You can carry up to USD 10,000 or its equivalent in foreign currency, Korean Won (KRW) notes, or checks without needing to declare it to Korean Customs. If you carry more than this amount, you must report it upon arrival.
Understanding Currency Declarations When Entering Korea
When travelling to Korea, it's important to understand the regulations regarding the amount of money you can carry. Here's a breakdown:
Currency Threshold
- You can bring in foreign currency, KRW notes, or checks without reporting as long as the total amount is USD 10,000 or less. This threshold applies to the combined total of all these forms of money.
- Example: If you have USD 6,000 in cash and a check for USD 4,000, you do not need to declare this.
- Example: If you have USD 8,000 in cash and a check for USD 3,000, you must declare this as it is equivalent to USD 11,000.
Reporting Requirements
- If the total value of the foreign currency, KRW notes, or checks exceeds USD 10,000 or its equivalent, you must declare it to Korean Customs upon entry.
- Failing to declare amounts over this threshold may result in penalties.
What You Do Not Need to Report
- Promissory notes
- Letters of credit
- Bills of exchange
These items do not need to be declared, regardless of their value, when entering Korea.
Key Takeaways
| Item | Declaration Required? |
|---|---|
| USD 10,000 or less | No |
| Equivalent of USD 10,000 or less | No |
| More than USD 10,000 | Yes |
| Promissory notes | No |
| Letters of credit | No |
| Bills of exchange | No |
Remember to check the current exchange rate to ensure your total amount of foreign currency and KRW notes or checks is below the reporting threshold. It's always safer to declare than face penalties.
