Just wondering, is there a particular amount for inward foreign-currency remittances where banks start becoming more annoying or wanting additional documentation?
I assume people transfer large sums of money here sometimes to buy property or whatever and it all goes through fine, but I’ve only ever transferred <US$5k at a time before so wanted to check if there were any rules. I assume, say, US$10–20k would be totally fine and handled in the same way with the bank just asking the purpose of the transfer?
(Not doing anything dodgy. It’s my own money earned legally, being sent from myself to myself.)
Most of our customers abroad transfer USD80K sometimes USD120K + base on our shipment invoice however some customer doesn’t want to shoulder bank charge and deducted some small value from the invoice value.
I talked to my lawyer. Because I had help with this when I bought my house. I had some money sent over from overseas for my down payment and the gift money threshold should be somewhat over $2 million before you get charged the gift tax. I’ll find the exact amount later.
It’s normal to get a phone call, was before anyway. Never needed to go into any branch. Don’t stress too much about it especially if it is from your own account.
I’m not stressed. I asked the question out of excessive caution, just to be aware of any limits I didn’t know about, mostly because I don’t want to waste time going into a branch to deal with some silly issue.
the concept of limit is mileading. There is not limitation on how much you can receive. However, there are limits on the convenience (as amount of bureaucracy) to get larger sums of money.
Over USD 100k need to make mandatory foreign currency declaration with the Central Bank, and quite a few docs (depending on the situation) will be requested.
Then if the yearly total volume per obligor (hate this word, basically means in TW banking speech per person, either legal or physical) is above USD 5M (for individuals) or USD 50M for legal persons, then need to obtain approval by the Central bank besides all mandatory declarations.
OK, so there’s not a hard limit, but there’s a process limit that kicks in above USD 100,000? So if I need about USD 180,000 would it be best for me to break it into two transactions of USD 90,000 and submit them in two different months? It’s my own money transferred from an overseas account to my local Taiwan bank account. Up to this point I’ve never wired myself more than USD 9,000.
Fair enough - hopefully when the time comes and I need the money they’ll have forms available in English or at least provide me with someone bilingual to help. Either that or let me take the forms to someone else because the last thing I want to do is rely on my poor Chinese language for an AML form that could land me in jail if I spell a word wrong in Chinese. If I need to fill the forms out in the presence of a bank person and only use Chinese then wish me luck.
