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Accounts in Korea: real-time domestic foreign currency payments available from 9 December 2018

Last updated: 19 November 2018

From 9 December, HSBC Seoul branch in Korea will support real-time Priority Payments via the Korea Financial Telecommunications and Clearing Institute (KFTC) Foreign Currency Transfer Service. The KFTC Foreign Currency Transfer Service is a local clearing system that allows you to send foreign currency payments between participating domestic financial institutions in real time.

What does this mean for me?

Where possible, HSBC will process your HSBCnet payment instructions through the KFTC clearing system, as long as the payment details meet the pre-defined KFTC conditions. If your payment instruction doesn’t meet the requirements for KFTC processing, we’ll process the payment via the existing SWIFTNet process. The Foreign Currency Transfer Service supports 16 currencies, including US dollars (USD), Euros (EUR), and Yen (JPY), as shown in the table below:

Domestic foreign currency Priority Payment processing in Korea
	Via SWIFTNet	Via KFTC network
Service availability	Monday – Friday : 9:30 to 15:00 (Korea Time) Excludes Public Holiday	Monday – Friday : 9:00 to 15:00 (Korea Time) Excludes Public Holiday
Processing time	Same day processing by HSBC	Real-time
Supported payment currencies	USD, GBP, EUR, CAD, CHF, DKK, NOK, SEK, AUD, HKD, SGD, JPY, RMB, NZD, THB, SAR	USD, GBP, EUR, CAD, CHF, DKK, NOK, SEK, AUD, HKD, SGD, JPY, RMB Foreign exchange not available on KFTC network. Payments must be between accounts of the same currency.
Participating banks	All banks	Shinhan, Korea Development Bank (KDB), Industrial bank of Korea (IBK), KB Kookmin Bank, Woori, Standard Chartered Bank, CITI Bank, KEB Hana, NH Bank, Deutsche Bank, Bank of America, Bank of China, Shuyup, Daegu, Kwangju, Busan, Jeju, Jeonbuk, Kyungnam.
Note: all payments are subject to transaction limits set by your organisation and local tariffs/charges. Please contact your Client Service Manager in Korea for more information.   * Subject to local currency cut-off times. Please contact your HSBC representative for more information.   ** KFTC participating banks as of August 2018 (subject to change).

There are no changes to your HSBCnet experience resulting from this local payment processing change.

Find out more

If you have any questions, please contact your Client Service Manager in Korea or your local HSBCnet Support Centre.

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