Remmittance Procedure
1) Present an application form with required documents to the counter.
2) If you want to convert Korean won to US dollars, we offer the best exchange rate applied for a market rate.(If you pay US dollars, you will be charged as of 1.5% of principal amount)
3) Remittance will be credited to the beneficiary's account within 24 hours.
Required documents
Personal
- Identification card (passport or alien registration card, resident registration card or driver's license)
- Application form (available at the counter)
Corporate
- a copy of business registration
- a seal certification
- a letter of attorney
- a copy of attorney's identification card
- application form (available at the counter)
- other remittance evidence
Others
1) Foreign Worker : can remit the funds up to the amount equivalent to U$50,000 yearly without evidence for the purpose of salary remittance or overseas travel expenses by credit card etc.
2) Korean Residents : can remit the funds up to the amount equivalent to U$50,000 yearly without evidence after designating the correspondent bank. In case of exceeding U$50,000, the relative documents testifying remittance reason & amount should be required.
3) In case of remittance exceeding U$10,000 per year and exceeding U$1,000 per transaction, the details of remittance will be reported to the office of National Tax Administration and Financial Supervisory Service respectively.
4) To avoid any problem as like remittance pending and so on, an accurate beneficiary's account number, name, contact number is necessary.