South Korea purpose of payment guide
This article provides information on sending wires to South Korea and includes a chart of purpose codes and their descriptions. Purpose codes are used to indicate the nature of the transaction being conducted. By selecting the appropriate purpose code, you ensure that your wire transfer complies with regulatory requirements and facilitates the smooth processing of the transaction.
It's important to ensure that the purpose of payment code is accurate and appropriate for the transaction. Incorrect or inappropriate codes can result in delays or even rejection of the transfer.
Code | Description |
|---|---|
Imports | |
10101 | Advance payment against import before customs clearance |
10103 | Payment against import after customs clearance |
10201 | Advance payment of transit trade import without customs clearance process |
10202 | Payment of transit trade/intermediary trade import without customs clearance process |
10203 | Advance payment against trade for the goods shipped outside of South Korea |
10204 | Payment against import for the goods shipped outside of South Korea |
10206 | Payment against trade for the goods shipped to South Korea |
Other trades | |
10299 | Other trade related payment |
20103 | Returned payment of payment against export after customs clearance |
20299 | Other trade related returned payment |
Travel | |
30201 | Business trip |
Transport | |
31101 | Air cargo fare |
31102 | Maritime cargo fare |
31201 | Air passenger fare |
31303 | Marine operation expenses |
31999 | Other transport except for marine and air |
Insurance | |
32101 | Insurance premium on life insurance contract |
32199 | Insurance premium on other insurance contract |
Foreign direct investments | |
33101 | Foreign direct investment related dividend payment |
33102 | Foreign direct investment related excessed dividend payment or dividend payment against liquidating FDI |
33104 | Interest payment against loan from parent direct invested company |
33105 | Current net income generated by branch in South Korea |
33210 | Interest payment against KRW mid-long term bond purchased by foreign investor |
33301 | Interest on the loan drawdown by government or public organization |
33302 | Interest payment against the long term (a year +) loan from the overseas direct invested company to South Korean companies |
33303 | Interest payment against long term loan from South Korean company (FD invested corporate included) to offshore affiliates vice versa |
33306 | Interest payment against short term loan from South Korean company (FD invested corporate included) to offshore affiliates vice versa |
Other business services | |
35104 | Leasing service (machine or equipment, etc.) |
35201 | Financial service fee (bank receipt) |
35202 | Financial service fee (non-bank receipt) |
35302 | Brokerage commission, agency fee, rebate, etc. |
35701 | Patent fee |
35702 | Fee for using trademark rights |
35703 | Fee for business rights, selling rights (franchise) |
35704 | Fee for using business process and design |
35705 | Royalty of intellectual property rights related to sound and image purchase/sale |
35799 | Royalty of other intellectual property |
35801 | Computer-related service |
35802 | Computer maintenance service |
35803 | Computer program purchase/sale price |
35804 | Fee for using Intellectual property related to computer software |
35806 | Telecommunication expense |
35808 | Book/newspaper fee |
35901 | Invitation cost |
35902 | Exhibition, seminar expense |
35904 | Purchase/sale of audio & video related right |
35905 | Education service |
36001 | Advertisement fee |
36003 | Market research, public opinion research service |
36004 | Legal service |
36005 | Accounting, auditing, and tax service |
36006 | Consulting service |