Best Bank/EMI to get paid from South Korea

[Novice]

I have clients from South Korea for my US LLC.

I find it hard to get paid by South Korean clients and it feels like their financial system is old or restricted for international transfers. The only way I can get paid is using stripe which has a high fees for the amount I'm charging.

Any suggestions for EMIs or banks my South Korean clients can open to pay my company in the US with reasonable fees? Or any suggestions for multi currency accounts that have South Korean local bank account or receive their local currency?

 

[KDX]

Novice said:
it feels like their financial system is old or restricted for international transfers.
Click to expand...

Oh trust me, it is.

You likely won't find a solution for non-resident banking in Korea. If you do, please let me know.

What kind of services are you providing? Have you looked into Wise?

 

[Novice]

KDX said:
Oh trust me, it is.

You likely won't find a solution for non-resident banking in Korea. If you do, please let me know.

What kind of services are you providing? Have you looked into Wise?
Click to expand...

Wise refused my client in the verification stage. Not sure why.

He tried to register as an individual and as a company and they both were rejected.

He's a South Korean citizen. Not sure what bank he has. But got any bank you recommend using?

 

[KDX]

Novice said:
Wise refused my client in the verification stage. Not sure why.

He tried to register as an individual and as a company and they both were rejected.

He's a South Korean citizen. Not sure what bank he has. But got any bank you recommend using?
Click to expand...

So you're looking for a bank account where you can receive KRW? Or a payment processor which works in Korea with low fees?

Try to provide as much specific info here like what company where is it incorporated, what services, what do you need exactly so that people here can help you the best.

But I'm pretty sure you will not be able to open an account in Korea unless you set up a company there. But always good to double check.

 

[Novice]

KDX said:
So you're looking for a bank account where you can receive KRW? Or a payment processor which works in Korea with low fees?

Try to provide as much specific info here like what company where is it incorporated, what services, what do you need exactly so that people here can help you the best.

But I'm pretty sure you will not be able to open an account in Korea unless you set up a company there. But always good to double check.
Click to expand...

I simply need to get paid from our clients in South Korea into our US Bank accounts. Wise isn't an option for one of the clients. Is there any other options for South Korean to send international payments without paying 5-10% of the money transferred?

Is Crypto (USDT) easy to buy too?

 

[DonAlfonso]

Hello Novice,

what kind of industry/services is your company offering to the South Korean clients?

Best regards

 

[mnschwarz]

Novice said:
I simply need to get paid from our clients in South Korea into our US Bank accounts. Wise isn't an option for one of the clients. Is there any other options for South Korean to send international payments without paying 5-10% of the money transferred?

Is Crypto (USDT) easy to buy too?
Click to expand...

Your scenario is an excellent use case for Crypto bridging gaps. Buying USDT or other stablecoins is simple enough in essence. The headache comes in (potentially) transferring fiat funds between the banks and an exchange. I'm not too aware of South Korea's systems but they're pretty big on crypto in general. Have a chat to your bank and see if they allow this activity first, then ask your client if it's something they can do on their end. Once the funds are on the exchange, buying, transferring and and selling your USDT is super simple. And then with your bank's pre-approval, transferring fiat back to the bank should be fine also.

 

[Novice]

DonAlfonso said:
Hello Novice,

what kind of industry/services is your company offering to the South Korean clients?

Best regards
Click to expand...

Mobile app development for the current client we have.

mnschwarz said:
Your scenario is an excellent use case for Crypto bridging gaps. Buying USDT or other stablecoins is simple enough in essence. The headache comes in (potentially) transferring fiat funds between the banks and an exchange. I'm not too aware of South Korea's systems but they're pretty big on crypto in general. Have a chat to your bank and see if they allow this activity first, then ask your client if it's something they can do on their end. Once the funds are on the exchange, buying, transferring and and selling your USDT is super simple. And then with your bank's pre-approval, transferring fiat back to the bank should be fine also.
Click to expand...

He's willing to register to crypto exchanges but we need to make sure his bank is fine with it. We're considering this option and I'm working on finding the best exchanges for South Korea.

 

[stupidboy]

Hello,
I think i can help your work.
How can we talk personal?