Information on the remittance limit of emigrants to overseas
| Limit |
Key information |
| No limit for the amounts |
- If the relocation expense exceed USD 100,000 or its equivalent per household, the total overseas relocation expense should be reported to the competent tax office of the emigrant, and receive the certificate of fund sources.
- Required documents :
- Passport, visa or permanent residency visa copy
- Application form for designating the foreign exchange transaction bank
- Certificate of overseas emigration report (the original issued by the Ministry of Foreign Affairs and Trade) or the certificate of relocation to the foreign country (issued by embassies and legations abroad
- Certificate of fund sources (if the relocation expenses exceed USD 100,000)
|
- Prepare the necessary document (e.g., overseas emigration report) and designate Woori Bank as the foreign exchange transaction bank. Then, the amount can be paid by the traveler’s check, remittance check, and telegraphic transfer, without the limit of amounts.
- As the basic expenses for overseas travel is included in overseas relocation expenses, money cannot be changed for travel expenses.
- If the emigrant does not move to overseas country within 1 year after receiving overseas relocation certificate, the report will be invalidated.
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Period available for overseas relocation expense exchange
- Movement from Korea: Within 3 years after receiving the certificate of overseas relocation report from the Ministry of Foreign Affairs and Trade
- Movement from foreign country: Within 3 years after receiving the residence passport from embassies and legations abroad for the first time.
