Hey guys, i’m trying to partner up and export things to the US to sell. I don’t know whats the best way to get small amounts of cash to me a month. Maybe 2-8k USD a month, I hear the bank fees are ridiculous and slow and annoying. I was thinking about using WU, it’s like a 8$ flat flee and It’s so much faster and I get it in cash. Is there some rule about WU and Taiwan flagging me if I constantly get money to me and wire money back and forward with WU? I made some small money just to start out using WU since it’s like 200-500USD each time to me and sometimes to back for some expenses there. I know they copy my ID each time. Anyone know whats the best way?
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Whats wrong with PayPal?
I was once told, I could be wrong, that transfer limits were $25k per day, I cannot remember if that was NT or US. I think that was for banks. You know, forget I said anything.
I usually use my ATM for monthly spending.
If WU is $8, then that is a bargain if the exchange rate is ok. Did you do it all online via the WU website or phone app? From your US bank account?
Transferring from US bank account to Taiwan bank account seems to take a few weeks and around US$50 and Taiwan banks make it inefficient. I only do it when transferring large amounts.
yeah, thats why I’m looking for other options. I need to make a receive money a couple times of week, it’s too small to use the bank for the fee and I can’t wait 1-2 weeks. in case something comes up and I need cash to purchase more inventory, or I need to send cash or receive it for some expenses. The exchange rate is standard for the bank. They partnered up with the bank.
I’m going to the TC bank the has WU services, right next to my house.
Money can be sent via Google Wallet? I had no idea.
That’s not what I meant.
Try this:
In this scenario, isn’t it better to open up another US-based account and just have your business partner transfer it to there instead? Assuming of course, you don’t need the small amounts for cashflow operations.
do I not have to open it in person in the US.
Not necessarily no, one of the big internationals (Citibank, HSBC etc) may be able to assist you. Not sure if it is standard operating procedure, but it’s happened before.
I guess you closed all your US accounts prior to moving back?
Yes, I closed it all. Right now the money is in such small amounts but necessary, especially for him for expenses. I could just take the revenue once a month but I guess I would have to trust him and keep a tight book on things which is a bit annoying as well.
I don’t mind using WU since once he puts the money there, I can wait to collect it all at once when I have time maybe 1-2x a week. So it’s safe this way for me as well, I just don’t know if it’s like suspicious activity or something?
Heres a thought I had about how hard it is for a regular person to take advantage of globalization and profit off it it. There’s so many import and export laws that only large corporations can overcome to be truly profitable. Even banking makes it impossible for 2 first world country people to benefit off of each other without paying huge fees and waiting for banks to move the money. It’s 2017 and it’s still a small amount of people who profit off of globalization sadly.
Look at Citibank “global transfers.” Look at all the rules and limitations, it might meet your needs.