The Korea Customs Service (KCS) has reinforced its regulations requiring travelers to report the possession of cash and payment instruments exceeding the equivalent of $10,000 USD when entering or leaving Korea. This policy aims to prevent illegal foreign currency transactions, money laundering, and the concealment of funds for unlawful purposes such as gambling or smuggling. In 2025, KCS detected 691 cases of illegal foreign currency movement, totaling 232.6 billion KRW. The agency is increasing awareness to help travelers avoid unintentional violations and associated penalties.
All travelers, including tourists, emigrants, students, and businesspersons, are subject to these reporting requirements if they carry cash, checks, or other payment instruments exceeding the $10,000 threshold. The sum includes foreign and local currency, cashier’s checks, and traveler’s checks. Reporting must be done at the customs foreign exchange declaration desk before passing through security. Special procedures apply to emigrants and those carrying funds for study or business, who must obtain a confirmation certificate from a designated foreign exchange bank before departure.
The reporting obligation applies both when entering and exiting Korea. For arrivals, travelers must indicate amounts exceeding $10,000 on the traveler’s declaration form or via the ‘Traveler Customs Declaration’ mobile app. Enforcement is ongoing, with annual statistics showing a steady number of violations and significant sums involved. Penalties for non-compliance include fines of 5% of the undeclared amount for violations up to $30,000, and possible imprisonment or higher fines for larger sums.
Travelers often ask if all forms of payment instruments are included in the $10,000 threshold; the answer is yes, all cash, checks, and similar instruments must be combined. Another common question is about the penalty for non-reporting: fines are imposed for smaller violations, while larger cases may result in criminal prosecution. The Korea Customs Service urges all travelers to check their obligations and report as required to avoid delays, investigations, or legal consequences.
Metaqsol opinion: The Korea Customs Service’s foreign currency reporting policy is a necessary measure to combat illegal financial flows and align with global practices. The high number of violations detected in 2025 underscores the need for ongoing public education and clear communication. The inclusion of all payment instruments in the $10,000 threshold is comprehensive, but may catch uninformed travelers off guard. The use of mobile apps and clear signage at airports is a positive step toward improving compliance and minimizing inconvenience.