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: 2010-9-9
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Sending / Receiving Money Overseas
Foreign visitors and residents are restricted in the amount of money they may send outside of Korea. Tourists and residents with visas that do not allow revenue-generating activities (students, spouses, etc.) are limited to the amount of money they brought into Korea. Receipts from the original foreign exchange transaction(s) are required. Residents with work visas may remit up to 100% of their net income or other local earnings (after appropriate taxes have been taken out).
Required Documents :
Copy of employment contract (not always needed)
Copy of pay stub
Proof of tax payment (may be included in pay stub)
Certificate of Alien Registration
When receiving money from overseas, it is converted into won using the exchange rate on the date it was received (unless it is sent to a foreign currency account). A handling charge (depends on the amount of money and the bank) may be charged unless the sender paid for all the services charges. For amounts over US$20,000, recipients need to provide documentation showing the reason for the money (e.g., real estate purchase contract, other bills).
Foreign Remittance Policy
Remittance Amt.
Information
Remark
Less than US$1000
Can be remitted at any bank. Is not included in Office of Nat'l Tax Adm.'s annual remittance amount.
More than US$1000
Must be remitted at designated foreign bank.
If it exceeds the yearly amount of $1000, it must be reported to the Office of Nat'l Tax Adm.
Non-residents who have not purchased money orders during their stay since their last arrival may remit US$1000.
Copyright 2001-2006 by gangnam-gu (district) office . all rights reserved.
#426, hakdong-no, gangnam-gu, seoul, south korea (135-705) TEL: 82-2-2104-1268 / FAX: 82-2-2104-2410
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