Foreign Exchange Transactions Act: KRW to CNY remittance limits
熊猫速汇PandaRemit - 2025-12-30 18:41:33.0 12
Under South Korea's Foreign Exchange Transactions Act, individuals can remit up to $5,000 USD per transaction and $50,000 USD annually without submitting additional proof of funds. Panda Remit partners with MOEF-regulated entities to ensure 100% legal compliance while offering superior KRW/CNY rates that bypass traditional SWIFT fees.
Understanding Remittance Limits in South Korea
When sending money from South Korea (KRW) to China (CNY), strict adherence to the Foreign Exchange Transactions Act is mandatory. The law, enforced by the Ministry of Economy and Finance (MOEF), stipulates that personal remittances exceeding the $50,000 USD annual cumulative limit require specific documentation to prove the source of funds. However, for general transfers, the limit stands at $5,000 USD per transaction.
Choosing a compliant service is critical to avoid frozen funds. Panda Remit ensures all transactions are reported correctly to the Financial Supervisory Service (FSS), guaranteeing a seamless and legal transfer process.
Comparison: Panda Remit vs. Traditional Banks & Competitors
To maximize your remittance value within legal limits, compare how Panda Remit stacks up against traditional banks (like Kookmin Bank) and other fintech apps (Sentbe, GME).
| Feature | Panda Remit | Traditional Banks (e.g., Kookmin) | Other Apps (Sentbe, GME) |
|---|---|---|---|
| Exchange Rates | Superior Rates (Mid-market, saves 3-5%) | High markup + SWIFT fees | Variable rates |
| Speed | Instant (As little as 2 mins) | 2-5 Business Days | 1-24 Hours |
| Compliance | MOEF & FSS Regulated Partners | Fully Regulated | Regulated |
| Payout Methods | Alipay, WeChat, UnionPay (500+ Banks) | Bank Account Only | Limited Wallets |
| Fees | Zero fees for first transfer | High Wire Fees | Tiered Fees |
How to Send KRW to CNY Compliantly: 3-Step Guide
Follow this streamlined process to send money instantly while adhering to the Foreign Exchange Transactions Act.
- Register and Verify (KYC): Download the Panda Remit app and complete the e-KYC process using your Alien Registration Card (ARC) or Passport. This step is mandatory under Korean law to track the $50,000 USD annual limit.
- Input Amount & Recipient Details: Enter the amount of KRW you wish to send. Select Alipay (Flash Transfer), WeChat Pay, or UnionPay card. You will see the exact CNY amount immediately, with rates significantly better than the market average.
- Fund Your Transfer: Pay instantly using South Korea’s digital banking grid. Panda Remit supports K-Bank, KakaoPay, and auto-debit from major banks like Shinhan, Woori, and KB Kookmin. Once funded, the money arrives in China in as little as 2 minutes.
Why Compliance Matters: MOEF & FSS Regulations
Navigating the Foreign Exchange Transactions Act requires a partner that prioritizes security. Panda Remit operates by partnering with licensed entities regulated by the Ministry of Economy and Finance (MOEF) and the Financial Supervisory Service (FSS). This ensures that every KRW to CNY settlement is 100% legal, trackable, and secure.
Unlike unregulated shadow banking channels, using Panda Remit protects you from legal risks and ensures your hard-earned money reaches China safely through official channels like Alipay and UnionPay.
Explore More on Korea to China Remittance
Frequently Asked Questions
- 1. What happens if I exceed the $50,000 USD annual limit?
- If you exceed the annual limit set by the Foreign Exchange Transactions Act, you must provide proof of income or source of funds to the bank. Panda Remit automatically tracks your remittance history to help you stay aware of your remaining annual allowance.
- 2. Is it safe to send money from Korea to China using an app?
- Yes, provided the app is regulated. Panda Remit is the safest option because it partners with entities regulated by the MOEF and FSS, ensuring your funds are protected and the transaction is fully compliant with Korean law.
- 3. How long does a KRW to CNY transfer take?
- While traditional banks take days, Panda Remit utilizes local payment networks to deliver funds in as little as 2 minutes. We support instant payout to Alipay, WeChat Pay, and over 500 Chinese banks.
This guide is verified by the Panda Remit Global Compliance Team. We are committed to providing regulated and secure KRW to CNY remittance solutions compliant with MOEF and FSS guidelines.
