Mesheel, i have never had a problem with drawing money overseas using Chinatrust even when i did not have an ARC.
A friend said he went to Citibank in Taipei. He’s a US Citizen.
They advised him to NOT open an account with them, they said
that because Citibank is a US bank, they have to report his
account activity back to the US govt.
They advised him to simply use one of the many local non-US banks instead.
So what is going on here? Is this
- That Citibank does not want small fry customers
(Friend already has a US Citibank account, so they could confirm
that he’s not exactly a small fry, though he’s hardly a commercial client) - A result of the war on drugs
- A result of the war on terror and 9-11
What exactly would they be reporting? Cash transactions (deposits?) of
greater than US$10,000 (or $9000 a day for a week straight e.g.
at their discretion)
Interest earned in the account on a 1099 form?
Wonder what other readers make of this.
-BigJim