Traveling to or from Korea and dealing with currency exchange, particularly converting Korea Money To Usd, involves understanding certain regulations, especially concerning currency declarations. Whether you’re a tourist, resident, or business traveler, knowing the rules can save you from potential penalties and ensure a smooth passage through customs. This guide breaks down everything you need to know about declaring currency when entering or leaving South Korea, focusing on amounts relevant to US dollars.
Declaring Currency When Departing from Korea
When you leave Korea, there are specific rules about how much money you can carry without needing to declare it. These regulations are in place to monitor currency flow and prevent illegal financial activities.
When is a Currency Declaration Necessary?
Generally, if you are carrying means of payment totaling less than USD 10,000, you are not required to declare it when departing from Korea. This applies to Korean Won (KRW), foreign currency notes, cashier’s checks, and other means of international payment combined.
However, if the total value exceeds USD 10,000, you will need to declare it to customs. This threshold is important to remember when converting Korea money to USD for your travels or when carrying USD you brought into the country.
Who Needs to Declare?
These regulations apply to both Korean residents and non-residents. However, there are some exceptions and specific situations:
- Non-residents leaving with the same amount: If you are a non-resident and are leaving with foreign currency within the amount you declared upon arrival in Korea, you generally do not need to declare it again upon departure.
- Funds from overseas accounts/credit cards: If you have obtained confirmation from a foreign exchange bank for funds withdrawn from overseas credit cards or accounts, you may not need to declare these funds, provided you have the certificate of confirmation.
- Specific Travel Expenses (over USD 10,000): Korean residents taking out more than USD 10,000 for legitimate overseas travel expenses (general travel, relocation, study abroad) can do so if they declare it to the head of the Customs office.
Special Precautions for Certain Travelers
- Overseas Koreans, Expatriates, Students, and Travel Agents: If these individuals are carrying travel expenses exceeding USD 10,000, they often need confirmation from a foreign exchange bank. While a separate customs declaration might not be required in some cases, having the certificate of confirmation is crucial and must be presented if requested by Customs.
- Income Earned in Korea by Foreign Residents: If a foreign resident is leaving the country with income earned in Korea, they may also need to obtain confirmation from a foreign exchange bank.
Departure Procedure for Cash and Currency
To summarize the departure procedures, consider the following classifications:
| Classification | Korean Residents
