Currency Exchange Business Registration in Korea — Complete 2026 Guide

1. What Is Currency Exchange Business?

Currency exchange business (환전업) is the business of buying and selling foreign currency and buying traveler's checks issued abroad. Under Article 8 of the Foreign Exchange Transactions Act, a person who is not a financial institution must register in advance to carry it on. The Act names the Minister of Economy and Finance as the registering authority, but this power is delegated, so registration is filed with the Korea Customs Service (delegated authority; handled by the competent customs office).

2. Who Needs to Register?

Any individual or business — including foreign-invested companies — that intends to buy or sell foreign currency as a commercial activity in Korea must register. Common applicants include hotels, shops in tourist districts and businesses at airports. Overseas remittance is a separate foreign exchange business that requires its own registration.

3. Key Requirements

• No statutory minimum capital requirement
• Business premises necessary for currency exchange
• Computer systems prescribed by the Minister of Economy and Finance for currency exchange and follow-up management
• The applicant (including officers of a corporation) must not be barred from registration, for example because a previous registration was cancelled less than 3 years ago

4. Required Documents

• Application form stating the name, business location, scope of currency exchange business and (for corporations) officers
• Proof of business premises (e.g., lease agreement)
• Proof of the required computer systems
• Corporate registry extract (for corporations)
• Business registration certificate
• AML internal control policy document

5. Registration Procedure

1. Prepare the business premises, computer systems and supporting documents
2. Submit the application to the Korea Customs Service (delegated authority; handled by the competent customs office)
3. Review and supplementation period
4. Receipt of registration certificate

6. AML Obligations

Currency exchange operators are subject to Anti-Money Laundering (AML) obligations under the Act on Reporting and Using Specified Financial Transaction Information. Key requirements include:

• Customer identification (KYC) for one-off foreign exchange transactions denominated in foreign currency of USD 10,000 or more, or the equivalent
• Suspicious transaction reporting (STR) to KoFIU without delay
• Record-keeping for 5 years after the business relationship ends
• Appointment of a person in charge of reporting, written internal guidelines and staff training

7. Timeline and Fees

The Foreign Exchange Transactions Act and its Enforcement Decree set no statutory processing period for currency exchange registration; actual timing depends on the review of the business premises and computer systems and on any requests for supplementation.

8. Post-Registration Obligations

• Report cash paid to or received from the same customer in one business day totalling KRW 10 million or more (foreign currency excluded) to KoFIU within 30 days
• File a change report with the Korea Customs Service at least 7 days before changing the name, business location or scope of business, or before closing the business
• Supervision and inspection of currency exchange businesses are carried out by the Korea Customs Service