ID and Cash Limits for Buying Gold in South Korea
South Korea has no law setting an amount at which a jeweller or gold shop (금은방) must check your ID, and no cap on paying cash: gold dealers aren't yet covered by the anti-money-laundering law. Two rules still apply: banks report cash deposits and withdrawals of ₩10 million or more to the Financial Intelligence Unit, and jewellery shops must issue a cash receipt, which goes to the National Tax Service, for cash payments of ₩100,000 or more.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying | No legal ID threshold for jewellers or gold shops. | Banks and securities firms selling gold bars or gold accounts identify you under their own real-name rules. |
| Paying cash | No legal cap. | Cash (and bank transfers) of ₩100,000+ must get a cash receipt. |
| Selling | No national ID rule found. | Shops commonly ask for ID and record your details; payment is in cash or by transfer. |
| Reported | Bank cash transactions of ₩10 million+ (CTR); cash receipts of ₩100,000+ to the tax service. | Banks also file suspicious transaction reports at any amount. |
The rules in detail
- Korea's anti-money-laundering law covers banks and other financial firms, not jewellers. Since 1 July 2019, financial institutions report cash deposits and withdrawals of ₩10 million or more to the Korea Financial Intelligence Unit (KoFIU); transfers aren't included. Withdrawing a large sum to pay a gold shop therefore leaves a record at the bank.
- Retail jewellery (귀금속 소매업) is a mandatory cash-receipt business. For any transaction of ₩100,000 or more, including VAT, paid in cash or by bank transfer, the shop must issue a cash receipt even if you don't ask. If you don't give a phone or card number, the shop issues it to the tax service's own number within five days.
- A shop that fails to issue one pays a penalty of 20% of the amount, and customers who weren't given a receipt can report it within five years for a reward.
- Banks may file a suspicious transaction report if cash withdrawals look split to stay under ₩10 million.
When you sell
- No national law found that sets an ID requirement for selling gold to a gold shop; most shops ask for ID and note your details to protect themselves against buying stolen goods.
- No tax is withheld by the shop.
Silver and travel
- Silver follows the same rules: no dealer ID threshold, cash receipts from ₩100,000.
- Declare cash over US$10,000 (or equivalent) when entering or leaving Korea.
Gold ID and Cash Limits in South Korea: FAQ
Do I need ID to buy gold at a Korean gold shop?
Not by law. There is no amount at which a gold shop must identify you, though shops can ask. Banks and securities firms identify you under real-name financial rules.
Is there a limit on paying cash for gold in Korea?
No. But a jewellery shop must issue a cash receipt for cash payments of ₩100,000 or more, and your bank reports cash withdrawals of ₩10 million or more.
Are gold purchases reported to the tax office?
Cash and bank-transfer payments of ₩100,000 or more get a mandatory cash receipt, which is recorded by the National Tax Service.
Sources (5)
- Sateconomy: CTR threshold lowered to ₩10 million from July 2019
- Financial News (BDO Sunghyun): mandatory cash receipts from ₩100,000 and penalties (August 2026)
- Etoday: jewellery retailers added to mandatory cash-receipt businesses
- Herald: KoFIU national risk assessment, March 2026
- Alchera: status of AML duties for Korean precious-metal dealers (October 2026)
General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.