Korean Used Car Proof of Payment: SWIFT Copy & MT103 Guide (2026)

Korean used car proof of payment is the bank-issued document that shows you actually sent money to the exporter for a specific vehicle — most often an MT103 / SWIFT copy (also called a TT, or telegraphic transfer, copy) or a stamped bank remittance slip. It records the amount, currency, date, sender, the exporter's beneficiary account and a unique transaction reference, so the exporter can trace and confirm your funds before releasing the car or shipping documents. It proves a payment was made — unlike proof of funds, which only shows money exists.

If you have ever wired a deposit and immediately been asked to "send the SWIFT copy," this guide is for you. Below we explain exactly what a korean used car proof of payment is, which documents count, how to read an MT103 field by field, how proof triggers the release of your car, and how to spot forged copies. For the wire mechanics behind it, pair this with our Korean used car SWIFT payment guide, and to see real cars that travel this exact payment path, explore SH GLOBAL's live Hyundai inventory.

Live Hyundai stock at SH GLOBAL — pick a unit; every deal is confirmed against a traceable proof of payment

What Is Proof of Payment for a Korean Used Car?

A korean used car proof of payment is any bank-issued record confirming that a specific sum has been sent from your account to the exporter's account for a named vehicle. It is not the same as your invoice, your contract, or a balance letter. It is the evidence that the transfer happened. In a cross-border used car deal, this single document is what turns "I promise I paid" into something the exporter's bank can actually trace and credit.

The distinction that trips buyers up is proof of payment versus proof of funds. Proof of payment shows money left your account toward the exporter — an MT103 / SWIFT copy, TT copy or stamped slip. Proof of funds only shows money exists in an account at a moment in time, such as a bank balance letter, and says nothing about whether it was ever sent. Exporters release cars against proof of payment, never against proof of funds.

Why does it matter so much on the buyer's side? Because international wires are not instant. A SWIFT transfer to a Korean bank typically credits in 2 to 5 business days, and neither party wants the deal frozen while everyone waits. Your proof of payment, available within minutes of sending, lets the exporter start tracing the money immediately with its reference number — keeping de-registration, shipping and document release on schedule instead of stalled.

Which Documents Count as Proof of Payment

Not every document a buyer offers is real proof. Below are the records exporters actually accept, ranked from strongest to weakest. The gold standard is the MT103 / SWIFT copy, because it carries a bank-traceable reference; the weakest is a plain app screenshot, which is easily edited.

The practical rule: whatever rail you use, the valid proof of payment is the one your bank issues and can verify, not the one you screenshot. If you pay by wire, request the MT103 or TT copy from your bank. If you use an escrow service, the platform's release confirmation is your proof. If you pay a milestone deposit, your advance-payment SWIFT copy is what confirms that stage. Each proof should match the amount on your proforma invoice exactly.

How to Read an MT103 / SWIFT Copy

An MT103 is the standard SWIFT message type for a single customer credit transfer — the instruction that carries your money bank-to-bank. The copy your bank gives you looks technical, but only a handful of fields matter for proving a korean used car proof of payment. Check these before you send it to the exporter.

The fields that matter

• Amount & currency — must match your proforma invoice to the cent (e.g. USD 14,500.00).
• Value date — the date the funds are dated for settlement.
• Sender / remitter (Field 50) — your name and account; should match the buyer of record.
• Beneficiary (Field 59) — the exporter's registered company name and account. This must never be a personal account.
• Beneficiary bank & BIC/SWIFT (Field 57) — e.g. a Korean bank code such as KOEXKRSE (KEB Hana). Confirm it matches the invoice.
• UETR / transaction reference — a 36-character unique reference used for SWIFT gpi tracking; this is what makes the payment traceable.
• Remittance information (Field 70) — where the vehicle chassis number or invoice number should appear.

The single most important field for verification is the UETR. Because it is unique, either bank can query the SWIFT network and see exactly where the payment is — sent, in transit at a correspondent, or credited. This is why a bank-issued MT103 is far stronger than a screenshot: the reference is real and checkable. According to KAMA and KITA trade data, Korea exported over 400,000 used vehicles in 2025, and traceable wires like these are how the vast majority of those deals were paid and released.

The Proof-of-Payment Flow (6 Steps)

Proof of payment is not a one-time event — it recurs at each money stage of the deal. Here is the standard sequence for a Korean used car bought on a deposit-and-balance structure, from the invoice you pay against to the release of your car.

The pattern repeats: the deposit proof of payment confirms your order and starts de-registration and booking; the balance proof of payment, sent against the draft bill of lading, is what unlocks the telex release so you can collect the car at the destination port. This is why sending each proof of payment promptly matters — it is the throttle on the whole timeline. For the full purchase-to-shipment picture, our step-by-step buying guide walks the entire chain from first quote to final release.

Proof of Payment by Payment Method

What counts as proof depends on how you pay. The document differs across a bank wire, a letter of credit, escrow, documentary collection and crypto — but every method has a defined, verifiable proof. Use this table to know what to ask for.

