Hi,
My first post at forumosa. A bit of a background: I moved to Taiwan 2 years ago, and have a solid job at a European company. I get my payroll in NTD to my NTD local bank account at MegaBank.
I’ve been saving over the past 2 years, which means that my NTD liquidity is rising. I have two major concerns.
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I have absolutely no idea about the stability of the NTD currency, what concerns me are Taiwan’s political landscape and how that could affect the currency – what if one day I wake up and the past few years of payroll have “evaporated”? is this even a possibility?
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If I do move out of Taiwan in the future, I would have two options to use my cash:
2a. I keep the cash in NTD, and use my Taiwanese ATM card at local banks (that would probably be either in Hong Kong, Thailand, or the Netherlands) – question of course is if a Taiwanese bank is OK with me doing this for years, and also which bank would take care of the currency exchange (the Taiwanese bank or the local bank?), and how much they would inflate the exchange rate
2b. I would have to use an international money transfer; unfortunately services like TransferWise.com do not support NTD. So the only option would be to use e.g. MegaBank’s international transfer or create other accounts at other banks (CitiBank?) – depending on what would be cheapest.
In case of worry 2 my main concern is that I would suddenly realize that about 10% of my earnings are gone. Who wants to work for 2 years and then realize that more than 2 months of work have gone entirely to the bank, for doing practically nothing?
Hope my post is clear enough. Let me know if I need to elaborate further.