What is the correct and best way to transfer money to a Taiwan Account?
I saw some great posts on this before but I cannot locate it. I am trying to avoid or at least lower the unavoidable fees and exchange rate fees attached to transferring money to Taiwan. Thanks for your help .
ric
It depends on how much you want. If it’s under TW$100,000 then you are probably best off using your ATM card to withdraw cash from your foreign account using a Taiwan ATM. Depending on your withdrawl limit, that may take several days to accomplish.
If it’s more than that, an International Wire Transfer is usually the best way. For wires from the US you are typically looking at US$40-50 in total fees, though it could be more if your US bank likes charging fees. (For me my US bank charges US$38 to send the wire and my bank here charges US$5 to receive the wire.)
You will need to ask your bank here for wiring directions which is usually bank name, branch address, bank’s SWIFT number, and your account number (usually the same as what’s on your bank book). Some banks have US correspondent banks you can wire through which may reduce your fees.
You shouldn’t pay a commission on converting the funds to Taiwan Dollars, though the exchange rate will vary a bit from the official rate.
Depends on the bank. I also suggest that you transfer in any denomination other than NTD. Apparently NTD coming in is subject to restrictions and what not. The bank therefore may make you run around and probably ask you to pay fees related to that. So you’re getting double whammed on the giving and receiving end of things.