'Apply for Currency Exchange via App → Receive Dollars at Convenience Store'... Foreign Exchange Service Deregulation

[Sejong=Asia Economy Reporter Son Seonhee] As the government relaxes regulations related to foreign exchange services, a service allowing users to receive foreign currency requested through a non-face-to-face application (app) at nearby convenience stores at their desired time is being implemented.

According to the Ministry of Economy and Finance on the 2nd, this 'Convenience Store Foreign Exchange Payment Receipt' service was launched last September and is currently in operation. It is a follow-up measure to the Ministry's announcement of the 'Foreign Exchange Service Innovation Plan through Convergence, Non-face-to-face Expansion, and Competition Promotion' in June last year.

Previously, foreign exchange services could only be used by visiting banks during business hours or paying fees at exchange counters set up at airports or duty-free shops. However, with the amendment of the Foreign Exchange Transactions Act, it has become possible to entrust the acceptance of foreign exchange applications and payment delivery through convenience stores and others.

Currently, the service is provided at about 100 CU convenience stores located in Seoul for four currencies (USD, EUR, CNY, JYP) with a daily limit of 2,000 dollars.

Additionally, the online foreign exchange service transaction limit, which was previously restricted to 2,000 dollars, has been expanded to 4,000 dollars for companies that have submitted foreign exchange ledgers to the Korea Customs Service's electronic declaration system.

Furthermore, when foreign workers apply for refinancing loans at domestic capital companies to repay high-interest loans in their home countries, loans were previously blocked due to concerns such as 'use for other purposes.' However, by broadening the scope of official interpretations, overseas remittances for refinancing loans and remittances to home countries are now permitted.

Regarding this, the task submission for the rapid confirmation and exemption system for new business regulations related to foreign exchange and small overseas remittances, which will be operated in the first quarter of next year, will be conducted from December 10 to 31.

The Ministry of Economy and Finance stated, "We will continue efforts to improve regulations to discover new businesses in the foreign exchange and remittance service sectors and enhance convenience for the public."

This content was produced with the assistance of AI translation services.