Korea to Lift Ceiling on Overseas Remittance

Starting next year, the limit for overseas remittance will be increased to US$50,000 a year for individuals. The ceiling on investment in overseas properties, which is $3 million currently, will be scrapped.

The Ministry of Finance and Economy said Thursday the measures aim to reduce inconvenience in dealing with overseas remittance and investment and will go into effect next year.

Under the new regulations, Koreans can send up to $50,000 abroad per year without documents from next January.

Businesses with an annual trade volume of more than $50 million will be able to send any amount overseas without documents. Before the revision, parents with Korean nationality were not permitted to send money directly to children with foreign permanent residency or citizenship studying in foreign countries, but that will now also be possible from next month.