Last reviewed: · Curated by Ohmyfin Organisation editorial.
South Korea hosts a large OFW community, with over 200,000 Filipinos working there. KRW wires exit via BOK-Wire+ (the Bank of Korea's large-value RTGS) and route through a Korean correspondent (Hana, KB, Woori, Shinhan) to a Philippine bank via SWIFT, settling on PhilPaSS. KRW is converted to PHP via USD at the correspondent bank. Korea is 1 hour ahead of the Philippines, so same-business-day credits are achievable for morning Korean sends. BSP requires FX inward registration for larger amounts. Korea's FSS (Financial Supervisory Service) applies AML screening. SWIFT GPI covers the main corridor. Track your UETR on Ohmyfin.
Settlement path: BOK-Wire+ (Bank of Korea) → PhilPaSS (BSP). Currency pair: KRW → PHP.
The three most common causes of delay on this corridor are: (1) KRW-to-PHP FX conversion via USD intermediate step, (2) BSP inward FX documentation for amounts above USD 10,000, and (3) BOK-Wire+ operating hours creating next-day settlement for late-day sends.
If the payment has not arrived within 3 business days, ask your sending bank to file an MT199 payment enquiry citing the UETR and the holding bank's BIC shown on the Ohmyfin GPI tracker.
Most SWIFT transfers on the South Korea–Philippines corridor credit the beneficiary within 1 business day. In 95% of cases the payment arrives within 3 business days. The most common delay is krw-to-php fx conversion via usd intermediate step.
The three most common delay causes are: KRW-to-PHP FX conversion via USD intermediate step; BSP inward FX documentation for amounts above USD 10,000; BOK-Wire+ operating hours creating next-day settlement for late-day sends.
Track the UETR on Ohmyfin — the GPI status shows exactly which bank is holding the payment. If delayed beyond 3 business days, ask your sending bank to file an MT199 payment enquiry citing the UETR and the holding bank's BIC.
The dominant settlement path is BOK-Wire+ (Bank of Korea) → PhilPaSS (BSP). The currency pair is KRW → PHP.
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