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S. Korea allows foreigners to exchange up to $2,000 freely

S. Korea allows foreigners to exchange up to $2,000 freely

Posted August. 01, 2014 10:48,   


Starting in October, foreigners visiting South Korea can exchange currencies worth up to 2,000 U.S. dollars through money exchangers. The Ministry of Planning and Finances on Thursday announces measures for deregulations in the foreign exchanges field, saying that money exchangers are allowed to exchange dollars to won or the Korean currency to the greenback worth up to 2,000 dollars without issuing certificates to foreigners. The move is intended to make it easier for foreign visitors to exchange currencies in order to increase the country`s tourism revenues.

The ministry has also lifted the legal ceiling of money remitted by Koreans through commercial banks from 1,000 dollars per transaction to 2,000 dollars. In rural areas where there is not commercial bank branch, local agricultural cooperative can remit up to 30,000 dollars to overseas accounts.