Gov't to allow overseas remittances of up to $100,000 through all financial institutions from 2026
Headquarters of the Ministry of Economy and Finance in the central administrative city of Sejong / Courtesy of the MOEF
Koreans will be allowed to send up to $100,000 overseas through any financial institution of their choosing without having to fill out any paperwork, a move that would significantly improve people's financial convenience, the finance ministry said Monday.
Currently, Korean nationals or companies can transfer up to $100,000 without any paperwork through pre-designated banks and up to $50,000 using other financial institutions, such as securities firms, credit card companies and savings banks.
Starting next year, 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 documentation, according to the Ministry of Economy and Finance.
These transactions will be monitored and managed by the Overseas Remittance Integration System co-developed by the government and the Bank of Korea.
The ministry said the new system is expected to strengthen oversight of no-documentation remittances, while also improving foreign exchange management efficiency by boosting transparency.
It will also increase convenience for those who frequently use cross-border financial services, the ministry added.