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Remittance by Sojourn Type

National Resident
Non-residents & Foreign residents

National Resident
Remittance Type	Details	Cap and Remarks	Required Documents
Small ticket remittance	Not included in total annual sum of remittance, and is not reported to NTX or Korea Customs Service.	No payment proof is required under USD5,000 per transaction	Verification of remitter’s name, such as National ID
Gift remittance	A national resident must designate CKI as FX transaction bank to transfer money overseas without submitting payment documentation.	Total annual cumulative sum of remittance is below USD100,000. However, if the annual cumulative remittance exceeds over USD 10,000, it is reported to NTS.	Verification of remitter’s name, such as National ID
Transferring overseas travel expense	Actual overseas travel expenses incurred Overseas travel expenses allotted by central or local governments, or government investment agencies Overseas travel expenses approved by the recommendation of the KITA chairman or a government minister Tuition or training costs paid to overseas academic institutions Overseas medical expenses Expenses paid to travel agencies or for accommodations and transportation while travelling overseas	The amount is limited to documented expenses paid Without documentation of the amount required, funds cannot be remitted online. The traveler must carry them out of the country.	Verification of remitter’s name, such as National ID Confirmation of the expense payment from the relevant institution (when overseas travel is paid from an institutional budget) The recommendation from the KITA chairman or government minister; the recommended amount must be stated Enrollment permission or invitation letter from the learning institute (in case of education related expense) Document on registration period or actual cost for tuition fee issued from the learning institute or document that can prove expense details (in case of education related expenses) Recommendation from the head of national or public hospital or general hospital(with the amount stated), diagnosis from overseas medical center (amount must be stated) or document proving the cost for treatment (in case for treatment cost) Document that can prove the overseas expense that is issued by travel agency, accommodation or transportation overseas

Overseas Remittance

Remittance Type, Details, Cap and Remarks, Required Documents
Remittance Type	Details	Cap and Remarks	Required Documents
Remittance within previous transaction	Foreign residents can remit the amount of foreign currency they received or had transferred into Korea from overseas Non-residents can remit the amount of foreign currency they had transferred or brought in from overseas during their most recent entry into Korea.	The amount sent out must be within the amount of foreign currency brought in. However, if the remittance amount exceeds USD 10,000. it will be reported to NTS	Passport (copy) Documents proving the remittance or transfer of the currency from overseas.
Other Remittances	Non-residents or foreign residents who have no record of bringing in or transferring foreign currency to Korea may remit the following amount of foreign currency overseas. Compensation or income earned in Korea Social insurance, benefits and pension earned in Korea Transaction up to USD 50,000 a year Means of international payment that is recognized under the Korean Foreign Exchange Transactions Regulations	Within its cap However, if the remittance amount exceeds USD 10,000, it will be reported to NTS.	Passport (copy) Salary statement or other documents from employer proving earned income Proof of income or tax payment (for freelancers), proof of insurance benefits or pension claims Documents proving the funds are accepted as an international payment (for "other" remittances)

Receiving Overseas Remittance

Foreign residents can either exchange the foreign currency they have brought in from overseas into Korean won with no limits, put them in an FCY deposit account or make a withdrawal in foreign currency.
If there are any reasons to report the transaction pursuant to the Foreign Exchange Transaction Act or other laws, the report is prerequisite to the currency exchange.

Note

If the customer wishes to exchange foreign currency in an FYC deposit account, which was transferred from overseas, into Korean won, he must get a FX purchase certificate from CKI. If the customer withdraws over USD 10M in foreign currency, he must get a foreign exchange transaction report (confirmation) certificate from the Bank.