To promote free and responsible foreign exchange transactions, the Integrated Overseas Remittance Management System is being implemented.
In cooperation with the government, the Bank of Korea is streamlining complex regulations that restrict free foreign exchange transactions by individuals and companies, and promoting advanced, self-responsibility–based foreign exchange practices. To this end, the Bank operates the Overseas Remittance Integrated Management System(ORIS), which provides real-time monitoring of small-value remittances under USD 5,000 made without supporting documents by licensed small-value remittance providers.
Participating Institutions of the Overseas Remittance Integrated Management System
| Financial Sector | Institution Name |
|---|---|
| Domestic Banks | KB Kookmin Bank, Woori Bank, Standard Chartered Bank Korea, Citibank Korea, KEB Hana Bank, Shinhan Bank, Kakao Bank, K Bank, IM Bank, Busan Bank, Kwangju Bank, Jeju Bank, Jeonbuk Bank, Kyongnam Bank, Industrial Bank of Korea, Suhyup Bank, NongHyup Bank, Korea Development Bank, Toss Bank |
| Foreign Banks | Mizuho Bank, United Overseas Bank, Deutsche Bank, MUFG Bank, Metrobank, Sumitomo Mitsui Banking Corporation, DBS Bank, Bank of America, Bank of China, Industrial and Commercial Bank of China, JPMorgan Chase Bank, BNP Paribas, National Bank of Pakistan, HSBC Bank, Bank Mellat, China Construction Bank, Landesbank Baden-Württemberg, Agricultural Bank of China, Bank of Communications, Bank Negara Indonesia |
| Small-Value Remittance Providers (Fintech, etc.) | E9PAY, SentBe, Global Money Express Co. Ltd., C-Square Korea Inc., FinShot Inc., GmoneyTrans Co. Ltd., NNP Korea Co. Ltd., Hanpass Inc., MOIN Inc., Maru Co. Ltd., SBI Cosmoney Co. Ltd., STAREMIT Co. Ltd., C&B Pay Co. Ltd., WireBarley Corp., Prabhu Co. Ltd., CROSS ENF Inc., Travel Wallet Co. Ltd., Intercall Co. Ltd., U Fintech Hub Inc., Japan Remit Finance Co. Ltd., PAYHADA Co. Ltd., ICB Co. Ltd., GLN International Co. Ltd. |
| Securities Companies | Korea Investment & Securities Co. Ltd., NH Investment & Securities Co. Ltd. |
| Credit Card Companies | ─ |