Need to wire money to North Korea? Thinking about a wire to send the money to North Korea? Before you ask your financial institution to do it, be sure to check the wire transfer fees. You may get a shock just what the fees will be and depending on the amount, it might make more sense to send the money by other means.
What can make it more expensive is in addition to your financial institution adding a fee for sending the money to a place in North Korea, the person getting the transfer of money will possibly also be charged a fee from the bank where they have their account. A way to reduce the possibilty of this fee is to remit the international wire transfer in their designated currency.
To process a bank wire transfer to North Korea, you will possibly need a SWIFT code. These are different codes for each financial institution and based on references such as the country and individual bank.
SWIFT Country Code
Central Bank Name
Central Bank of the Democratic People’s Republic of Korea
Korean Peopl’s Won