For a year I agonized over financial fees and depending on people back home to take care of my bills. Now, I don’t have these problems. The best part, I only pay $115NT to transfer money back home, the rest is FREE.
This is how you do it.
Open an online account with Citibank - ultimate savings account.
: you can do this over the internet, you will need an American address. Citibank usually has promotions on this account. I got $50 USD when I opened my account, I’ve seen promotions for $100 USD. You will need someone in America to send you the debit card. Once you have the account and the debit card you can do a bunch of really cool things.
- you can use your new account to pay your American bills online. I pay my student loans with this account, fund my brokerage account, and if I had to, pay my credit card. All FREE.
- you get a nice interest rate on this account. It is 2.23% right now.
- you can use your Citibank debit card in Taiwan with no charge! Which means, if your send your money to your bank account, you can literally receive money for FREE! Citibank does not fee you for currency conversions or ATM usage. And the great thing is, it is instant. So if you really need the money today, you can go to your local Taiwan CitiBank ATM and make a withdrawl.
Open a Chang Hwa Bank account (Traveler’s Checks)
: It might not matter what Taiwanese bank you open up. I know that my bank, Chang Hwa, has Traveler’s Checks for 100NT. Which means it does not matter if I get 100USD of traveler’s checks for 10,000USD of traveler’s checks; the fee is exactly 100NT. You might be able to find a Taiwanese bank that charges less. If you find one, please tell me.
Go to the Post Office (Sending Money Back Home)
: Once you buy a traveler’s check from the bank. Sign your name on the top and bottom lines of the travelers check and write you name in the middle line. Then on the back of the traveler’s check write “For Deposit Only”. Also sign your name of the back of the traveler’s check and your CitiBank account number. Then send your deposit to CitiBank directly. Here is a link to tell you what Citibank location you need to send it to. The place where you send it to depends, on which state has your US address https://web.da-us.citibank.com/cgi-bin/citifi/scripts/help_desk/help_desk_subtopic_popup.jsp?BV_UseBVCookie=yes&BS_Id=HD_ST_002&BS_Branding=Popup Sending a letter to America costs 15NT. So altogether, it cost me 115NT to send money back home. And since it is a traveler’s check you can get a new one, if you are worried about it being lost or stolen.
I sent my deposit on Friday, August the 1st at 4:40 pm. I received my deposit in my Citibank account on August the 13th. Yes it took a long time to get to America, but compared to SWIFT or Western Union - this is ridiculously cheap. If there is a bank that gives out complimentary travelers checks, then it would only cost $15NT to send money to America!
Anyways, I hoped this helped. If you have any questions just reply to this post. Also, I’m looking for a job working at one of the hard core buxibans (modawei, tomcat, cortland). If you know anyone that is hiring, please send me an email at: firstname.lastname@example.org