Services
Foreign currency check clearance (import declaration of means of payment)
We handle declarations of means of payment and import declarations for foreign currency checks exceeding USD 10,000 received from abroad by mail or cargo.
Contact us in these situations
- You expect to receive refund, dividend or insurance payment checks issued by overseas tax authorities, insurers or securities firms by mail or express shipment
- You have been notified that a check exceeding USD 10,000 has arrived and is held by customs or the post office
- A bank requests a customs declaration certificate to deposit or collect a check
- You did not declare a check received by international mail and fewer than 30 days have passed since import
Declaration scope and requirements
The Foreign Exchange Transactions Act includes checks as means of payment. Residents and nonresidents importing means of payment must declare them to the head of the competent customs office. The Foreign Exchange Transactions Regulations exempt the following cases from declaration.
- Importing means of payment totaling USD 10,000 or less
- Importing promissory notes, bills of exchange or letters of credit
- A resident importing foreign-currency-denominated checks by a method other than hand-carry to receive payment for exports or services
Declaration methods
| Method of entry | Declaration method |
|---|---|
| Hand-carried on arrival | Mark "Yes" in the foreign currency declaration field of the traveler baggage declaration, enter the amount, submit it and obtain a foreign exchange declaration certificate. A certificate cannot be issued after you leave the arrival hall. |
| Express shipments and mail | When the check arrives, we file the import declaration and the declaration of means of payment together. |
Procedure
- ConsultationPlease provide the check amount, issuer, delivery method (mail or express shipment) and reason for receipt.
- Send documentsPlease send the documents below before the check arrives. Please also provide the express shipment tracking number or postal item number in advance.
- DeclarationAs soon as the check arrives, we file the declaration. Checks sent by express shipment are processed on the day of arrival.
- Delivery of the declaration certificateWe send the declaration certificate and fee invoice.
Documents to prepare
- Copy of business registration certificate (corporations, first transaction only) or identification (individuals)
- Power of attorney and certificate of corporate registered seal impression (issued within the last 3 months, corporations)
- Copy of the front of the check
- Evidence of the underlying transaction: refund notice, tax return, or dividend or insurance payment notice
- Statement explaining any difference between the check payee and the declarant
We prepare the declaration and the statement of reasons.
Deadlines and penalties for violations
| Category | Details |
|---|---|
| Subsequent reporting deadline | Within 30 days of import (where unavoidable circumstances are recognized) |
| Warning | If the amount in violation of the declaration obligation is USD 10,000 or less |
| Administrative fine | 5% of the amount in violation, capped at KRW 50,000,000 |
| Criminal penalties | If the amount in violation exceeds USD 30,000, imprisonment for up to 1 year or a fine of up to KRW 100,000,000. If 3 times the value of the subject matter exceeds KRW 100,000,000, a fine of up to that 3-fold amount |
| Transaction suspension | For 2 or more violations within 5 years, suspension or restriction of the related foreign exchange transactions for up to 1 year |
Services we provide
| Service | Details |
|---|---|
| Check declaration requirements | We determine whether a declaration is required (over USD 10,000) based on the check amount, issuer and reason for receipt. |
| Declaration of means of payment | We prepare the declaration and statement of reasons and submit them to customs. |
| Import declaration | We file an import declaration for checks arriving by mail or cargo and obtain the declaration certificate. |
| Customs office visits | If necessary, we visit customs to submit original documents and collect the declaration certificate. |
Fees
| Item | Basis | Fee |
|---|---|---|
| Foreign currency check clearance (import declaration of means of payment) | 0.2% of the check amount; Minimum KRW 100,000; Maximum KRW 1,000,000 Example: KRW 200,000 for a check for KRW 100,000,000; KRW 1,000,000 for a check exceeding KRW 500,000,000 | From KRW 100,000 |
| Customs office visit | Submission of original documents, attendance at examination and collection of the declaration certificate, per visit For postal items, submitting originals and attending the examination takes half a day | Additional KRW 500,000 |
Frequently asked questions
Q. Must checks of USD 10,000 or less also be declared?
No. Imports of means of payment of USD 10,000 or less are not subject to declaration.
Q. The check has already arrived, but I did not declare it.
If it arrived by international mail and you were unaware of its arrival, you may submit a subsequent report within 30 days of import.
Q. Does the declaration certificate guarantee the check's authenticity?
No. The certificate proves that the customs declaration has been completed, and the bank verifies the check's authenticity and whether it will be paid during collection.
Consultation
Send the check amount, issuer and delivery method, and we will advise on declaration requirements, documents to prepare and estimated fees.
Related laws and resources
- Korea Customs Service guide to "Foreign exchange declarations on departure and arrival"
- Foreign Exchange Transactions Act, Article 17 (Declaration of export or import of means of payment, etc.), Article 19 (Warnings and transaction suspension, etc.), Article 29 (Penalties), Article 32 (Administrative fines)
- Enforcement Decree of the Foreign Exchange Transactions Act, Annex 4 (Standards for imposing administrative fines)
- Foreign Exchange Transactions Regulations, Article 6-2 (Declarations, etc.), Article 6-3 (Declarations to the head of the competent customs office)
Effective dates: Foreign Exchange Transactions Act 2026-01-02, Enforcement Decree of the Foreign Exchange Transactions Act 2026-04-28, Foreign Exchange Transactions Regulations 2026-09-16. Accessed through the National Law Information Center on 2026-10-21.