Hi guys As the title says I have a load of local currency and need it to be converted to GBP at the best possible rate. I don’t have a Taiwanese bank account, the only option I’ve been suggested is to go to Bank of Taiwan to get GBP but I would rather not be walking around with over £1000 cash once I leave the safety of Taiwan. Are there any ways to get this cash direct into my UK account?
You can take it to any bank, and do a wire transfer. You will obviously pay a fee for this.
Bank of Taiwan exchange at market rate, no fees. DO NOT do this outside of Taiwan because they charge excessive fees.
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Great so would you say wire transfer from Bank of Taiwan be my best and most cost-effective option? Yes I figure back in the UK they wouldn’t even take that much TWD or completely shaft me.
you would need your bank’s IBAN and SWIFT code and stuff but yes you can take it to any bank. I did it at Huanan bank in Danshui and they only charged 300nt for fees, but this was decade ago. However I am sure Bank of Taiwan would do it for a reasonable fee too.
I might have been willing to buy it from you for a transfer to your UK account, but I just checked the exchange rate and it seems pretty shitty at the moment (36.61 TWD/GBP), even compared to the last month or two. How much of a rush are you in?
Actually, I guess that means it’s a good time for you to buy GBP, so maybe the bank is better for you. BOT rates are here. The transfer fee @Taiwan_Luthiers posted above is similar to what I’ve read before for international transfers from Taiwan (not sure how much they shaft you on the rates though, but I guess you can ask the bank).
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GBP been on a downward trajectory for quite some time, and nothing indicates any improvement coming (incompetent pandemic handling, full speed towards no-deal Brexit).
All the banks charge more or less the same rates. Some might appear to be cheaper, but they’ll shaft you in another way. Also, the exchange rates are different depending on how/what you change. If it’s cash, then the rate will not be the same as if it’s from your account. If you want a check, then it will not be the same rate as if it’s sent directly to your account. Lots of ways they screw people over.
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You should transfer it into GBP in your Taiwan account (most banks offer this, you can have a wai-bi, foreign ccy account, sitting alongside your Taiwan account). This way, you get to change TWD to GBP at a reasonable rate.
Only once you have it in GBP, do you wire it (SWIFT transaction) to your UK bank.
Do not send TWD to the UK, or your UK bank will shaft you on the exchange rate, 'cos that’s what they’re good at.
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I don’t have a Taiwanese bank account
Thanks for the advice so far, I’m leaving on Saturday so have little time to sort this out. I don’t think I have it in me to trouble a Taiwanese friend with converting this cash into GBP on their account then Swift transferring it, seems like quite an ordeal !
I don’t know what a waibi or foreign ccy account is
Do this.
Don’t forget these (just log into your uk account and copy them, they will available somewhere depending what bank you are with)
Just one more question , should I have the TWD converted by the bank here in Taiwan to GBP then wired to my UK bank or send TWD to my UK bank for them to convert? Is this even someone worth considering?
Thanks mate I’ll most likely use this option
many banks do not require an account for you to wire transfer. Just show up at the bank with the money. Also convert it to pounds here. If you do this at the UK they will rape you with the rates.
It is really not that much money. Just convert it to cash and carry it on your person. Just don’t go through dangerous parts of town once you get there, and put it into the bank right away. Simplest solution really.
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Actually, true, it’s not much money at all. I read it as £40,000 at first. That’s only just over £1,000, convert here and take it back in cash. Keep it in your hand luggage, inside zipped pocket, and don’t let go of the bag for a second. Whilst at the same time looking very relaxed about the whole thing.
Airport is cheap and easy. Just don’t forget to do it on the way out.