Information on the limit of the remittance without the submission of supporting documents
| Limit |
Key information |
If USD 100,000 or its equivalent is exceeded,
(overseas remittance is allowed after submitting supporting documents) |
- You can send money to your friend or family member living in a foreign country after designating the foreign exchange transaction bank.
- If the sum of remittances without the submission of supporting documents exceed USD 100,000 or its equivalent, overseas remittance is allowed at the branch only. At this time, all relevant documents must be submitted to the branch for overseas remittance, such as “payment confirmation letter, document that can confirm the transaction, certificate of tax payment, and document that can check the identification of the beneficiary.”
- 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.
- Documents needed to designate the foreign exchange transaction bank (Remittances without the submission of supporting documents)
- Real name certificate (resident registration card, passport, business registration)
- Application form for designating the foreign exchange transaction bank
- Payment request form.
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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. The effective period of designating for remittances without the submission of supporting documents is between January 1 and December 31 of the year. Therefore, the bank should be designated every year, and remittance should be made by the designated bank.
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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.
However, the amount less than USD 5,000 can be remitted without designating the foreign exchange transaction bank.
- The foreign exchange transaction bank for the remittances without the submission of supporting documents can be designated online, without visiting a branch.
