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FX Buy & Sell
You can buy or sell foreign currencies (USD or CNY) in compliance with the Foreign Exchange Transactions Regulations. A. Korean Residents
◎ Buying Foreign Currency
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Purpose
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Documents Required
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For domestic residence
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A certificate confirming your real name
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For overseas travels
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A certificate confirming your real name
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For overseas short-term and long-term studies (in case you stay in a foreign educational or training institution for more than 6 months)
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Passport, Letter of admission from the institution, etc.
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For overseas residence (in case you stay overseas for the purpose of commercial or cultural business, public affairs, or technical training for over 30 days but less than 6 months)
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Passport, A document proving overseas training issued by the head of your organization or overseas institution
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◎ Selling Foreign Currency You can sell foreign currencies without a limit. However, you should submit a document to prove the income source of your foreign currencies if the amount exceeds USD20,000 or the equivalent per person, per day, and per branch. Any currency exchange exceeding USD10,000 will be reported to the NTS.
B. Foreign Residents and Non-Residents
◎ Buying Foreign Currency
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Purpose
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Documents Required
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To convert within the range of previous records (you can re-convert your money up to the amount of previous records of overseas remittance or conversion of carried-in foreign currencies into KRW)
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Passport, A document proving the selling of foreign currencies (certificate for purchasing foreign currency, receipt, etc.)
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To convert for other reasons (domestic salary or income/ domestic social security and pension/ selling of USD10,000 or less/ means of foreign payment that can be acquired or retained)
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Passport • A document proving your salary • Certificate of income amount, Certificate of tax payment, receipts for social security and pension • A document proving your capital that can be acquired or retained
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◎ Selling Foreign Currency If you are a foreign resident or non-resident, you can still convert your transferred or carried-in foreign currencies from overseas into KRW. However, you should submit a document to prove the income source of your foreign currencies such as the Declaration of Foreign Exchange if the amount exceeds USD20,000 or the equivalent per person, per day, and per branch. If not, you should report the purchase and sale of the means of foreign payment in advance to the BOK and obtain the Declaration of Currency or Monetary Instrument Certificate. Any currency exchange exceeding USD10,000 will be reported to the NTS. √ Notes - The cash buying/selling rate posted at the time of currency exchange will be applied. - If you wish to carry more than USD10,000 or the equivalent overseas, you must declare customs at the Foreign Currency Declaration Counter. - Any carriage exceeding USD10,000 or the equivalent will be reported to the NTS, KCS, and the FSS. - You should submit a document to prove the income source of your foreign currencies if the amount exceeds USD20,000 or the equivalent per person, per day, and per branch. * This information was provided in Apr 2023, and thus, the actual business process will conform to the relevant regulations at the time of actual business. * Please refer to the Terms & Conditions for details.
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