As the Lunar New Year holiday approaches with increasing numbers of outbound travelers, Korea Customs Service has issued guidelines on currency declaration requirements to prevent violations of the Foreign Exchange Transactions Act.
According to the customs agency, travelers departing Korea must declare to customs if they carry payment instruments including cash and checks exceeding $10,000 in total value. The $10,000 threshold includes all payment instruments combined—foreign currency cash, Korean won cash, cashier's checks denominated in won, and traveler's checks.
General travelers should visit the customs foreign exchange declaration desk before passing through security screening. However, emigrants carrying relocation funds, travel agents, overseas students, and long-term overseas residents must obtain a foreign exchange declaration certificate from a designated foreign exchange bank before departure and submit it to customs.
Travelers entering Korea must also declare if their payment instruments exceed $10,000. They should check "Yes" on item 3 of the Traveler's Declaration Form, write the total amount, and report to customs. Those using the mobile app "Traveler Customs Declaration" can simply check "Yes" for foreign currency declaration.
Penalties for failing to declare vary by violation amount. For amounts up to $30,000, a fine of 5% of the undeclared amount is imposed. Violations exceeding $30,000 may result in up to one year imprisonment or fines up to 100 million won. Funds with unclear origins may be restricted from leaving or entering the country.
According to Korea Customs Service, 691 cases of illegal currency smuggling totaling 232.6 billion won were detected last year. While many cases involve funds concealed for illegal purposes such as gambling, smuggled goods purchases, or cryptocurrency arbitrage, violations frequently occur simply because travelers are unaware of declaration requirements.
"Failing to declare to customs when traveling abroad can disrupt your schedule and result in legal penalties," said Lee Myung-gu, Commissioner of Korea Customs Service. "We ask for active cooperation."
Meanwhile, Incheon International Airport Corporation expects 1.22 million passenger movements during the Lunar New Year holiday period from January 13 to 18. The corporation projects an average of 204,000 daily passengers over the six-day period.