100 sats \ 4 replies \ @john_doe 1 Jun 2023 \ on: On/OffRamps BTC Only, with Lightning + with KYC bitcoin
Given your purpose, my remark may be irrelevant. So sorry for that, but I would have added a Worldwide category with Swan Bitcoin in it, because as a non US resident I use Wise to exchange my currency to USD and buy bitcoins with Swan.
My currency is JPY although Wise allows many more.
Unfortunately, not all currencies can be changed into Dollars in Wise, e.g. Korean Won is not allowed. But good to know it is an option for other currencies.
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Interesting. I can create a Jar for Korean Won in Wise and although I didn't try I would guess I should be able to convert my money to this currency and vice versa. So in your case the option to convert is disabled with Korean Won?
That being said, I am currently in Cambodia and indeed I don't have the local currency (although the country having a currency fucked up I don't pay in Riel but in... US dollars and I get the change for small amounts in Riel). So definitely it is not a perfect option but at least doable for many outside the US.
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Korea has extremely strict capital control laws. I can relatively easily send money into the country, it's much much harder to send out.
Wise only works one way for Korea. It's probably not worth their time to do the paperwork to offer the service the other way.
Remember the 2017 Kimchi premium?
The arbitrage loop was difficult to close because of these laws...
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I see. I didn't know that, thank you for the info. Japan is similar but slightly more open. I always have to answer questions like why I want to use my money and for which purpose.
Same thing for the pension system, it is tricky to get our money out even though it is legal.
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