Who are foreign residents? Those who stay in Korea for more than 6 months, or those who work for a company in Korea regardless of their period of stay, or those who are engaged in business activities in Korea, are considered foreign residents. (Permanent residents are considered residents 3 months after their arrival.) Applicable exchanges With your passport and foreigners' registration card, you can exchange for foreign currencies up to the equivalent of US$10,000. For amounts exceeding the equivalent of US$10,000, you should get a certificate of transaction of means of foreign payment issued at the BOK. If you have exchanged foreign currencies (inc. travelers check) for Korean won since 1 July 1998 and show the foreign exchange transaction slip issued by the bank or receipt together with your passport and registration card of foreigner, you can exchange into foreign currencies within the amount. ¡Ø If you exchange more than US$10,000, you must keep a certificate of foreign currency declaration issued by the bank.