No-resident foreign currency deposit
- Subscriber qualification
However, the individual foreigner resident, workers and their families of Korean embassies and legations abroad will be excluded.
- Characteristics of the deposit
When depositing - You can deposit foreign currency after buying it with KRW, if the fund is deposited in the non-resident free KRW account or the fund that foreign payment is recognized.
When selling - Disposal in KRW or foreign currency is allowed.
- No restrictions on the external payment of the principal and interest
- If you want to foreign currency holdings in the foreign currency deposit, the document should be submitted (certificate of foreign exchange report [Confirmation], agreement, etc.), which can proved that the fund can be paid to a foreign country.
- If more than USD 20,000 is sold from the deposited foreign currency fund by the same person on the day and the same store, the transaction detail will be reported to the National Tax Service.
- No-resident KRW deposit
Category Non-resident KRW account Non-resident free KRW account Savings type Checking account, ordinary deposit, savings, time deposit, free enterprise savings Checking account, ordinary deposit, time deposit Characteristics For temporary savings while staying in Korea For interest income and payment account for ordinary transactions
(for external transactions)Deposit and disposal - The domestic means of payment (e.g., KRW obtained in Korea) can be withdrawn in KRW but withdrawal in foreign currency is not allowed.
- However, if foreign currency has been sold in the past, re-exchange is allowed within the sale amount.
- Foreign currency remitted from abroad or carried into Korea, as well as KRW obtained as ordinary payment from the resident can be deposited.
- The deposited saving can be withdrawn in foreign currency and sent to the foreign country. Also, the foreigner can transfer to the non-resident KRW account exclusively for an investment, in order to invest in domestic bonds and stocks.
Characteristics There are no restrictions on the deposit resource but a remittance to a foreign country excluding an interest is restricted. The transaction available for deposit/withdrawal is restricted but the principal can be sent to a foreign country without restrictions.
