The Office for Government Policy Coordination recommended to the Financial Services Commission on the 8th to “promote an increase in the limit within the year” regarding the withdrawal and transfer limit applied when opening a new bank account. The Financial Services Commission said it would accept this and expeditiously implement it. As a result, the withdrawal and transfer limit, which is limited to 300,000 to 1 million won per day, is expected to be raised within this year. It has been seven years since the introduction of the related system to prevent the opening of the ‘Daepo Account’.
The Regulatory Judgment Department of the Office for Government Policy Coordination held a regulatory review meeting on the same day and recommended to the financial authorities, “Considering overseas cases and the level of the Korean economy, push for an upward adjustment of the daily limit” in relation to the ‘financial transaction purpose confirmation and limit limit system’. Regarding the specific limit, he demanded, “After consulting with the banking sector, consult with the regulatory adjudication department to make a decision within the year.”
Currently, when an individual or corporation opens a new account at a bank, the transaction limit is limited for a certain period of time. The limit is 300,000 won for online transfers, 300,000 won each for automatic teller machine ( ATM ) transfers and withdrawals, and △ 1 million won in total for over-the-counter withdrawals and transfers. Woori Bank allows transactions of up to 1 million won per day, including online , ATM, and counters.
Some banks lift transaction restrictions by submitting required documents such as employment certificates, but many banks actually check transaction performance. In the case of checking transaction performance, the transaction restriction period is usually three months, but it is known that there are cases where it takes about a year. In particular, many pointed out that full-time housewives, students, job seekers, new entrepreneurs, and retired seniors, etc., should use a bank account with a low transaction limit for a considerable period of time for customers who have difficulty verifying income or who have poor transaction performance.
The Regulatory Tribunal demanded improvement in the complicated transaction limit lifting process, saying, “Prepare guidelines within the year to increase the predictability of the public.”
Korea, new account transfer 300,000 won per day… Up to $5,000 US line availableThe Office for Government Policy Coordination believes that the withdrawal and transfer limits for new bank accounts in Korea (300,000 to 1 million won per day) are too low compared to foreign banks such as the United States and Japan.
According to the Office for Government 스포츠토토Policy Coordination, a bank in the United States allows up to $5,000 (approximately 6.54 million won) of transactions per day when customers who open a new account use online banking, and up to $300 (approximately 390,000 won) at an ATM per day. Some banks allow you to withdraw up to $1,000 (about 1,310,000 won) per day from an ATM .
A bank in Japan has a basic online transfer limit of 1 million yen (approximately 9.2 million won), and allows transfers of up to 10 million yen (approximately 92 million won) if the customer specifies separately. The ATM transfer limit is 100,000 yen (approximately 920,000 won) per day, which is three times higher than in Korea. The Regulatory Tribunal of the Office of National Treasury advised the Financial Services Commission and the Financial Supervisory Service to consider diversifying limits according to consumer characteristics, level of evidence, and type of transaction in consideration of such overseas cases.
The reason for this decision by the Regulatory Tribunal is that there is a lack of legal basis for the ‘financial transaction limit system’. The banking sector began operating the current ‘limit account system’ from 2016 in accordance with the instructions of the financial authorities. The intention was to block the cannon passbook.
However, many pointed out that only public inconvenience increased. This applies to individuals as well as corporations. In the case of a new business, even if you try to transfer employee salaries after opening an account, it is not uncommon to have to spread the salary over several days as the internet banking limit is limited to 300,000 won per day.
The Regulatory Tribunal pointed out that “the financial transaction limit system is a shadow regulation that excessively restricts the people without any legal basis.” An official from a commercial bank said, “I think it is desirable to raise the limit as much as most customers feel uncomfortable.”
