Procedures for opening an account Non-residents Free Korean Won Accounts Non-residents Free Korean Won Accounts for Equities Investments Non-residents Foreign Currency Accounts Features Non-residents who wish to open a foreign currency deposit account at a foreign exchange bank in Korea can open an external account. External Account External account refers to a foreign currency deposit account opened by a non-resident. Applicable Deposits Ordinary deposits and current deposits (free withdrawal and deposit) and time and savings deposits including time deposits and time installment deposits Applicable Funds Funds remitted from overseas or Funds admitted for acquiring or holding (In the case of the deposit of foreign currency carried into Korea exceeding the equivalent of US$20,000, foreign currency declaration shall be submitted.) Disposal of Deposits Overseas remittance Transfer to other foreign currency deposit accounts. Withdrawal in Korean won or foreign currency (In the case of the withdrawal of the amount exceeding the equivalent of US$10,000, a foreign exchange bank issues a certificate of foreign currency declaration.) In the case of the withdrawal of the amount exceeding the equivalent of US$20,000, an application for sale/deposit/withdrawal of foreign currency (The Bank form) shall be submitted.