웹접근성 이용안내 바로가기

CARD USER GUIDE

Using your credit card abroad according to the Foreign Exchange Management Regulations

  • According to the Foreign Exchange Management Regulations, overseas transactions for all personal
    and business customers will be reported to The Credit Finance Association (for statistics) and transactions exceeding USD 20,000 per year shall be reported to the National Tax Service and Korean Customs Service
  • Credit card use amounting more than USD 5,000 per transaction will be reported to the Financial Supervisory Service through the Credit Finance Association
  • For the transaction that pays more than USD 5,000 to the overseas country using the credit card (Internet purchase, mail orders, payments for imports, etc.), it must be reported to the Chairman of the Bank of Korea in advance according to the Foreign Exchange Transaction Regulations Article 5-11, clause 1 #9 and clause 3 of the same provisions. Otherwise, certain restrictions can be applied
  • For advance report, download and fill out the report form provided by the Bank of Korea homepage, and submit it to the Foreign Exchange Review Team at the Bank of Korea, together with required documents (explanatory statement, use details and amount statement)
  • According to the Foreign Exchange Transaction Regulations Article 4-1, clause 2, when a credit card is used in an overseas casino or for Internet gambling, membership can be canceled and details may be reported to National Tax Service

Checklist bofore Daparture

  • Card availability
    • Only the credit card holder can use his/her credit card
    • If your family member needs a credit card, you can have 5 more family credit cards after application
  • Signature on the back of the card
  • Name in English indicated on the card should be identical to the one on the passport
    • If names are different on the credit card and password, your card may not be accepted.
  • Expiration date
  • Overseas credit line
    • Check for overseas credit limit indicated on the statement before going on a trip.
    • As the credit limit is a combination of domestic and overseas usage, the remaining credit limit may be less than the amount indicated on the statement when the domestic use amount is high
    • Please confirm your exact overseas credit limit before departure

Overseas credit card payment

  • All transactions are converted into US dollars.
    • Where ever you use your credit cardall transaction amount will be converted into US dollars.
      That is, if you make a transaction in Yen in Japan, the amount will be converted into US dollars and converted into KRW again before sending you a bill.
  • For payments made in US dollars, a service charge for the relevant international credit card company is included
    • The payment request amount includes an international transaction service charge for each credit card brand.
    • Visa and Master card imposes a 1% charge of the total transaction amount as an international transaction service charge.
      This is a common service charge imposed anywhere in the world and it is included in your total payment
  • The applicable exchange rated is based on the transaction acceptance date
    • The KRW payment request amount of the US dollar-converted use amount will be calculated by the exchange rate applicable to the date of transaction detail acceptance by Woori Bank. In other words
      even if the transaction was made on 1st of May, if the transaction notification was received on 25th of May, the exchange rate of 25th of May will be applied
  • The payment request amount includes a fixed overseas credit card use commission.

    Overseas credit card use commission

    • Same for individual and business member: 0.35% of the use amount (effective from December 1, 2011)(For individuals, 05 ~ 1.0% will be applied, depending on the group, and 0.8% will be applied to the business member until November 30, 2011.)
    • All overseas use amounts request to customers includes a fixed overseas use commission, depending on customer’s credit ratings.
      (The overseas use commission is an interest paid to the bank that handles foreign exchange.)

For your information!

  • It is not easy to get a refund for purchases made in overseas.
  • Please keep a record of proof documents when shipping goods from overseas.
  • All transactions are converted into US dollars.
  • Installment payment is not available for overseas purchases.However, you can switch to installments payment plan at the branch or calling the Credit Card Customer Service Center after lump sum payment purchases.
  • Please check the details of your hotel or rent car reservation or cancellation. Be sure to keep a record of the cancellation code.When cancellations are not made in advance, you may be charged for an extra day or one time use fee as a penalty.
  • Be careful about wrongful use by others, and the unrecognized making of a counterfeit credit card.