
Payment formats
Three ways to send money to Korea
Transfer in won
from KRW 500,000Funds credited to the recipient's account inside Korea. You need the recipient's name exactly as it is recorded at the bank, in Latin letters or in Korean, plus the bank name and the account number.
Funds credited in 2 hours to 1 business day
Cash in Korea
from KRW 10MHanded over in Seoul, Incheon, Busan and Ansan. The city, time and format are agreed in advance.
Minimum KRW 10,000,000 or the equivalent of $10,000
If a company is paying
For amounts above RUB 3,000,000 you will need a contract with the supplier, and it must contain a clause on payment by a third party. If there is no such clause, an addendum is drawn up before work starts. Below that amount, an invoice and your company details sheet are enough.
Your supplier won't say how they can accept payment?
Message a manager — we'll tell you what to ask the counterparty for and which format will work in their case.
Presence in the country
Our own legal entity in the Republic of Korea
The EAST PAY group has a legal entity in the Republic of Korea and a current money exchange agent registration issued by Ansan Customs on 3 July 2025. Copies of the documents are open in the “Documents” section — you can view them before work starts.
View the documentsReady to discuss your deal?
Tell us about the supplier, the goods and the amount — a manager will check the counterparty, agree the format and quote the terms before the operation starts.
What people come to us with most often
What people import from Korea
Cars and machinery
A separate area with its own requirements: you will need customs receipt orders for the past one to two months and details of the import method.
Cosmetics and personal care
The category with the densest flow: purchases are regular, from several suppliers and in split batches. The scheme is set up once.
Car parts and electronics
Regular deliveries with a long list of items, where the speed of confirming payment before shipment matters.
Equipment and specialized machinery
Large one-off deliveries: the supplier waits for payment confirmation to slot production into its schedule.
What we don't handle
Payments for dual-use goods: special alloys and chemical precursors, microelectronics and chips, supercomputers and specialized software, encryption and navigation equipment, components for aircraft, drones and missiles, nuclear materials. We check the goods before work starts — so that a refusal does not come at the moment when the supplier is already waiting for payment.
The other direction
You need to receive payment from a Korean buyer
We work in the other direction too. Among our operations is a payment for a consignment of crab, where the cargo went to South Korea and the supplier under the contract was a Russian company.
Common to all destinations
The scheme, documents and checks
The agency agreement, how the rate is locked before 16:00, what the closing document set includes and the AML and KYC procedures are the same for every country. All of it is covered on the section page.
To the “Payments abroad” sectionSee also
How to pay for goods or services in South Korea
A breakdown: which documents you need, what currency the payment goes in and at which stages payments most often stall.
Read the articleQuestions and answers
About the Korean destination
General questions about the scheme and documents are on the section page.
What currency should you pay a Korean supplier in?
Most often in dollars: Korean companies usually refuse to accept won inside the country. A transfer in won is used when the recipient is ready to accept it. We agree the format with them before the operation starts.
We are a company — what documents will we need?
An invoice and a company details sheet. For amounts above RUB 3,000,000, also a contract with the supplier containing a clause on payment by a third party. If there is no such clause, an addendum is drawn up.
What do we need to send for a transfer in won?
The recipient's name exactly as it is recorded at the bank, in Latin letters or in Korean, plus the bank name and the account number.
How quickly will the recipient see the money?
A transfer in won is credited in 2 hours to 1 business day. The timing of a dollar transfer depends on the recipient's bank and the chain of correspondent banks — we quote it before the operation starts.
What is the minimum amount you work with for Korea?
Company deals start from $1,000 or the equivalent. A transfer in won starts from KRW 500,000. Cash starts from KRW 10,000,000 or the equivalent of $10,000.
Do you have a presence in Korea?
Yes. The group has a legal entity in the Republic of Korea and a current money exchange agent registration issued by Ansan Customs on 3 July 2025. Copies of the documents are open in the “Documents” section.
Can we receive a transfer from Korea?
We do not handle incoming bank transfers from Korea — only sending funds to a recipient. If you need to receive proceeds from a Korean buyer, that is a different scenario: the returning export proceeds section.
Ready to start
Is your Korean supplier waiting for payment?
Send us the invoice or the recipient's bank details — we'll check the recipient, agree the format and quote the terms before the operation starts.