I’m citizen of S.Korea and also living in.
In Korea crypto price is 10% higher than international price and i gain money by crypto arbitrage.
But the problem is we have limit of international transfer 50K USD per a year.
And it is so small for me.
so I considered about sending money to my dutch account on other’s name like my friends.
It worked fine but the money transfer company started doubting about purpose of money transfer.
Coz it isn’t allowed to send money abroad for crypto purchase.
So the solution now i think about is
I go abroad and withdraw money on ATM with my Korean bank card, and i deposit on that country’s bank account and buy crypto with p2p of binance.
Bank doesn’t report on tax authority when the money isn’t over 600 USD.
And actually in korea banks don’t care about what i’m doing with bank account.
So the problem is tax authority only.
Do you think it would work?
In Korea crypto price is 10% higher than international price and i gain money by crypto arbitrage.
But the problem is we have limit of international transfer 50K USD per a year.
And it is so small for me.
so I considered about sending money to my dutch account on other’s name like my friends.
It worked fine but the money transfer company started doubting about purpose of money transfer.
Coz it isn’t allowed to send money abroad for crypto purchase.
So the solution now i think about is
I go abroad and withdraw money on ATM with my Korean bank card, and i deposit on that country’s bank account and buy crypto with p2p of binance.
Bank doesn’t report on tax authority when the money isn’t over 600 USD.
And actually in korea banks don’t care about what i’m doing with bank account.
So the problem is tax authority only.
Do you think it would work?
