Sending KRW to a Bank of Communications (BOCOM) account

Sending KRW to a Bank of Communications (BOCOM) account is most efficiently achieved through Panda Remit, which bypasses the traditional SWIFT network for instant settlement. By leveraging our direct integration with UnionPay, funds can arrive in as little as 2 minutes. We offer superior KRW/CNY exchange rates compared to local banks and ensure 100% safety by partnering with entities regulated by the Ministry of Economy and Finance (MOEF) and the Financial Supervisory Service (FSS).

Comparison: Panda Remit vs. Traditional Korean Banks & Competitors

When transferring money from South Korea to a BOCOM account in China, choosing the right provider affects both speed and the final amount received. See how Panda Remit compares to traditional banks (like Kookmin Bank) and other remittance apps (like Sentbe or GME).

How to Send KRW to BOCOM in 3 Simple Steps

Panda Remit simplifies the remittance process, allowing you to send funds directly to a Bank of Communications debit card (UnionPay) without visiting a branch.

Step 1: Create Your Account

Download the Panda Remit app or visit our website. Register using your mobile number. To comply with the Foreign Exchange Transactions Act, you will need to complete a quick KYC (Know Your Customer) verification using your Alien Registration Card or Passport.

Step 2: Fund Your Transfer via Local Korean Banking

Enter the amount of KRW you wish to send. You can fund your transfer instantly using South Korea’s digital banking grid. We support:

• Auto-Debit: Link your main bank account (Shinhan, Woori, KB, etc.).
• Direct Transfer: Send funds via K-Bank or KakaoPay for immediate processing.

Step 3: Enter BOCOM Recipient Details

Select "UnionPay Card" as the receiving method. Enter the recipient's name and their Bank of Communications card number. Confirm the transaction. Thanks to our direct connection with UnionPay, the CNY will typically land in the BOCOM account within 2 minutes.

Why Compliance Matters: MOEF and FSS Regulation

Security is paramount when sending money across borders. Panda Remit operates in strict adherence to South Korean financial laws. Our partners are licensed entities regulated by the Ministry of Economy and Finance (MOEF) and the Financial Supervisory Service (FSS) under the Foreign Exchange Transactions Act. This ensures that every won (KRW) you send is 100% legal, trackable, and secure.

Frequently Asked Questions

1. Can I send money to BOCOM on weekends?

Yes. Unlike traditional banks that close on weekends, Panda Remit operates 24/7. Because we utilize the UnionPay Express network rather than SWIFT, you can send KRW to a Bank of Communications account on Saturdays, Sundays, and holidays, with funds arriving in minutes.

2. Is there a limit to how much I can send to China?

Yes, per South Korean regulations. However, Panda Remit helps you maximize your remittance limits legally. Generally, you can send up to $5,000 USD per transaction and up to $50,000 USD per year. Our app tracks your annual limit to ensure you remain compliant with the Foreign Exchange Transactions Act.

3. Why is Panda Remit cheaper than my Korean bank?

Panda Remit offers rates significantly better than traditional banks because we cut out the middlemen. Traditional banks use the SWIFT network, which involves intermediary banks that charge extra fees. We connect directly with Chinese payment processors, allowing us to pass savings of 3%-5% back to you.

Explore More on Korea to China Remittance

For more insights on optimizing your cross-border finances, check out our detailed resources:

• Best Way to Send Money from Korea to China
• Understanding KRW to CNY Exchange Rates

Ready to start saving? Register with Panda Remit today and enjoy zero fees on your first transfer.

This guide is verified by the Panda Remit Global Compliance Team. We are committed to providing regulated and secure KRW to CNY remittance solutions compliant with MOEF and FSS guidelines.