Non-Resident & Foreign Resident

Exchange KRW into FYC (Exchange to FYC)

Exchange KRW into FYC (Exchange to FYC)
Purpose	Detail	Cap	Required documents
FX within previous exchange	Foreign residents can re-exchange the KRW that was transferred or carried into Korea and exchanged within the amount that was exchanged previously.	Within FX previous exchange However, if the exchange amount is over USD 10M, the transaction is reported to NTS.	Passport Document that can prove the fact of having sold foreign currency(certificate , receipt or calculation of foreign exchange transaction)
FX within previous exchange	Non-residents can re-exchange to foreign currency the money exchanged to KRW during the stay of the most recent arrival date within the amount that was exchanged into KRW.
Other FX	If the non-resident or foreign resident has no record of FX transaction, they can make FX transaction into FYC within the amount below. Income or wage earned in Korea Social insurance, benefits and pension earned in Korea Transaction within USD 10M Means of international payment that can be acquired or possessed	Within the respective cap. However, if the exchange amount is over USD 10M, the transaction is reported to NTS	Passport Documents that can prove the payroll that the employer agrees to (salary statement, etc) Proof of income or tax payment certificate (in case of free lancer) Insurance benefit, pension receipt, etc (in case of social insurance or benefit, pension) Document proving the fund that can be acquired or possessed (in case of other)

Non-residents or foreign residents can exchange the FYC they have or transferred into KRW.
However, when exchanging over USD 20M in cash, a document that can prove the route of acquiring the FYC such as a foreign exchange transaction report certificate must be submitted. In the absence of such a document, the applicant must report ‘Report of sales transaction of international payment instrument’ to BOK in advance to be able to convert the FYC into KRW.
The transaction is reported to NTS if more than USD 10M is exchanged.