Ministry increases overseas wire transfer limit to $2,000

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Ministry increases overseas wire transfer limit to $2,000

The Finance Ministry said yesterday that people will only have to report foreign currencies wired overseas that exceed $2,000, up from the previous limit of $1,000.

The change for overseas money transfers is part of eased regulations on foreign currency trading unveiled by the government.

The ministry said it expects that the move will make transfers more convenient for parents who are wiring tuition fees and living expenses to their children living abroad. The government is also allowing people living in rural areas to send money through their agricultural cooperative, or nonghyup, which was previously banned. This would help foreign laborers living in rural areas to more easily transfer earnings to their families at home.

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