Information on the limit of the remittance without the submission of supporting documents
| Limit |
Key information |
| the equivalent of USD 100,000 |
- Overseas remittance without supporting documents by residents (excluding foreign nationals), which doesn't require a designation of the foreign exchange bank.
- For a remittance of over USD 100,000 a year, please visit a branch. You may remit either with supporting documents(certificate of tax payment, payment confirmation letter, etc.), or without documents for amounts of USD 5,000 or less.
- If the exchange amount exceeds USD 10,000 in a year, it will be notified to the National Tax Service.
- If the remittance without the submission of supporting documents exceeds USD 5,000 per transaction, the remittance detail will be notified to the Financial Supervisory Service automatically.
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- The designation of the foreign exchange transaction bank is the basic procedure needed for overseas remittance, which is stipulated in the Foreign Exchange Transaction Act.
- When managing the overseas remittance amount, the “annual remittance amount” implies the accumulated remittance amount by December 31st of the designated year, not for one year after designation.
- Overseas remittance without supporting documents by residents (excluding foreign nationals), which doesn't require a designation of the foreign exchange bank.
