Seoul: South Koreans will soon be able to send up to US$100,000 overseas through any financial institution of their choice without needing to complete any paperwork, according to a recent announcement by the finance ministry. This move is expected to enhance financial convenience for the citizens.

According to Yonhap News Agency, South Korean nationals and companies currently have the ability to transfer up to $100,000 without documentation, but only through pre-designated banks. Other financial institutions, such as securities firms, credit card companies, and savings banks, allow for transfers of up to $50,000 without paperwork.

The Ministry of Economy and Finance shared plans to abolish the existing bank designation system starting next year. This change will allow for annual overseas remittances of up to $100,000 through all types of financial institutions, without any documentation requirements.

These transactions will be regulated by the Overseas Remittance Integration System, which has been co-developed by the government and the Bank of Korea. This new system aims to strengthen the oversight of no-documentation remittances and improve the efficiency of foreign exchange management by enhancing transparency.

The finance ministry also noted that this initiative will increase convenience for individuals who frequently engage in cross-border financial activities.