English

24-5 · Financial business registration

Money Changer Registration

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 Article 8(3) of the Foreign Exchange Transactions Act and Article 15 of its Enforcement Decree. Registration authority is delegated to the Commissioner of the Korea Customs Service, so the application goes to the head of the customs office with jurisdiction over the business premises, and a registration certificate is issued once the applicant has premises suitable for money changing and computer equipment for reporting. If the head of customs does not register the business within 20 days of the application, the reason is notified immediately, and a person whose registration was cancelled cannot register again until 3 years have passed from the cancellation date. Foreign nationals may apply, but should first confirm that their status of stay allows business activity in Korea.

HWANG YUNSANG ADMINISTRATIVE OFFICESONGDO · 37.3892° N / 126.6439° E
#Money Changer Registration#Official check#24-5
🌐 How to Register as a Money Changer in Korea
01

Procedure

Procedure

  1. 01

    Choose the method and the customs office: Choose among general, unmanned exchange machine and online methods, or combine them. For unmanned machine and online methods, the Seoul Customs Office has jurisdiction if the head office is in Seoul, and multiple premises under different customs offices can be registered together at the customs office for the head office.

  2. 02

    Check a foreign applicant's status of stay: Foreign nationals may operate only within the scope of activities allowed by their status. F-5 (Permanent Residence) has no activity limits, F-6 (Marriage Migrant) and some F-2 (Residence) types have no employment limits, and D-8 (Corporate Investment) or D-9 (Trade Management) holders should compare the business with the scope of their own status.

  3. 03

    Prepare premises and computer equipment: The registration requirements are premises needed for money changing and computers or similar equipment for reporting the exchange ledger and submitting data. Unmanned machine and online methods need information processing and security systems approved by the Commissioner of the Korea Customs Service, and the online method needs a third-party escrow or a performance deposit of at least 100 million won.

  4. 04

    Submit the application: Enter the name, business location and scope of money-changing business on the Money Changing Business Registration Application (Separate Form No. 3-1 of the Foreign Exchange Transaction Regulations), attach proof of premises such as the building register certificate and file it with the competent customs office; electronic filing through the money changer management system is also available.

  5. 05

    Supplementation, site check and certificate: The head of customs may request additional documents or inspect the premises if needed, and checks a copy of the registration license tax receipt before issuing the certificate. For unmanned machine and online methods, the Korea Customs Service separately reviews the computer systems.

  6. 06

    Ongoing duties and changes or closure: Display the money-changing sign in Korean and a foreign language, the registration certificate and each business day's exchange rates, and report the designated foreign exchange bank to customs. Submit copies of the exchange ledger by the 10th of the month after each half-year, report a change of name or location or a closure 7 days in advance, and close and newly register if the business registration number changes.

02

Filing route

Filing route

Customs office with jurisdiction over the business premises

Confirm the current filing office, jurisdiction, and online availability on the official website.

Official check
Actual processing agencyCompetent Korean authority or official service
Statutory and policy authorityCompetent Korean authority or official service
Online routeCompetent Korean authority or official service
03

Deadlines & processing notes

Deadlines & processing notes

Check deadlines and next steps against the notice, filing date, and any request for additional documents.Official check
04

Basic documents

Basic documents

Basic documents0 / 8

Failing to submit copies of the exchange ledger by the 10th of the month after each half-year can lead to a business suspension or cancellation of registration, and after cancellation you cannot register again for 3 years from that date.

Scope of services

Scope of services

Hwang Yunsang Administrative Agent Office prepares and translates documents for administrative agencies, submits them on your behalf, and guides you through permit, application, and notification procedures. Services that require the principal’s personal appearance, principal’s application, or electronic signature may be limited in delegation.