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Starting January next year, the annual limit for overseas remittances without separate documentation will be unified at $100,000 regardless of industry classification. While it was previously possible to circumvent regulations by splitting amounts across multiple companies in different sectors due to the lack of integrated management between banks and non-banks (securities, cards, fintech), this new measure is expected to halt such practices. This reflects the authorities’ strong determination to tighten foreign exchange management amid prolonged high exchange rates. The Ministry of Economy and Finance announced its plan to reorganize the overseas remittance system without documentation on Dec. 8. The current Foreign Exchange Transaction Act allows remittances without documentation up to a maximum of $100,000 through designated transaction banks when sending more than $5,000 annually. In contrast, small-scale overseas remittance companies allow up to $5,000 per transaction and $50,000 annually without separate documentation. The problem was that these limits were applied separately by company. Theoretically, using 20 fintech companies would allow sending $1 million (approximately 1.4 billion won) overseas without a single document. Adding securities companies and credit card companies would increase this scale further. This was a loophole created by a system gap where information between banking and non-banking sectors was not shared in real time. Particularly with the recent surge in the won-dollar exchange rate, concerns about foreign exchange outflows have been raised. The Ministry of Economy and Finance built the Overseas Remittance Integrated Management System (ORIS) together with the Bank of Korea to address these blind spots. The system for remittance limits without documentation will also be adjusted to coincide with the system’s operation starting in January next year. First, the designated transaction bank system that caused consumer inconvenience will be abolished, and the limits without documentation that were divided by industry will be integrated at $100,000 annually. Accordingly, the practice of shopping for remittances without documentation by visiting multiple small remittance companies is expected to disappear. While the single remittance limit for small remittance companies will be expanded to $100,000, the $100,000 limit will apply across all industries. Measures have also been prepared to minimize inconvenience for actual users. Even after exhausting the annual limit, small remittances of $5,000 or less per transaction will be allowed on a limited basis at commercial bank counters. submitted by /u/Substantial-Owl8342 |
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