Bringing foreign money into the ROK
Subjects to make an import declaration of foreign money
- Foreign students entering the ROK and carrying ameans of payment (excluding other domestic payment methods than domesticcurrency, KRW-denominated traveler´s check, and KRW-denominated cashier´scheck) exceeding USD 10,000 shall make an import declaration of such to thehead of the appropriate custom-house [at a financial company, etc. underArticle 17 of the Foreign Exchange Transactions Act, Article 31(2) of theEnforcement Decree of the Foreign Exchange Transactions Act and subparagraph 1of Article 6-2(2) of the Foreign Exchange Transactions Regulation (Ministry ofEconomy and Finance Notification No. 2022-11,issued and enforced on April 11, 2022)].
Procedure to make an import decoration of foreign money
- When carrying into the ROK a means of payment exceeding USD 10,000, an import & export (change) declaration (certificate) shall be submitted to the head of the appropriate custom-house.
- Upon receiving an import declaration of foreign money, the head of the competent customs office or the head of a foreign exchange bank shall confirm the report and acquisition of the means of payment and issue a report (confirmation) certificate of foreign money to the concerned resident or non-resident(「Article 6-2.(4) of the 「Foreign Exchange Transactions Regulation」).
Limit on the amount of exchange
- There is no limit to the amount of money that can be exchanged. However, some currency exchanges may have set the amount to be exchanged for a certain currency per person at a time.
- Where the amount of a currency exchange exceeds USD 10,000 equivalent, it shall be notified to the Customs Office and notified to the National Tax Service (Article 4-8 (1) 3 and 6-2 (2) 2 of the Foreign Exchange Transactions Regulation).
Receiving a remittance
Opening of an account
- A foreign student may open a savings account and a trust account at a foreign exchange bank to receive remittances from his home country (Articles 2-6-2.(1).2 of the 「Foreign Exchange Transactions Regulation」).
- To open an external transaction account, an identification should be presented, such as a passport or foreigner registration certificate.
※ Matters regarding the limit on one remittance, remittance procedures, remittance fee, etc. should be in conformity with the law of the country from which the remittance is made (in general, the home country of a foreign student).
Receipt of a remittance
- To receive a remittance, a passbook, an identification such as a passport or foreigner registration certificate, and a seal (and signature) should be submitted.
Use of a credit card
If a foreign student intends to use a credit card issued in his home country, he should check whether it can be used overseas before entering the ROK. If it can be used only in his home country, it should be replaced with one that can be used overseas.
Foreign students may apply for credit cards in the ROK, which requires an identification such as a passport or foreigner registration certificate.