Taking cash / currency out of South Korea
South Korea requires declaration when leaving with cash and bearer-form negotiable instruments above USD 10,000 equivalent equivalent.
Details
Travellers departing from South Korea carrying cash, banker's cheques, bearer bonds, or other bearer-form negotiable instruments totalling USD 10,000 equivalent or more must complete Foreign Currency Declaration at customs before boarding. This threshold aggregates all currencies at exchange-rate parity. Failure to declare is grounds for seizure of the entire cash amount under Foreign Exchange Transactions Act plus criminal prosecution for aggravated cases. Source-of-funds documentation (bank withdrawal receipts, payroll records, sale contracts) may be requested. Legitimate declared movements are not restricted; the requirement is transparency-based to combat money laundering and tax evasion.
Quantity limits
Above USD 10,000 equivalent equivalent triggers declaration
Documentation required
- Foreign Currency Declaration
- Source-of-funds evidence if requested (bank statement, sale contract, payroll)
The other direction
Bringing cash / currency into South Korea(restricted)