Are there any amount restrictions when an ordinary citizen exchanges currency at a currency exchange office registered with the Korea Customs Service? Released

Yes, when ordinary citizens exchange currency through a currency exchange office registered with the customs office, there are a few restrictions.

This is a measure to maintain the stability of the foreign exchange market and prevent illegal money laundering.

The main restrictions are as follows.

1. When using offline (general) currency exchange offices:

    a) Foreign currency sale (when buying foreign currency with won): There is no limit on the amount. You can purchase as much foreign currency as you need.

    b) Foreign currency purchase (when exchanging foreign currency for won): It is only possible within the range of USD 2,000 or less on the same day. However, in the case of currency exchange offices using the computerized exchange ledger management system, purchases are possible up to USD 4,000 on the same day. This limit is to prevent illegal foreign exchange transactions and maintain transparent exchange records.

2. When using online and unmanned currency exchange machines:

    a) Both foreign currency purchase and sale: It is restricted to within the range of USD 2,000 or less on the same day. Again, for those using the computerized exchange ledger management system, it is possible up to USD 4,000. This is a measure to more strictly manage the flow of funds considering the nature of non-face-to-face transactions.

You can access the customs office website (www.customs.go.kr) > 'Notice & News' menu > 'Currency Exchange Operator' section to view the list of registered currency exchange offices nationwide. 

It is important to verify that the exchange office is officially registered before using the currency exchange service.