Appendices

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Internationalization of the Korean Won

Internationalization of the Korean Won
Category Regulations
Export and Import of Won Declaration to customs is required for won exports and imports above the equivalent of US$ 10,000.
Won-denominated Bank Accounts

Nonresident Domestic Currency Accounts

Funds may be freely deposited to and withdrawn from the accounts. However, notification to the BOK is required for overseas remittance of the withdrawn funds. Accrued interest from the accounts may be remitted abroad without notification.

Nonresident Free Won Accounts

All won-denominated funds allowed by law to be paid abroad may be deposited in free won accounts, including foreign currency funds remitted from abroad or carried in by nonresidents and exchanged for Korean won, and domestic means of payment acquired by nonresidents from residents as the proceeds of current transactions. Nonresidents may transfer funds to pay for won-denominated current transactions with residents. Nonresidents may convert funds in this account into foreign currency and transfer the proceeds abroad.
Won-denominated Loans to Nonresidents Banks may freely provide loans up to the amount of ￦1 billion. Institutional investors may provide loans up to the amount of ￦1 billion upon notification to the BOK. In other cases, permission by the BOK is required for won-denominated loans to nonresidents.
Won-denominated Borrowings from Nonresidents Won-denominated borrowings from nonresidents require notification to the MOSF. Permission by the MOSF is required for short-term borrowings.
Won as Means of Settlement Current transactions may be settled through nonresident free won accounts under the name of the person concerned or a foreign correspondent bank.
Issue of Won-denominated Securities Issue of won-denominated bonds requires notification to the MOSF. For bond issues with maturity of less than one year, permission by the MOSF is required.
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