Ok , i see . But i have found many nice people in the banks willing to help me only to escalate it to corporate and corp is like “ just get him out of the bank tell him a story do you really think we want to do paperwork and have risk relating to his checks , he will go”
It wont hurt to try working from the top first though what do i really have to lose but time
Open an account first. Then mention the checks.
No, I mean, you might be able to use your ATM Card IN TAIWAN to receive money.
I think the OP means that he closed all his US accounts because he is never planning on returning.
Guam is a brilliant idea.
If everything fails, please know that there are avenues that you can explore before you have to start going hungry. I know this because I was in your situation when I first arrived. But let’s not talk about these just yet, although I wanted to make sure you know that you don’t have to go hungry.
If you bring all this money in you will have to declare at the airport.
How do you have cashier’s cheques if there are no bank accounts?
Money still has to be drawn out from somewhere.
I got a account finally , CHB accepted me today… but i didnt talk of my check…
and actually two of there other locations said yes to me opening an account without ARC and they started some b*llshite and i became a crazy American and demanded that i was correct and asked to speak to the manager . It worked .
Now i still have two cashiers checks to cash- so the fun isn’t over…
Thanks for the input and ideas. I had to wait as i was a new member to respond
Cashiers check arent drawn they are cash in hand… the bank is the guanator . In usa which sounds nice it’s required by law to cash cashiers checks within 24 hours… no bank needed
Ohh. Well. Learned something new today! Thank you.
I went with this strategy hope it works
Yes , declare and look suspicious haha , wire transfers maybe better
Wiring the money is what should be the most common action by people. I don think you can bring half mil, 1 mil in any form of check, be it travelers, cashiers etc. you can only carry 10k usd free of tax to another country, values above that and you pay if you hand carry. Last time I tried couldn’t even have a travellers checked issued above 10k in certain countries.
This limit only applies to currency/certificates/precious metals that are not payable to you specifically as an individual (“negotiable securities”). If it’s got your name on it (as in a check where your are the payee), and has no cash value apart from the individual carrying it, there is no limit that I’m aware of.
Living and learning. If that’s the case, it’s a great way to wash money. As a visitor (no ARC), I can open an account here deposit the check and leave. Taiwan won’t be able to tax on that then.
Leave with cash?? Then you need to declare it … and may draw much suspicion. Unless you leave on a boat
Leave the money here and use elsewhere with withdrawals world wide. But anyways, talking about the USA is a different story. As a US citizen they report your account to the US. But other passport holders and not arc holders could do money washing by bringing checks here since it is limitless and not declarable. I thought if you bring over 10k in hands regardless if it is checks or not you would have to declare.
Let’s say a person from a country without ties to Taiwan wants to deposit big buck in Taiwan. If they use bank transfer they need to pay a bunch of fees etc and on the top of that they will draw suspicion from their own country and from Taiwan. If they bring as a check and open an account here without ARC and just deposit the check there is no need to prove the origin of the money and you can use that money everywhere in the world by withdrawing it.
If I bring big money in out of nowhere or if I send money big back they are both taxable. And even the tax rate will be charged in different brackets depending on the origin of the money (salary, inheritance, sale of assets, gift etc). But if I hand carry back home or if i cash it there it won’t work like that, that’s the reason of the 10k limit. With cashiers check not being restricted to this limit I think the money laundring ways are endless.
The biggest issue about money laundering is moving your money unnoticed and untaxed. Unless I am missing something that’s what seems feasible to do with this type of transaction, otherwise I would just transfer. If I am going nuts and missing the picture I would appreciate to be enlightened.
BTW OP, you do realize that if you get a bank account in Taiwan, you will be required to fill out an IRS form (forgot which one) and give them your US social security number. Hope you brought the card with you.
Checks are still quite trackable. Money launderers use cash not paper instruments.
A check still needs an account and ID to have that check so it’s perfectly traceable if the govt wishes.
Correct dan, and also , im not a expert on money … but there is money laundering / washing money and there is tax evasion… i need to learn the difference between the two because just in my small head there is a difference. Maybe im wrong?
Owleyes yes i had 10k cash on the airplane , nobody said anything or even asked me about it