The Korea Customs Service (KCS) announced that the customs refund that has been granted twice a day up to now, will be deposited to exporters’ accounts immediately after KCS approves starting on the first of December. 

Until now, only accounts in 12 banks (225 branches) were possible to receive customs refunds but now any account enabled to freely withdraw and deposit opened from The Korea Development Bank, Industrial Bank of Korea, Nonghyup, Suhyup and 14 city banks (post offices and The Export-Import Bank of Korea excluded) will be allowed to receive refunds. 

Real time customs refunds became possible by the completion of the establishment of 「Real Time National Funds Electronic Transfer System」 by the Korea Development Bank on Nov. 30. 

Je-ho Choe, Assistant Junior Official of the Audit Div. remarked, “To receive refunds without any delays, report a refund payment account number and the real-name confirmation number (exporter business registration number, etc.) used when opening the account to the Korea Customs Service.” 

Customs refund is a system of returning customs paid when importing material to the exporter or manufacturer of the exported goods. Up to October of this year, currently about 16,000 companies have received this year’s customs refund of about 2.2 trillion Won. 

Source: Korea Customs Service, November 27, 2003