Slovakia has been in the eurozone since 2009, so a domestic transfer is effectively a SEPA transfer, and the growing reach of SEPA Instant Credit Transfer (SCT Inst) infrastructure means account-to-account transfers can be processed quickly. "Bank transfer" here refers not to a specific brand but generically to the standard account transfer method in which a consumer sends funds to an account (IBAN) provided after placing an order. The key difference from online banking transfers, which are authorized instantly via bank login at checkout, is that this is a prepayment flow where the order is confirmed only after the deposit is verified.

It suits high-value orders, B2B transactions, and quote-based sales that exceed card limits or where merchants want to avoid chargeback risk. Merchants selling into both Slovakia and the Czech Republic should factor into their operations that currency and processing paths diverge: Czech transactions run in koruna (CZK), while Slovak transactions run as euro SEPA transfers. For low-value transactions requiring instant confirmation, consider online banking transfer first.

When a consumer transfers euros (EUR) from their own bank to the IBAN provided at checkout, the order is confirmed once the deposit is matched and verified. Between banks supporting SEPA instant transfer, funds arrive within minutes, but standard transfers may take business days to process, requiring a process for managing unpaid orders. Hecto Financial converts the received funds and settles them with the Korean merchant in the contracted currency among USD, KRW, and JPY.

A SEPA-transfer-based receiving structure can be considered through Hecto Financial without opening a local account or establishing a local entity in Slovakia. Because operational processes such as deposit matching and handling of unpaid orders need to be designed alongside it, coverage and terms (settlement cycle, fees, currency options) require discussion before contracting.

• Business registration country

  Confirm whether contracting is possible on the basis of a business registered in Korea

• Sales channels

  Integration method and priority differ depending on your online sales channel mix, such as owned storefronts, open marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed on whether your category falls under Bank transfer's restricted merchant policies

• EU regulatory compliance

  Confirmation is needed on compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

Bank transfer proceeds are received by Hecto Financial in euros (EUR) and then converted for payment to the Korean merchant in whichever of USD, KRW, or JPY was specified in the contract. The settlement cycle depends on the contract terms. Unlike cards, account transfers carry no chargebacks, but if an EU consumer withdraws within 14 days, the merchant must actively execute a return transfer, so it is safer to set up a refund-account verification process in advance.

• National Bank of Slovakia (Národná banka Slovenska)Official information on Slovakia's payment systems and supervisory regulations. If actual regulations differ from the content on this page, the official source takes precedence.