Exchange/Remittance

Foreign currency exchange

When exchanging money, the individual´s passport or alien registration card must be presented.
Money can be exchanged in most banks but exchange commissions vary.
When exchanging money at the primary bank in which an individual maintains a savings or loan account, the individual may be subject to a preferential exchange rate. By putting in order specialized services offered by banks, individuals may economize not a little commission.
By exchanging money over the Internet, individuals may save 50~70% of the commission.

Overseas remittance

Overseas remittance includes remittance by non-presentation of documentary evidence, remittance to students studying abroad, remittance of overseas student living expenses, remittance of allowances for moving out of the country, and other remittance requiring payment confirmation for each purpose (Remittance for settlement of export and import accounts and remittance related to capital transactions).

Methods of overseas remittance

• Telegraphic transfer (T/T)
  • - At the present time, most overseas remittances are made through telegraphic transfer, which is effected at the same moment when the telegram is dispatched to the bank of the remittee.
• Mail transfer (D/D, Check)
  • - One is remittance via the postal service and the other is for issuing demand drafts and forward these drafts directly to the remitee.
  • - The remittance fee of mail transfers is cheaper than that of telegraphic transfers. However, mail transfers contain the risk of the drafts becoming lost as well as being slower.

When making overseas remittance

• The remitter shall designate the foreign exchange bank before making overseas remittance.
• A sufficient amount of accurate information on the remittee shall be recorded to ensure the remittance is made effectively.
• When making applications for overseas remittance, all information shall be given in English.
• Times may vary with the bank and country to which remittance is made, but if remittance is using accurate information regarding the remitter, the remittee may receive the draft within two to three days (on the basis of the bank´s business day).
• Since the remitter shall be immediately contacted, if any problems occur after making remittance, the remitter shall leave his/her contact phone and address with the bank.
• It is impossible to make any remittance to any of the countries against which the United States of America takes sanctions and whose assets the United States freeze in the United States.

Documents required when making overseas remittance

• Application for overseas remittance.
• Certificates to confirm the real name of the remitter such as passport, alien registration card, driver´s license.
• Application for designation (or change) of the foreign exchange bank.
• Documents to evidence the cause for payment and payment amount.

When receiving remittance from overseas

• Name, contact information and account number of the person receiving remittance,
• Name of the bank receiving remittance in English, for example: WOORI BANK 000 Branch.
• HVBKKRSEXXX which is SWIFT Code.

The account number and the name of the remittee shall match.
In the case that the account number is not available, the remittee shall inform the remitter of the accurate name, resident registration number (alien registration number), passport number of the remittee and the name and information of the branch easily accessible to the remittee. The relevant branch may release the payment to the remittee after identifying the remittee. While time may vary with the country and the bank, the remittee may receive the money within two to three days (on the basis of the bank´s business day) after remittance is made.
Sums of money equal to or less than US$20,000 may be paid without requiring separate documents confirming the usage of the money. Sums of money equal to US$20,000 or more require accompanying documents proving the business relationship.

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• Division : Tax Administration Officer, Planning and Management Office
• Contact : +82-62-613-2522