Why specifically is this illegal?
South Korean government does not want korean citizen to send large sum of money overseas so they created that law.
Why specifically is this illegal?
My current broker is really a pain in the ass. Im currently living in korea and there are so many restrictions as to what i can and cannot do. For instance i cant trade on american stocks and short sell as a foreigner living here. Im wondering what US broker or any english broker allows overseas people to open an account? Im looking for one that doesnt give me much hassle and is easy to open an account with living overseas. thank you
You can wire out 50k USD per year from Korea for certain. If you're an ex-pat and have an account overseas,you can of course xfer directly from that account. I'm sure there are ways to do more for investment purposes but you will have to check locally and with your bank for further info.
http://www.korea4expats.com/article-bank-transfer-payments-korea.html
At Interactive Brokers you will have access to all trading classes - stocks, futures, options, forex, CFDs on over 100 markets around the world.
Crap so basically if i eant to use IB then i need a US bank account OR hk BANK ACCOUNT. tHIS IS GETTING HARDER AND HARDER.