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Korean Gov't Eases Rules on Overseas Remittances
A New Deregulation Package Unveiled
Korean Gov't Eases Rules on Overseas Remittances
  • By Jung Suk-yee
  • September 28, 2018, 09:25
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Deputy Prime Minister Kim Dong-yeon (third from left) presides over a Ministerial Meeting for Innovative Growth on September 27.

The South Korean government held the sixth Ministerial Meeting for Innovative Growth in Seoul on September 27 and released a set of deregulatory measures.

The package includes the opening of duty-free shops in the arrival halls of international airports. As a pilot project, a duty-free shop will open in the arrival hall of Incheon International Airport in May next year, with similar shops slated to open in other international airports six months later.

Cigarettes, fruit and processed livestock products are not available there and the purchase limit per person is US$600. Data on customers, purchased items and payments will be sent in real time to customs offices.

In addition, overseas remittances via securities companies and credit card companies will be allowed with an annual limit of US$30,000, along with overseas electronic payments using QR codes.

In the meantime, non-bank financial institutions will be allowed to expand their scope of business. For example, the annual remittance limit applied to agricultural and fisheries cooperatives will be adjusted from US$30,000 to US$50,000 for the convenience of rural residents. Overseas settlement via electronic payment methods of financial companies will be allowed as well.

Currency exchange by means of e-payment will become available based on an online request or a request at an automated machine requiring won depositing and a scanned ID.