I thought this was strange. I had to read it a couple of times.
2 women each with 300K and 223K had the excess of 100K each seized. I get the limit is 100K. However, reading in the article further the limits are weird.
If you exceed NT$100,000 (about $US3271) or US$10,000, you must declare it.
It looks like they would have been fine if they had just changed it into USD???
That’s how I understand it too. I found it weird when researching it for a recent trip, but then I remembered where I was.
Nope. In any currency or gold etc., you can not bring more than 10000 US unless you declare it. Simple form, takes 5 minutes.
This is talking about what you can leave with, and its different amounts for the currencies under discussion in the article.
Taiwan is a bit paranoid about its currency. There were reports about an offshore TWD market in the Philippines with good rates and Filipinos flying back and forth taking cash out of the country (can’t find the link right now but I believe it was mentioned here as well). The government promptly reduced the TWD limit. There might be additional political reasons re China as to not have too much cash leave the country.
Seems the total limit is 10,000 USD with seperate limits specifically for NTD and RMB.
In most jurisdictions, it is this for all currencies, including gold. I`ve taken hundreds of thousands of dollars between countries, as well as substantial amounts in gold. Never had a problem – I declare.
I never had to leave taking value that surpass the limit, so I don’t get it. What’s the downsize if declaring?
Due to the thing called credit cards I never travel with over 200 usd in cash and maybe 2000 ntd if returning to Taiwan soon
It is the same in almost all airports. Almost had the same issue going back and forth between Australia and Taiwan. Luckily I knew about the limit and declared.
The women will probably undergo some form of interrogation, nothing serious and then pay a fine and get most of the money back.
Doesn’t make sense that the amounts are different based on the currency when you can walk into any bank and change it into NTD. Also, have you ever tried to change NTD in other countries like Japan or South Africa? I was lucky that I had some USD on me. That’s why it seems bizarre that 100,000NTD seems as valuable as 10K USD to the govt here. I’m not a big fan of government seizing cash.
The government set it at that.
It kind of does. It’s possible to imagine a black market that undercuts bank rates to scrape a profit from a captive source. It wouldn’t be in the interest of the local government to just let it happen. That they reduced the allowable amount is pretty good evidence that something like that is going on.
Indeed it’s easy to just declare it. If you’re involved in something illegal is the only reason you might try to hide it, which is why governments have such a policy of course.
It is not about the value being the same as USD, it is about control of the local currency. The government does not want you to take local currency out without you declaring it, so they can keep an eye on the flow of TWD. If you change to USD first the limit is higher because they care less (Same in South Korea btw).
The reason banks in other countries do not change TWD or have horrible fees is that TWD is not a 24/7 fully convertible currency. Foreign banks would have to change their TWD to USD with a Taiwanese partner bank, during business hours and with their fees added on top.
(Edited for clarity)
I guess I’m hypersensitive to it. In the US, it is not uncommon to be stopped and have money taken. I personally don’t think the burden of proof should have to be on the citizen about where money comes from. I’ve got expensive jewelry that is very valuable but they won’t take that because it isn’t cash.
I think a fine would be reasonable, but to take their money is not right unless the government can prove they are involved in a crime.
In case of blood pressure too low, please read this 
Customs officials seize US$380,000 in cash at Taoyuan airport
that’s a lot of money… a little different than 380K NTD.
You’re not hypersensitive. That behavior in the USA is a violation of the US constitution. Your money is stolen from you without due process when they seize it. I don’t really believe that the government is looking for organized crime. This is a form of currency control to keep control of the money and to try to scare you into keeping your money in the banks.
Unfortunately, the average citizen cannot really do anything about it, so it’s best to comply with the law to avoid illegal government action.
My dad likes to buy used motorcycles or cars with cash because of the negotiating power it has. They’d have a little more trouble from him if they tried to take his money.