General remittance below $100M a year (Not requiring any payment proofs)

Designating foreign exchange bank

• Remittances of under USD 5,000 may be made whether the foreign exchange bank is designated or not.
• Korean residents can designate Citibank Korea via internet for remittance without submitting any supporting documents, only if they have not already designated another bank. (This service is only available during business hours on weekdays.)
• Designating the bank for remittance without submitting any supporting documents is valid by the end of the year, and customers only need to designate the bank once a year.

Note

• There are some restrictions on remittance as follows.
• When the recipient is a Corporate customer : Remittance to Family Members/Relatives, Remittance to your own overseas account.
• When remitting to your own overseas account : Remittance to Family Members/Relatives, Gift to Non-residents, Money lending to Non-residents
• For customers whose residency status changes to non-resident, you may not remit funds without submitting any supporting documents, and your violation of this rule may be met with punishment under the Korean Foreign Exchange Transactions Act.

Overseas Student remittance

Designation of foreign exchange bank

• The customer must visit a Citibank Korea branch in advance to designate the bank for the foreign exchange transaction.
• Required documents : passport, student confirmation of enrollment for the year
• Documents are required to prove that the student is actually enrolled in an overseas institution. They may include a certificate of enrollment or transcripts for the previous semester. Without such documentation, the overseas remittance may not be made.

Remittance cap

• Not more than USD 50,000 may be sent per transaction when the funds are transferred online.
• According to the Korean Foreign Exchange Transactions Act, any remittance that exceeds the total amount of USD 100,000 per year will be reported to the NTS.
• The total transaction amount may execcd $10,000 after business hours until the start of the next business day(09:00).
  

Notes

• If a family member or a proxy intends to make a remittance to a student overseas, he or she must register as proxy for the relevant individual at a branch in advance.

Remittance to overseas students

• A person that studies in a foreign educational or research institution for more than six months, or stays in a foreign country to do research or receive training in academic/technological areas, and that meets any one of the following conditions. (No age limits)
  ① He/she is a Korean with no permanent residence permit in the relevant country, or a foreigner who has lived in Korea for over five years, or
  ② He/she does not meet the aforementioned condition, and his/her parents paying for their education is a Korean resident with no permanent residence permit in the relevant country.
  

Overseas Sojourner remittance

Designation of foreign exchange bank

• The customer must visit a Citibank Korea branch in advance to designate the bank for the foreign exchange transaction.
• Required documents : passport, business trip/dispatch certificate issued by the head of the company or organization, and in the case of sojourners for technology training/cultural/overseas training, certificate issued by the head of the association or the institute.

Remittance cap

• Not more than USD 50,000 may be sent per transaction when the funds are transferred online.
• According to the Korean Foreign Exchange Transactions Act, a remittance that exceeds the total amount of USD 100,000 per year will be reported to the NTS.
• The total transaction amount may execcd $10,000 after business hours until the start of the next business day(09:00).
  

Notes

• If a family member or a proxy intends to make a remittance to an overseas sojourner, he or she must register as proxy for the relevant individual at a branch in advance.

Foreigner/Non-resident Domestic income remittance

Designation of foreign exchange bank

• The customer must visit a Citibank Korea branch in advance to designate the bank for the foreign exchange transaction.
• Required documents : passport, documents from the employer proving earned wage.

Remittance cap

• Foreigners and non-residents may remit up to USD 50,000 per year overseas without any supporting documents for how the funds have been acquired after designating the foreign exchange bank.
• According to the Korean Foreign Exchange Transactions Act, to remit more than USD 50,000 per year, the customer must submit to a branch documented proof of income and must set a remittance limit.
• The annual amount of USD 50M is calculated by aggregating the following transactions.
  • A transaction in which the funds are remitted abroad and deposited into an external account in exchange for Korean won without submitting any supporting documents for how the funds have been acquired.
  • A transaction in which the funds are remitted abroad or deposited into an external account in exchange for foreign currency or foreign currency-denominated traveler’s check worth less than USD 20,000 without submitting the declaration of currency or monetary instruments.
  • A transaction in which a foreign resident remits funds abroad using his or her credit card.

Matters to consider

• In the case of online remittance of domestic income by foreigners/non-residents, transfer limit per transaction is USD50,000.
  (When the funds are debited from an FCY account , transfer limit per transaction is USD10,000)
• The total transaction amount may execcd $10,000 after business hours until the start of the next business day(09:00).