Cash (USD) or traverlers check into Taiwan?

I’m thinking about bringing some spending money from the States into Taiwan to tide me over until I start work, something along the tune of USD $1500. Should I just withdraw the money and take cash, or have travelers checks drafted? It’s a little confusing with the rates they check in Bank of Taiwan (there are two sets for USD, each one listing buying and selling, so a total of four prices). Do travelers checks count as cash or the other category when it comes to getting USD converted to NTD?

They also charge $30 NTD per every $100 USD if it’s the old bills. Does anyone know if I could simply request new bills from my bank in the US (Citibank)? And I think Citi drafts their own travelers checks other than American Express ones…an issue when it comes to cashing them?

Everyone I know no longer uses TC. ATM instead.

Bring that amount in cash, plus a credit or debit card, and inform your bank that you want to make sure the card will work in Taiwan. ATMs are nice if they work, but until you’ve tried it once in your destination country, you won’t know whether the card is actually accepted, and what would you do if it were rejected? You’ll need a backup plan. Bring enough cash to get you through a few weeks at least, and consider setting up a bank account here as soon as you can, so that in a pinch you could have a relative or friend wire you money, which would then be available a few days later. You’ll probably need an ARC (Alien Resident Certificate) to open an account though. Don’t count on your home bank giving you good service here unless you arrange it in advance. Note that BofA does NOT have a retail presence here.

TC’s aren’t accepted by most retailers here, and even many banks reject them, so the fees involved (which used to be justified, given the better exchange rates and the convenience) aren’t really worth it any more in my opinion.

Split your cash into various save locations on you, in big bills, like inside a money belt, your wallet, another secure pocket, and so on. I like the internal pockets on 5.11 Tactical shirts, and the extra, knee-height pockets on their pants, for instance, as well as thin travel wallets that attach to your belt but flip to the inside of your pants, waist-level nylon pockets with a belt that you put on under your pants, and so on. The passport carriers that hang around your neck are an easier target for thieves, especially if you fall asleep in the airport. One friend lost everything that way, some 16+ years ago here.

My BofA ATM card does work at most ATMs here including 7-11 and Family Mart, but I didn’t know that until I got here. But I also brought US$3000 in TCs when I arrived in February and had no problem cashing them at a bank in Kaohsiung with my passport.
I also needed my ARC, NHI card, and a name chop when I opened my bank account. I’ve had a Chinese name and chop for 25 years though, so that wasn’t a problem for me. I don’t think every bank would require a Chinese name and chop, maybe just your passport as proof of ID and signature, since my bank still asked if I wanted my account in my English or Chinese names.

[quote=“kjmillig”]My BofA ATM card does work at most ATMs here including 7-11 and Family Mart, but I didn’t know that until I got here. But I also brought US$3000 in TCs when I arrived in February and had no problem cashing them at a bank in Kaohsiung with my passport.
I also needed my ARC, NHI card, and a name chop when I opened my bank account. I’ve had a Chinese name and chop for 25 years though, so that wasn’t a problem for me. I don’t think every bank would require a Chinese name and chop, maybe just your passport as proof of ID and signature, since my bank still asked if I wanted my account in my English or Chinese names.[/quote]

How did the fees work from the ATM in 7-11? Obviously NTD came out of the machine, so there’d be conversion fees. Also did BoA assess any fees for doing withdraws overseas?

I just checked my bank statement. To withdraw NT$30,000, BoA charged US$35.50.

How long did it take for the transaction charges to show up? I did a quick test yesterday and withdrew NTD$6000 from a China Trust ATM in a 7-11 and it’s now showing up as a pending $182.xx transaction online - USD$1 = NTD$32.909, not too shabby.