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Sending money abroad from Korea as a foreigner: the USD 100,000, 50,000 and 5,000 limits, which documents the bank needs and when it reports to the tax office
Numbers checked against the official source on 2026-10-19
Korea's foreign exchange rules treat a foreigner who is engaged in business activity in Korea or has stayed 6 months or more as a "foreign resident", and that matters because the main no-paperwork allowance of USD 100,000 a year is written for residents other than foreign residents. A foreign resident (or a non-resident) can send money abroad only after submitting documents that prove how the money was obtained and getting the foreign exchange bank's confirmation; if none of the listed proofs applies, up to USD 50,000 a year may go through the designated bank or a designated credit card company.
Rule text: Foreign Exchange Transactions Regulation (외국환거래규정), an administrative rule of the Ministry of Finance and Economy, shown on the National Law Information Center as "[시행 2026. 9. 16.] [재정경제부고시 제2026-103호, 2026. 9. 16., 일부개정]". Articles 4-3 and 4-4 were last amended by notice 2025-57 on 2025-12-29, before that version. Read on 2026-10-19. The law text is the source.
Am I a "foreign resident" for money transfers?
Article 10 of the Enforcement Decree of the Foreign Exchange Transactions Act sorts people into residents and non-residents. For foreigners (after excluding diplomats and similar people listed in paragraph 2):
- Treated as a resident: a foreigner who is engaged in business activity in Korea, or who has stayed in Korea for 6 months or more (Article 10(1)4). Because the Regulation separates Korean-national residents from "foreign residents" (외국인거주자), such a person is a foreign resident.
- Treated as a non-resident: among others, a foreigner who was a resident, left Korea, and has stayed abroad for 3 months or more (Article 10(2)6).
- A family member who lives with and is mainly supported by a resident or non-resident takes the same status (Article 10(3)).
Limits and document rules in one table
| Who | Rule (Regulation article) |
|---|---|
| Everyone, as the starting rule | Submit to the foreign exchange bank documents showing the reason and amount of the payment (Article 4-2(1)). Documents may be submitted electronically (4-2(6)). |
| Residents other than foreign residents | No documents needed for payments that need no report, while the yearly total stays within USD 100,000, counting amounts paid through foreign exchange institutions together (4-3(1)1). Above the yearly total: no documents for payments of USD 5,000 or less per transaction, or where the bank can verify the content and amount from documents (4-3(1)2). |
| Foreign residents and non-residents | May pay only after submitting proof of how the funds were acquired and getting the bank's confirmation (4-4(1)). Listed proofs include: foreign currency received or carried in from abroad within the permitted range (limited, for non-residents, to amounts since the latest entry date); domestic wages, self-employment income, social insurance, pensions and similar income, paid through the designated bank; a report to the Governor of the Bank of Korea; and others in the list. |
| Foreign residents and non-residents with no listed proof | Up to USD 50,000 a year through the designated bank or a credit card company (a credit card company must be designated) (4-4(2)). |
| Foreign residents, in addition | Overseas travel expenses up to USD 10,000 (4-4(3)2). |
| Receiving money from abroad | Foreign residents and non-residents may receive without documents if the amount is USD 5,000 or less per transaction, or if it is money brought in from abroad that needs no report (4-4(4)). |
Even when documents are waived, the sender must still explain the transaction to the bank and be checked by it (4-3(2)).
How to send money abroad as a foreigner in Korea: steps
- Work out your status. Doing business in Korea or staying 6 months or more makes you a foreign resident under the Decree. Ask the bank how it classifies you.
- Use one bank. The Regulation defines the "designated foreign exchange bank" as the bank a party designates for foreign dealings and after-the-fact management (Article 1-2, item 35). Where a rule names a designated bank, the payment must go through it (4-2(5)).
- Choose your proof. For wages and self-employment income earned in Korea, the Regulation accepts income within the amount you received, paid through the designated bank. Bring the documents the bank asks for.
- If you have no listed proof, remember the USD 50,000 a year ceiling in 4-4(2), counted across the designated bank and credit card company.
- Expect a report to the tax authority. Under Article 4-8, a bank reports payments made through it of more than USD 10,000 per transaction to the National Tax Service every month (by the 10th of the next month), and reports yearly totals over USD 10,000 for the no-document payments described above.
Payout of the departure guarantee insurance (출국만기보험) under the Foreign Workers Employment Act is a named exception: the Regulation says it need not go through the designated bank (4-4(1)3). See also severance pay for foreign workers and the pension lump-sum refund.
Where the rules stop
This page covers payments of the ordinary kind. It does not cover overseas study and stay expenses, emigration costs, trade payments, loans, investments or other capital transactions, which have separate rules and reporting. Ask your bank which forms and documents it wants. Confirm with your bank and, for tax questions, with the National Tax Service helpline for foreigners (82-1588-0560 on its English Help Desk page). This is not legal advice.
Checked 2026-10-19.
Official sources
- National Law Information Center — Foreign Exchange Transactions Regulation (외국환거래규정), Chapter 4 (Articles 4-2, 4-3, 4-4, 4-8) and Article 1-2 — payment procedures, limits, designated bank definition, reports to the tax authority; in force 2026-09-16 (checked 2026-10-19)
- National Law Information Center — Enforcement Decree of the Foreign Exchange Transactions Act, Article 10 — who counts as a resident or non-resident; in force 2026-04-28 (checked 2026-10-19)
- National Tax Service (English) — Help Desk — helpline for foreigners and hours (checked 2026-10-19)
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