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How to deposit funds using Local Money Transfer in South Korea via Mobile App?Learn how to deposit funds using Local Money Transfer in South Korea, including requirements, limits, and steps to complete your payment in Mobile App.
Updated 4 days ago

You can deposit funds using Local Money Transfer by accessing the Axi Mobile App, selecting a trading account, and completing the payment through the supported provider.  

Eligibility & Requirements  

  1. Available only to residents of South Korea 

  2. Deposit limits: Minimum KRW 10,000 to Maximum KRW 20,000,000. 

  3. One-Time Setup: A bank account verification (penny drop) is required before the first deposit. 

Bank Transfer Rules  

  1. Only transfers from your verified bank account will be accepted. 

  2. Complete the deposit within 30 minutes, as the session may expire 

  3. Ensure the exact bank details provided on screen are copied to complete the deposit. 

Bank Account Verification (One-Time Setup) 

  1. A one-time bank account verification (penny drop) is required to process deposits and withdrawals. 

  2. You will be required to provide your name, bank name, bank account number, and a verification code. 

  3. Ibeepay will send a small deposit (1 to 2 KRW) to your bank account: look for a 4-digit verification code in the transaction details. 

  4. Ensure the same bank account is used for both verification and future deposits to avoid processing issues. 

  5. Once verified, the bank account cannot be changed in the system. To change the bank account, please contact Customer Success. 

  6. For security reasons, Axi does not store or have access to your bank account details. To retrieve or confirm your account information, please contact IbeePay directly. 

Steps to Complete  

  1. Log in to the Axi mobile app. 

  2. From the side taskbar, click Deposit Funds. 

  3. Choose the trading account for the deposit.  
    Note: Depositing into the wrong account may result in delays due to internal transfer processing.
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  4. Select Local Money Transfer as the payment method.
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  5. Enter the deposit amount  (KRW or USD). 
    Note: Exchange rates are system-generated and refresh every 10 minutes.
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  6. Review details and click Make Deposit.
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  7. Once redirected to the payment provider page, read the requirements and click "Next".
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  8. Accept the Terms and Conditions and Terms of Service and click “Next” to proceed with bank account verification
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  9. Enter the bank account details as requested.
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  10. Check the bank account for the IbeePay deposit (1–2 KRW) and locate the 4-digit verification code in the transaction details.
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  11. Enter the code on the verification page to complete verification.

  12. On the deposit request page, transfer the funds manually from your verified bank account using the bank details provided on screen and click "Check".

    Note: You are not required to upload a transfer receipt.
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  13. A deposit successful notification will pop-up once the transaction is complete.
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  14. Check your dashboard if the deposit has reflected.

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