n South Korea, banks do not use traditional routing numbers as found in countries like the United States. Instead, international transactions typically require a SWIFT/BIC code to identify the bank. For Nonghyup Bank (NH Bank), the SWIFT code is NACFKRSE.
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 Nonghyup Bank is structured as follows:
- NACF: Bank code for Nonghyup 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 Nonghyup Bank, you’ll need the following information:
- SWIFT Code: NACFKRSE
- Bank Name: Nonghyup Bank
- Bank Address: 120, Tongil-Ro, Jung-Gu, Seoul, 04517, 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 Routing Numbers:
In the United States, a routing number is used to identify specific banks for domestic transactions. However, South Korea does not use routing numbers. Instead, the SWIFT code serves as the primary identifier for banks in international transactions.
For more information on Nonghyup Bank’s services and international transactions, you can visit their official website.