South Korea allows overseas remittances of up to $100,000

VTV.vn - This is a move that is expected to significantly improve people's financial convenience.

Won at a bank in Seoul, South Korea. Photo: AFP/TTXVN

South Korean citizens will be allowed to send up to $100,000 overseas through any financial institution of their choice without having to fill out any paperwork, the Ministry of Economy and Finance said on December 8.

Accordingly, Korean citizens or companies can transfer up to $100,000 without any documents through pre-designated banks and up to $50,000 when using other financial institutions, such as securities companies, credit card companies and savings banks.

The government plans to abolish the current bank designation system and allow annual overseas remittances of up to $100,000 through all types of financial institutions without paperwork starting next year, the Ministry of Economy and Finance said. These transactions will be monitored and managed by the Integrated Overseas Remittance System jointly developed by the government and the Bank of Korea.

The ministry also said the new system is expected to strengthen monitoring of undocumented remittances and improve the efficiency of foreign exchange management by enhancing transparency. This will also add convenience to those who frequently use cross-border financial services.

Source: https://vtv.vn/han-quoc-cho-phep-chuyen-tien-ra-nuoc-ngoai-len-toi-100000-usd-100251209094744089.htm