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
I need to find broker while living overseas
- Thread starter cashclay
- Start date
I live in South Korea and trade via amp futures. One thing to keep in mind is that it is against law to send international wire transfer directly from South Korean bank to US brokerage account. Either you have to fund it via US bank or via third party bank such as hongkong bank.
Well that makes it a hell of a lot more difficult. Is that how you do it?
Yes, I used US bank for deposit. It is very difficult to fund a non-korean brokerage due to direct deposit restriction. However withdrawal directly to South Korean bank is allowed. Your best bet is to either use US bank for deposit. I think interactive broker has ACH deposit option. Please check on this. Other wise you will have to fly to hongkong and create a bank account then you can wire it from south korean bank to hong kong account then wire it again from hk account to interactive brokers. Keep in mind that you can only wire internationally up to 50k USD a year without paperwork. International wire usually cost like $35 so twice that and trip cost will be hectic. Many of my friends used this tactic because US brokerage offers cheaper commission and better platform. Hopefully this helps
Btw opening a brokerage account such as interactive brokers is very easy except you have a funding issue.
LOL yep flying to HK and thenback would be a pain in the ass. Thanks agains for the info. I dont have a US bank account so i guess my best bet is to open one in HK. btw what is ACH depsoti option?
ACH only works with US bank. You can deposit and withdraw without any fee. I use it to withdraw to US bank a lot. If you want to deposit under 10k usd then you are better off carrying 10k with you on your way to HK to save fee on international wire. HK allows USD account so no need to exchange to hongkong dollar. Good luck!
Why specifically is this illegal?