SWIFT Code for IM BANK (FORMERLY KNOWN AS DAEGU BANK) in South Korea
DAEBKR22XXX
The primary BIC/SWIFT code for IM BANK (FORMERLY KNOWN AS DAEGU BANK) in South Korea is DAEBKR22XXX. This code is used to identify the bank as a whole during international financial transactions.
| Bank Name | IM BANK (FORMERLY KNOWN AS DAEGU BANK) |
| Bank Address | 2310 DALGUBEOL-DAERO, SUSEONG-GU, DAEGU, DAEGU, 42123 |
| City | DAEGU |
| Country | 🇰🇷 South Korea |
| Bank Code | DAEB |
| Country Code | KR |
| Location Code | 22 |
| Branch Code | XXX |
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Sending Money to IM BANK (FORMERLY KNOWN AS DAEGU BANK) in DAEGU
Follow these three steps to ensure your international wire transfer reaches the correct account at the DAEGU branch without delays or hidden intermediary fees.
- Step 1: Collect Recipient Details. You will need the full legal name of the account holder and their IBAN (International Bank Account Number). For South Korea, IBANs typically start with the prefix KR.
- Step 2: Enter the SWIFT/BIC Code. When prompted by your banking app or wire service, enter DAEBKR22XXX. This unique 11-character identifier ensures the funds are routed specifically to the IM BANK (FORMERLY KNOWN AS DAEGU BANK) systems in DAEGU.
- Step 3: Confirm the Transfer Method. If you are sending from within Europe, select SEPA for lower fees and faster delivery. For transfers from outside the EU (e.g., USA, India, or Australia), ensure you select SWIFT/International Wire and double-check if your bank requires an intermediary bank for South Korea transactions.
Where can I find my SWIFT/BIC code?
You can find your SWIFT/BIC code in several easy-to-locate places:
- On your bank statements, either printed or online.
- Inside your online banking portal, under account information.
- On your bank’s official website, usually in their international banking or FAQ section.
- By directly contacting your bank’s customer service.
Online resources like SWIFT Codes Finder can be really helpful.
Example of transaction information
- Beneficiary Name: [Recipient Name]
- Bank: [Bank Name]
- SWIFT/BIC Code: [SWIFT Code]
- Bank Address: [Street, City, Country]
- Account Number/IBAN: [Account Number or IBAN]
Frequently Asked Questions
Is DAEBKR22XXX the correct code for all IM BANK (FORMERLY KNOWN AS DAEGU BANK) branches?
No. While many banks use a "Head Office" code ending in XXX, the code DAEBKR22XXX is specifically assigned to the DAEGU location. Using this specific 11-character code helps the bank’s automated systems credit the recipient’s account faster than using a generic national code.
Can I use this code for a SEPA transfer to South Korea?
Yes. If you are sending Euro-denominated funds from another SEPA-member country, you can use this BIC/SWIFT code alongside the recipient’s IBAN. However, most modern European banks only require the IBAN to route SEPA payments automatically.
How long does a transfer to IM BANK (FORMERLY KNOWN AS DAEGU BANK) usually take?
International transfers to IM BANK (FORMERLY KNOWN AS DAEGU BANK) using the SWIFT network typically take 1 to 3 business days. Factors that can cause delays include:
- Time zone differences between the sender and South Korea.
- Local public holidays in South Korea.
- Required "Know Your Customer" (KYC) checks for large amounts.
Are there fees for receiving money at the DAEGU branch?
Most banks in South Korea charge an "Incoming Wire Fee" for international transfers. For IM BANK (FORMERLY KNOWN AS DAEGU BANK), these fees vary based on the account type but typically range from a small flat fee to a percentage of the total. It is recommended to send funds using the "OUR" instruction if you want the recipient to receive the exact amount sent.
What happens if I use the wrong SWIFT code?
If you use a code for a different branch of IM BANK (FORMERLY KNOWN AS DAEGU BANK), the money will usually still arrive but may be delayed by 24–48 hours as it is manually rerouted. If you enter a completely incorrect code, the funds will likely be returned to your account within 5–10 business days, minus any processing fees.
Do I need a IM BANK (FORMERLY KNOWN AS DAEGU BANK) SWIFT code for international money transfers?
Yes. If you are sending money from abroad to an account at IM BANK (FORMERLY KNOWN AS DAEGU BANK), you will almost certainly need their SWIFT code (also known as a BIC).
The SWIFT code DAEBKR22XXX acts as a digital address for the DAEGU branch. Without it, the sending bank won’t know which specific institution in South Korea should receive the funds, which often leads to the transfer being rejected or stuck in "limbo". However, the requirements change slightly depending on where the money is coming from:
- Transfers from outside the EU/EEA (e.g., USA, Canada, India): A SWIFT code is mandatory. You must provide DAEBKR22XXX along with the recipient’s name and IBAN.
- Transfers from within Europe (SEPA): If the sender is in a SEPA-member country, many modern banks only require the IBAN. However, providing the SWIFT code DAEBKR22XXX is still recommended as a backup to ensure the transfer is routed instantly to the DAEGU branch.
- Domestic Transfers: If you are sending money from another bank inside South Korea, you typically do not need a SWIFT code; a local account number or IBAN is sufficient.
Pro Tip: Always double-check the 8th and 11th characters. For IM BANK (FORMERLY KNOWN AS DAEGU BANK), using the specific branch code DAEBKR22XXX instead of the generic head office code ensures the money hits the correct local ledger in DAEGU without manual intervention.
SWIFT Codes for main South Korea banks
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