Why do we have a KYC process?
To comply with Korean regulations, SentBe (our local partner) undergoes a KYC (Know Your Customer) process for
each recipient before they can receive funds into a Korean bank account for the first time. This process
ensures that recipients do not exceed the calendar year remittance limit of 50,000 USD or equivalent.
When is the KYC process needed?
The KYC process is necessary when:
- The recipient has never received money to a Korean bank account via SentBe before
-
The recipient is receiving money into a different bank account from the one they registered
with before
The KYC process is not necessary when:
- The recipient has already completed the KYC process and is receiving money into the same Korean bank account they registered with before
-
The transaction is for invoice-backed goods and services, as these transactions are not bound by
the same limits as standard remittances. For such transactions, the purpose code must be
entered as “Payments for goods or services
What are the steps of the KYC process?
When SentBe receives a transaction request, an SMS message will be sent to the mobile number of the recipient, which was provided by the sender. To ensure the successful delivery of the message, the mobile number should be input without any special characters. Korean phone numbers should begin with either 10 or 010, followed by 8 digits. (Ex. 01012345678).
The SMS, as shown below, contains a link that the recipient must follow and use to fill out all required details. We will first attempt to send the message via KakaoTalk. If the number isn't available on Kakaotalk, we will send it via SMS. If the recipient does not complete the KYC process, follow-up messages will be sent to the same mobile number every day until 72 hours have passed, after which the link expires.
If the recipient fails to complete the KYC process in time, the entire transaction amount is automatically refunded to the sender.
SMS messages your recipient can expect:
For more information on the SentBe KYC process, please follow the link here!
*Note the linked page is in Korean and may require a browser extension to be translated.