For most buyers, a SWIFT wire with an MT103 copy is the simplest and most widely accepted route, which is why it dominates Korean used car deals. Higher-value or fleet orders sometimes use a letter of credit or escrow, where the "proof" is the bank's or platform's release rather than a raw wire copy. Whichever you choose, agree the exact proof document in writing up front so there is no ambiguity when money moves.

Proof of Payment → Cargo & Document Release

Here is the mechanism that makes proof of payment so central: proof of payment is the release trigger. In a Korean used car deal, money and cargo move against each other in stages, and the proof document is what advances each stage.

On a typical deposit-and-balance deal, the balance proof of payment is sent against a draft bill of lading once the car is loaded. When the exporter confirms the balance has credited, it issues the telex release (or couriers the original B/L), and only then can the destination agent release the car to you. In other words, your MT103 does not just record history — it is the key that opens the port.

Because release depends on the exporter confirming the credit, timing is everything. If you send the balance late, or the proof of payment is missing its reference, the telex release waits — and a car sitting at the destination port can accrue demurrage. Sending a clean, complete MT103 the moment the wire goes out is the single best thing a buyer can do to keep cargo moving. This discipline is part of buying from a licensed, verifiable exporter who structures payments and releases transparently.

Screenshots, Fake SWIFT Copies & Red Flags

Proof of payment cuts both ways: buyers use it to prove they paid, and dishonest sellers occasionally use forged proof to claim a refund was sent, or pressure a buyer with a fake "we already shipped." Edited SWIFT copies do circulate in used car fraud, so both sides should verify at the bank level, not the screenshot level.

The safest verification is the UETR trace: a genuine MT103 can be checked by its reference at the bank, so a real payment is always provable. A screenshot is a courtesy, not proof. Buyers should also confirm the exporter's bank details in writing before wiring, and never accept last-minute "account changed" messages — a classic wire-fraud tactic. These checks sit alongside the wider scam-prevention playbook every international buyer should run before sending money.

Deposit Proof vs Balance Proof & Practical Tips

Most Korean used car deals are paid in two moves — a deposit and a balance — and each produces its own proof. Confusing the two is a common source of delay, so it helps to keep them straight.

The deposit proof

Your first transfer is usually a reservation or advance deposit — often 10–30% of the FOB price, or a fixed holding amount on a reservation. The proof of payment for this stage confirms your order is real, so the exporter can lock the car by chassis number, begin de-registration, and book shipping. Because this money commits the deal, send the deposit proof the same day you wire, and make sure the remittance information references the vehicle so it is unmistakably tied to your order rather than a generic transfer.

The balance proof

The balance is typically due once the car is loaded and a draft bill of lading exists. The balance proof of payment is the higher-stakes one: it is what unlocks the telex release and hands you control of the cargo. Send it against the draft B/L exactly as agreed, and confirm the exporter has traced and credited it before expecting release. A balance proof that arrives late, or to the wrong account, is the most common reason a car waits at the destination port.

Practical tips that prevent delays

• Ask your bank up front for the MT103 or TT copy — some banks issue it automatically, others only on request or for a small fee.
• If your bank cannot produce an MT103, a branch-stamped outward-remittance slip showing the same fields is an acceptable substitute; a plain screenshot is not.
• Choose the charge code deliberately — OUR means you pay all fees so the exporter receives the full invoice amount, avoiding a short-payment that stalls release. SHA or BEN can shave the credited amount by $15–50.
• Match the currency on the invoice; converting at your end and sending a different currency can create a shortfall the exporter must chase.
• Keep every proof — deposit and balance MT103s are your record if any dispute or refund arises later.

Handled this way, proof of payment stops being a source of anxiety and becomes a simple, repeatable checkpoint. Each transfer produces one clean, traceable document; each document advances the deal one stage; and nothing sits waiting at a port because a wire could not be confirmed. It is exactly the rhythm a professional, licensed exporter builds into every order.

How SH GLOBAL Handles Proof of Payment

SH GLOBAL Co., Ltd. treats proof of payment as a two-way trust tool, not red tape. As a licensed, multilingual Korean used car exporter sourcing directly from Korean auctions, SH GLOBAL structures every deal so that money and cargo move against clear, verifiable proof at each stage:

1. Company account only — every payment goes to SH GLOBAL's registered company account, shown on the proforma invoice. Buyers are never asked to wire a personal account.
2. Traceable confirmations — SH GLOBAL confirms your MT103 / SWIFT copy by its UETR and reports back when the credit lands, rather than leaving you guessing.
3. Staged, transparent structure — deposit proof of payment starts de-registration and booking; balance proof against the draft B/L triggers the telex release.
4. Multiple rails supported — SWIFT wire, escrow or, where appropriate, other agreed methods — each with its own defined proof, disclosed in writing.
5. No screenshot shortcuts — releases run on bank-verifiable proof, protecting both buyer and exporter from fake-copy fraud.

To confirm exactly which account to pay, what proof to send, and how each stage releases your car, reach the team through the request-a-quote form, or first browse the live Hyundai inventory to find the unit you want to secure. Every car you see is one clean proof of payment away from being reserved in your name.