Where my child’s smile is concerned, I want the best. Any father would feel the same. Note that each person is permitted to exchange up to and including the equivalent of $10,000 of won per sojourn in Korea. The law With regards to foreign exchange transactions, the rules regulating this area of business are governed by the Korean Foreign Exchange Law and the Real Name Transactions Law, which permit the Korean government to monitor and control the outflow of Korean won. The rules are as follows:
Currency Exchange: If you want to exchange less than 1 million won (approximately $1,000) into a foreign currency in a single transaction, the transaction will not be recorded in it as the teller has the authority to do the transaction with just your ID number; either your passport or Alien Registration Card number will suffice. Your passport might start fluttering, however, if you wish to exchange more than 1 million won. Not only are you required to have your passport with you, but your teller has an obligation to make a record of the transaction and the amount in your passport. Although some wish the stamp could just be used to cover their inevitably unflattering picture, there is no alternative but to use one of your passport pages. If you are on board with this process, you might want to note that each person is permitted to exchange up to and including the equivalent of $10,000 of won per sojourn in Korea. To exchange more than this, you must designate your chosen bank as your “Primary Foreign Exchange Transaction Bank” and submit proof as to where you sourced the funds (your bank teller can advise you on this). Should you be exchanging from a foreign currency into KRW, anything up to and including $20,000 (or the equivalent) will merely require the presentation of your passport. If you exceed this amount, however, you will also have to declare this to the appropriate authorities and, of course, present your passport. Now, let’s talk about alternatives. International Check Card: You might want to consider applying for one of these at your local branch with your passport and Alien Registration Card (ARC). Cards can generally be used anywhere that accepts international cards. Do, however, check with your bank on their international transaction fees and daily withdrawal limits before departing. Overseas Remittance: Should you have a bank account in your destination, this might be a good option for you. Foreign residents can transfer up to $50,000 (or the equivalent) overseas per year in a branch, online or at an ATM, depending on which services you register for. The only limitations on this are that, once you go over this amount, proof as to where you sourced the funds (all of them, including the initial $50,000) using tax returns or other official documents will generally be required. In addition, those who exceed this amount will be barred from carrying out further remittances via the Internet or an ATM until the end of the year, and must instead visit the branch for each transaction. Please note that in order to get an international check card or to remit overseas online, you will need to designate that bank as your Primary Foreign Exchange Transaction Bank. You may only do this with one bank in Korea. This designation is easily made by filling out a simple form; your teller will even contact your previous bank (if you have one) to let them know you have made the switch.
Give your children the smiles they deserve Experience Reputation Results
Pediatric dentistry & Orthodontics for all ages > Dr.Jay
H Kim D.M.D., M.S.
> Dr.
U.S. Certified Orthodontic Specialist Member of American Dental Association TRICARE Dental Program Preferred Provider Assistance with all dental insurance paperwork
David John Choie D.M.D
US-Trained and licensed dentist Member of American Dental Association
Sinsa Stn. Hotel Riviera
IVY
Dental Clinic
Line7
Cheongdam Stn. EXIT 12
Gangnam-gu Office
VIPS
HONDA
COEX
71-9, Cheongdam-dong, Gangnam-gu, Seoul 서울특별시 강남구 청담동 71-9 청담 IVY 교정전문클리닉
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www.ivysmile.kr
02.518.2722
Chungdam
IVY ORTHODONTICS
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