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Guide to Customs Administration

System of Foreign Exchange Declaration at the Time of Entry or Departure

컨텐츠서비스메뉴

Foreign exchange declaration at the time of entry or departure

If a resident or non-resident exports some means of payment worth not more than 10,000 dollars (which refers to some means of foreign payment, an amount of domestic currency or some casher’s checks denominated in Korean won), he/she does not have to file a declaration thereon. In addition, if a non-resident departs from Korea while carrying some means of foreign payment within the scope of the means of foreign payment he/she carried when entering the country, he/she does not have to file a declaration thereon. Moreover, if a person has received some amount of money sent from abroad or withdrawn some amount of money with a credit card issued in a foreign country, he/she is exempted from the obligation to file a declaration thereon after having it confirmed by the president of a foreign exchange bank (he/she must carry the confirmation certificate in this case). Furthermore, if a resident who is a Korean national intends to carry some means of payment (some means of foreign payment, an amount of domestic currency or some casher’s checks denominated in Korean won) exceeding 10,000 dollars out of Korea as his/her overseas travel expenses, he/she can carry them when departing from Korea after filing a declaration thereon with the head of the relevant customs office.

Points of attention
  • If an emigrant, a person planning to stay in a foreign country, a student planning to study in a foreign country or a travel agent intends to carry some means of payment exceeding 10,000 US dollars as his/her overseas travel expenses when departing from Korea, or if a foreign resident intends to carry his labor income earned in Korea when departing from the country, he/she must have it confirmed by the president of a foreign exchange bank (although there is no need to declare it to a customs office, he/she must present the confirmation certificate to the relevant customs office upon request).
  • You can carry some means of payment for the price of traded goods or the price of a capital transaction when departing from Korea after filing a declaration prescribed for the relevant transaction. (For example, payment for the price of traded goods: Necessary to file a declaration thereon with the Governor of the Bank of Korea)
Procedures for departure while carrying foreign currency, etc.
Procedures for departure while carrying foreign currency, etc.
Classification Residents as Korean Nationals Non-residents, etc.
Means of foreign payment, domestic currency, casher’s checks denominated in Korean won Total value not more than 10,000 US dollars Free Free
Value exceeding 10,000 US dollars Emigrant’s emigrations expenses; overseas travel expenses for a travel agent, a student planning to study in a foreign country, or a person planning to stay in a foreign country Must obtain a confirmation by the president of a foreign exchange bank (Must carry a confirmation certificate) N/A
General overseas travel expenses for a general overseas traveler Must file a declaration with the head of the relevant customs office N/A
Means of foreign payment within the scope of the means of foreign payment most recently carried at the time of entry Must file a declaration according to use regardless of whether the means of payment have been brought in from a foreign country or not (including foreign residents) It is not necessary to file a declaration (a declaration certificate is required)
Means of foreign payment which has been obtained at a casino and whose currency has been exchanged into another currency N/A It is not necessary to file a declaration (a declaration certificate is required)
Other funds for payment for goods, acquisition of securities, purchase of real property, foreign deposits, etc. Must file a declaration without through a foreign exchange bank or a declaration on any capital transaction (apart from a declaration to be filed with a customs office) Must file a declaration
Relevant regulations
  • Article 17 of the Foreign Exchange Transactions Act, Article 31 of the Enforcement Decree of the said Act
  • Chapter 6. Export and Import of Means of payment, etc. of the Foreign Exchange Transaction Regulations

Foreign currency declaration at the time of entry

Any person who imports some means of payment worth less than 10,000 US dollars does not have to obtain any permission thereof or file a declaration thereon. In addition, importing a promissory note, a bill of lading or a bill of exchange does not require the filing of a declaration thereon or the obtainment of any permission thereof. However, any person who enters Korea while carrying some means of payment including any amount of foreign currency, any amount of Korean currency and/or any checks which are added up to exceed an amount of money worth 10,000 US dollars must file a declaration thereon with the relevant customs office. The same also applies to casher’s checks denominated in Korean won.

Relevant regulations
  • Article 17 of the Foreign Exchange Transactions Act, Article 31 of the Enforcement Decree of the said Act
  • Chapter 6. Export and Import of Means of payment, etc. of the Foreign Exchange Transaction Regulations

Penal provisions

Any person who exports or imports any foreign currency, etc. without filing a required declaration thereon, etc. thereby violating the obligation to declare it will face an administrative fine not exceeding 50 million won in cases where the amount involved in such a violation is not more than US$30,000 or a punishment by imprisonment for not more than one year or by a fine not exceeding 100 million won in cases where the amount involved in such a violation is more than US$30,000.

※ The system which requires you to file a declaration when carrying any means of payment at the time of entry or departure is currently operated in most countries including such advanced countries as the U.S., Japan and France in order to crack down on funds for narcotic drugs, illegal money laundering, etc. Korea also operates this system for such purpose. In this regard, the Korea Customs Service requests your understanding and active cooperation.

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