Paying a Korean supplier: what to check before the transfer
Updated
Verification tells you a business exists. It tells you nothing about whether the account you are about to pay belongs to that business — and that gap is where most money is actually lost.
What a transfer to Korea needs
| Field | Notes |
|---|---|
| SWIFT/BIC code | Identifies the Korean bank. Eight or eleven characters. |
| Account number | Usually 11–14 digits, format varies by bank. |
| Account holder name | The critical one — see below. |
| Bank name and branch | Often required by the sending bank. |
| Purpose of payment | Korean banks commonly require a stated purpose for inbound funds. |
Why a personal account is worth pausing over
Being asked to pay an individual’s account when you contracted with a company deserves a direct question. There are innocent explanations — very small sole traders, in particular, may genuinely operate this way — but it is also exactly what a redirected payment looks like.
With a corporation the answer should be simple: a 주식회사 has a corporate account, and there is rarely a good reason for its receivables to land somewhere else.
Confirm the details out of band
Payment-redirection fraud does not require breaking anything. It requires access to an email thread, patience, and a plausible message saying banking details have changed. The invoice is real, the supplier is real, the relationship is real — only the account number is not.
- Confirm account details by telephone, using a number you already held — never one from the invoice or the email requesting the change
- Treat any mid-relationship change of bank details as suspicious until verified by voice, however routine the explanation sounds
- Be wary of urgency. Pressure to pay before a deadline is a technique, not a coincidence
첫 송금 전에 예금주명과 계좌번호를 전화로 확인하고 싶습니다. 통화 가능한 번호를 알려주시겠어요?
Before the first transfer I would like to confirm the account holder name and number by phone. Could you give me a number where I can reach you?
Re-check status on the day you pay
Registration status is a snapshot, and a supplier verified at onboarding may have suspended or closed since. For a significant payment, re-check on the day rather than relying on a check from months earlier — see 휴업 and 폐업 explained.
Re-check the supplier before the transfer goes out.
Check a number