Detailed Guide: Using BANK OF KOREA SWIFT Code for Global Transfers
When dealing with international finance, precision is paramount. The BOKRKRST Business Identifier Code (BIC) is the exclusive digital signature for BANK OF KOREA located in SEOUL. Without this precise string of characters, your international wire transfer could be delayed, routed to the wrong intermediary, or returned with significant banking fees.
1. Understanding the 11-Character Logic
The code BOKRKRST is not a random sequence. It follows a strict ISO-9362
hierarchy that tells the global financial system exactly where your money needs to land:
- BOKR: The Bank Code representing BANK OF KOREA globally.
- KR: The Country Code, identifying that the bank is regulated under South Korea laws.
- ST: The Location Code, usually pointing to the SEOUL hub.
- XXX: The Branch Code, specifying this exact physical office.
2. How to Receive Money in SEOUL
If you are a resident or business owner in SEOUL, you must provide the following information to your international sender. For transactions involving BANK OF KOREA, ensure these fields are filled accurately in the MT103 (SWIFT Message Type):
| Field Name | Required Value |
|---|---|
| Beneficiary Name | Your Full Legal Name |
| Account Number | IBAN or Regional Account Format |
| BIC/SWIFT | BOKRKRST |
| Destination Bank | BANK OF KOREA |
| Branch Location | SEOUL, South Korea |
3. Potential Fees & Intermediary Banking
It is important to note that a transfer to BANK OF KOREA might not be direct. Depending on the relationship between your sender's bank and the KR banking system, an "Intermediary Bank" might be involved. These banks may deduct a "Handling Fee" ranging from $15 to $50. Always ask your sender to choose the OUR instruction if they wish to cover all costs, or SHA to share the fees with you.
4. Frequently Asked Questions (Verified Answers)
What happens if I use the Head Office SWIFT instead of the SEOUL branch code?
In most cases, BANK OF KOREA will
automatically route the funds to your account based on your Account Number/IBAN. However,
using the local BOKRKRST is recommended for faster processing
and lower risk of manual intervention.
Is BOKRKRST the same as a Routing Number?
No. Routing numbers are primarily used for domestic transfers within the USA. For international transfers to South Korea, the SWIFT code is the standard identifier used by the global banking network.
How can I verify if this code is still active?
The code BOKRKRST for
BANK OF KOREA is part of the latest directory update. We
periodically refresh our database to ensure all codes for SEOUL are compliant
with current financial standards.
Note: Financial data changes. While BOKRKRST is
verified for BANK OF KOREA, always perform a small test transfer for high-value
transactions. This resource is for educational purposes regarding the banking infrastructure in
SEOUL, South Korea.