Definition of the Foreign Exchange Transaction Bank
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Foreign Exchange Transaction Bank means the bank designated for foreign transaction and post-transaction administration
by the person who is the party of conduct or transaction subject to the Foreign Exchange Management Regulation.
Resident should designate and register the Foreign Exchange Transaction Bank first to conduct remittance for general purpose (donation nature),
resident/student, and emigration fund, etc. (In case of remittance for general purpose, system automatically designate our Bank as the Foreign Exchange Transaction Bank
as far as another bank has not been designated. It is available during banking hour only.) If you already designated another bank as the Foreign Exchange Transaction Bank,
please visit a branch around you and apply for Change of the Foreign Exchange Transaction Bank for subsequent transaction.
Required Documents
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| Individual |
Document evidencing real-name
Application for Designation (Change) of the Foreign Exchange Transaction Bank
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| Corporate |
Business Registration Certificate
Corporate Seal Certificate
Application for Designation (Change) of the Foreign Exchange Transaction Bank
Power of Attorney and document evidencing real-name of the delegate, if appointed
Document evidencing real-name of the representative, if applied by himself/herself
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Foreign Exchange Transactions Requiring Designation of the Foreign Exchange Transaction Bank
- - Donation nature payment by resident
- - Sojourn cost in a foreign country
- - Transfer of domestic remuneration or income by foreigner or non-resident
- - Investment in North Korea by resident, etc.
- - A person who wants to get overseas financing in the name of an overseas subsidiary
- - Transfer of capital, set up cost, and maintenance cost of overseas subsidiary and post-transaction management
- - Exchanger
- - Incoming remittance of capital of foreign subsidiary in Korea and overseas remittance of operating income
- - A company with netting
- - Issuance of securities denominated in foreign currency by resident
- - Borrowing of short term foreign currency loan and disposal by foreign invested company
- - Provision of payment guarantee and collateral, etc. for repayment of loan related principal and interest of Korean resident
- - A person who has a plan for foreign direct investment
- - Oversea deposit by resident
- - Issuance of domestic securities by non-resident
- - Taking out of domestic property by foreign resident Korean
- - Borrowing of foreign currency loan and disposal by resident
- - Travel agency who will pay tourism expense to North Korea
- - Overseas Group Tour Expense, etc.
- - Emigration Fund
