What is a foreign exchange bank?
A foreign exchange bank refers to the bank that operate the exchange business by the permission according to the Foreign Exchange Transaction Act. "Designation of the foreign exchange bank" means the designation of the bank for foreign exchange transactions in advance for reporting and follow-up management associated with foreign exchange transactions.
Transaction items and contents for foreign exchange bank designation
| Foreign exchange bank transaction items and contents |
|---|
| 01. Payment without the submission of supporting documents for residents (excluding foreigners) |
| 02. Living expenses for overseas stay |
| 08. Domestic wage, income, or pension payment for the foreigner or non-resident (less than USD 50,000 a year) |
| 09. Resident's investment in North Korea |
| 13. The person who want to receive a local loan |
| 14. Payment and follow-up management of overseas branch establishment, operating fund, installation expenses, and maintenance expenses |
| 16. Exchange business manager |
| 32. Receiving the expenses for domestic branch establishment, and remittance of the operating income to a foreign country |
| 33. Company that performs mutual calculation |
| 53. Resident's overseas security issuance |
| 55. Short-term foreign fund loan and disposal of the foreigner investment company |
| 57. Guaranteeing principal redemption and security provision, regarding the load for overseas residents |
| 59. The person who want to make a direct investment in a foreign country |
| 61. Foreign currency deposit of the resident |
| 62. Domestic security issuance of the non-resident |
| 63. Transferring domestic properties to overseas Koreans |
| 71. Foreign fund loan and disposal of the non-resident |
| 72. Tourism business owner who wants to pay the tourism expense to North Korea |
| 74. Overseas group travel expenses |
| 75. Overseas relocation expenses |
| 76. Integrated fund management of the resident |
| 77. Foreign fund loan and disposal of the resident |
| 78. Overseas property acquisition and disposal of the resident |
| 79. Receipt of the capital transaction by the resident amounting less than USD 50,000 a year |
- For the foreign exchange transaction that needs to designate the foreign exchange bank, remittances without the submission of supporting documents, remittances for those studying abroad, remittances for those staying/studying abroad, and remittances for overseas relocation expenses, the necessary documents must be submitted to the bank, and the designation procedure should be completed before making a transaction.
- If you have designated other bank as your foreign exchange bank, please visit the branch and change the designated bank before making a transaction.
