In South Korea, banks do not utilize traditional sort codes as found in countries like the United Kingdom. Instead, international transactions typically require a SWIFT/BIC code to identify the bank. For Kookmin Bank, the SWIFT code is CZNBKRSE.
Understanding SWIFT Codes:
A SWIFT code, also known as a Business Identifier Code (BIC), is an international standard for identifying specific banks and financial institutions worldwide. It is used to facilitate international wire transfers and other financial transactions. The SWIFT code for Kookmin Bank is structured as follows:
- CZNB: Bank code for Kookmin Bank
- KR: Country code for South Korea
- SE: Location code for Seoul
This code ensures that international payments are directed to the correct bank in South Korea.
Using the SWIFT Code for International Transactions:
When initiating an international wire transfer to Kookmin Bank, you’ll need the following information:
- SWIFT Code: CZNBKRSE
- Bank Name: Kookmin Bank
- Bank Address: Sewoo Building, Seoul, 150-868, South Korea
- Recipient’s Account Details: The recipient’s account number and name
It’s important to verify these details with the recipient or the bank directly to ensure the accuracy of the transaction.
Note on Sort Codes:
In the United Kingdom, a sort code is used to identify specific banks and branches for domestic transactions. However, South Korea does not use sort codes. Instead, the SWIFT code serves as the primary identifier for banks in international transactions.
For more information on Kookmin Bank’s services and international transactions, you can visit their official website.