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Financial business registration

How to Register as a Money Changer in Korea — Customs Office Filing and Visa Check for Foreign-Owned Exchange Shops

Anyone who wants to buy and sell foreign currency or buy traveler's checks issued abroad as a business must register the money-changing business in advance under the Foreign Exchange Transactions Act. The application goes to the head of the customs office with jurisdiction over the business premises, and a registration certificate is issued once you have suitable premises and computer equipment for reporting. Foreign nationals can also apply, but they must first confirm that their status of stay allows business activity in Korea.

Written by Hwang Yunsang, Administrative Agent · Published 2026-10-06 · Updated 2026-10-06

Procedure

  1. 1. Choose the exchange method and the competent customs office

    Money-changing business is registered as regular, unmanned exchange kiosk or online, and you may select more than one method. You apply to the head of the customs office with jurisdiction over the premises; for unmanned kiosk and online methods, the Seoul Customs Office has jurisdiction if the head office is in Seoul. If one business registration number runs several premises under different customs offices, you may register them all at once with the customs office for the head office.

  2. 2. Check the status of stay of a foreign applicant

    A foreign national may do business only within the scope of activities of his or her status of stay. Permanent residents (F-5) have no restriction on activities, and marriage immigrants (F-6) and certain residence (F-2) types are not restricted in employment activities. Corporate investment (D-8) covers management staff of foreign-invested companies, and trade management (D-9) covers essential professionals who establish and run a company or carry out for-profit business, so compare your own status with these scopes first.

  3. 3. Prepare the premises and IT equipment

    The registration requirements are premises needed for the business and computer equipment that allows smooth ledger reporting and submission of data. Unmanned kiosk and online methods require information processing and security systems approved by the Commissioner of the Korea Customs Service and go through a Korea Customs Service review. The online method requires either escrow of payments with a third party or a performance bond of at least 100,000,000 won deposited with the head of the competent customs office.

  4. 4. Apply and receive the registration certificate

    Submit the money-changing business registration application to the competent customs office with supporting documents proving the premises requirement, such as the building registry certificate; electronic filing through the money changer management system is also possible. The customs office may request supplements or inspect the premises before registering, and checks a copy of the registration license tax receipt before issuing the certificate. If registration cannot be made within 20 days from the application date, the reason is notified immediately.

  5. 5. Duties after opening, and changes or closure

    Post a money-exchange sign in Korean and a foreign language and the registration certificate where they are easy to see, and post the exchange rates every business day. Designate a transaction foreign exchange bank and report it to the customs office, and submit a copy of the exchange ledger by the 10th of the month following each half-year. Report a change of name or location, or a closure, at least 7 days in advance; changing the business registration number, the representative of a sole proprietorship, or an address that moves to another customs office requires closure and a new registration.

Required documents

  • Money-changing business registration application (with the exchange method selected)
  • Documents proving the premises requirement (building registry certificate, lease contract, etc.)
  • Copy of the business registration certificate
  • Corporations: corporate registry certificate and list of officers
  • Foreign applicants: copy of passport and copy of residence card
  • Unmanned kiosk and online methods: description of IT equipment and information security systems
  • Online method: terms and conditions, proof of performance bond deposit or guarantee insurance
  • Copy of the registration license tax receipt (before the certificate is issued)
  • Letter of authorization (when filed by a representative)

Fees

Industry range of several hundred thousand won to several million won · We give a quote after consultation depending on whether the method is regular, unmanned kiosk or online, and whether the foreign applicant's status of stay also needs to be arranged. Government fees such as the registration license tax are separate.

See fees and official charges for this service →

Legal basis and review date

  • Foreign Exchange Transactions Act, Article 8
  • Foreign Exchange Transactions Act, Article 10
  • Foreign Exchange Transactions Act, Article 12
  • Foreign Exchange Transactions Act, Article 27-2
  • Enforcement Decree of the Foreign Exchange Transactions Act, Article 15
  • Enforcement Decree of the Foreign Exchange Transactions Act, Article 16
  • Enforcement Decree of the Foreign Exchange Transactions Act, Article 37
  • Foreign Exchange Transaction Regulations, Article 2-28
  • Foreign Exchange Transaction Regulations, Article 2-29
  • Notice on the Management of Money Changers, Article 3
  • Notice on the Management of Money Changers, Article 4
  • Notice on the Management of Money Changers, Article 5
  • Notice on the Management of Money Changers, Article 8
  • Notice on the Management of Money Changers, Article 11
  • Immigration Act, Article 10-3
  • Immigration Act, Article 18
  • Enforcement Decree of the Immigration Act, Article 23
  • Enforcement Decree of the Immigration Act, Annex 1-2

Checked against the statutes on

Statutes and public notices change, so each case needs to be checked individually. Statute titles are given in English for reference. The Korean statutes are the authoritative text.

Check these first

  • A copy of the exchange ledger and the exchange business status report must be submitted to the competent customs office by the 10th of the month following each half-year, and failure to submit can lead to suspension of business or revocation of registration.
  • Exchange records, including the exchange ledger, foreign exchange sale applications and foreign exchange purchase certificates, must be kept for 5 years after the year concerned.

Frequently asked questions

Where do I apply to register a currency exchange shop?
You apply to the customs office with jurisdiction over the business premises. Under the Foreign Exchange Transactions Act, the authority to register money-changing business is delegated to the Commissioner of the Korea Customs Service, and the head of the competent customs office handles it in practice. For unmanned kiosk and online methods, the Seoul Customs Office has jurisdiction if the head office is in Seoul.
Can a foreigner open a currency exchange shop?
Yes. The registration requirements are premises and computer equipment, and there is no nationality requirement. However, the applicant must hold a status of stay that allows business activity in Korea, so first check the scope of activities of your own status, such as permanent residence (F-5), marriage immigrant (F-6), residence (F-2), corporate investment (D-8) or trade management (D-9).
What happens if I run a money exchange business without registering?
It is a criminal offense. Doing money-changing business without registration can be punished by imprisonment of up to 3 years or a fine of up to 300,000,000 won. A person whose registration was revoked cannot register again until 3 years have passed from the revocation date.
Do I need to check customer identity and use forms when exchanging money?
Yes. When buying foreign currency, you receive a foreign exchange sale application and verify identity with a passport or other real-name identification, and you issue a foreign exchange purchase certificate to foreign residents and non-residents. If you buy more than USD 20,000 from the same person on the same day, you also check whether acquiring that currency was subject to reporting. Transactions of USD 2,000 or less per person per day (USD 4,000 for computerized-ledger money changers) can be made without these forms, but they must still be recorded in the exchange ledger.
Does an administrative agent handle money changer registration?
Yes. Hwang Yunsang Administrative Office checks the exchange method and the competent customs office, reviews the scope of activities of a foreign applicant's status of stay, prepares the registration application and supporting documents, and files them with the customs office on your behalf. We also prepare change and closure reports after registration.

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Contact us

Hwang Yunsang Administrative Office in Songdo, Incheon prepares and submits administrative documents and explains the procedure. If your situation is similar, send us a message.

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This guide is general information based on public sources. Requirements, documents and deadlines differ by case and by the competent agency, so please confirm them before you proceed.