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Payment Instructions

General instructions for international payments to banks in SINGAPORE:

• Beneficiary details: Obtain SWIFT BIC, account number, and beneficiary bank address from the Beneficiary.
• Payment Restrictions: Transactions can be freely remitted and received. Currency can be exchanged without additional documentation to the central bank.
• Account Restrictions: Both residents and non-residents can open SGD and foreign currency accounts in Singapore. Residents can maintain non-SGD accounts outside without restriction. Non-residents can hold SGD outside of Singapore.
• SWIFT MT103 F50 - Ordering Customer: Include account number, full name (no initials), and registered or place of business address.
• SWIFT MT103 F59 - Beneficiary Customer: Include account number, full name (no initials), and address (street address, city, and country).
• SWIFT MT103 F57 - Beneficiary Bank: Include SWIFT BIC, full name, and address of the beneficiary bank.
• SWIFT BIC consists of 8 or 11 alphanumeric characters (e.g., xxxxSGxx or xxxxSGxxxxx).
• SWIFT MT103 F70 - Reason for Payment: Purpose of payment is recommended.

IBAN: No

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of SHINHAN BANK, SINGAPORE BRANCH for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from SHINHAN BANK, SINGAPORE BRANCH, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Related SWIFT-codes

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.