Why is the customs notified rate different from the bank exchange rate?
The dutiable value customs uses for import/export declarations isn't calculated from a real-time bank rate — it's based on an official rate that Korea Customs notifies weekly. This rate moves independently of the market rate actually used for payments and remittances, so estimating with a bank rate when preparing customs documents often produces a figure that doesn't match your actual declared value.
This tool looks up the official import and export rates exactly as notified by customs, and instantly converts any amount into Korean won. When preparing an export quote or estimating an import declaration value, it keeps you on the correct reference rate instead of confusing it with the bank settlement rate.
Frequently Asked Questions
Q. How often does the customs notified rate change?
A. It's updated weekly, and the same rate applies to every declaration filed during that period — a different update cadence from the continuously moving bank rate.
Q. How do import and export rates differ?
A. Customs notifies separate rates for import and export declarations. Even for the same currency, the two figures can differ slightly, so always pick the rate matching your transaction direction.
Q. Is this the rate used for actual payment settlement?
A. No. This rate is only for customs valuation — actual bank settlement and remittance use the market rate (bank buying/selling rate) in effect at that moment.