Can anyone tell me where to get the best exchange rate (ie more NTD for my USD) in Taiwan and whether (in your experience) you’ve gotten close to the “actual market” rate?
I don’t know how it works in Taiwan, but in Peru it was basically you shop around at little bodegas until you got a decent rate. And you steered clear of banks.
By the way, I’m asking this because I was wondering if the rate was cheaper to Xcg in NY instead of when I land. Plus, if I do go ahead and take classes this semester, tuition is due 2 days after I land, meaning I would have to withdraw my max limit on my account 2 days in a row. So I figured maybe a head start wouldn’t be a bad idea and I’d land with a bit of NTD already in my pocket.
But the Chase bank teller told me it would cost about $100USD for every $1000 I changed.
ie: I give them $1000USD and they only pay me $900USD in NTD. I lose $100!!
I almost fainted.
Definitely wait until you get to Taiwan to do any exchanges into or out of NT. I’ve done all my exchanges at the Taoyuan airport myself. You’ll need NT when you get in, so might as well do it there.
The airport bank is a govt bank and the rates are good. Just bring crisp hundred dollar bills to change at the taiwan airport. DO not change in the USA. Major major ripoff. But bring new bills as the taiwan banks do not accept older bills. They simply will not take them.
[quote=“tommy525”]The airport bank is a govt bank and the rates are good. Just bring crisp hundred dollar bills to change at the taiwan airport. DO not change in the USA. Major major ripoff. But bring new bills as the taiwan banks do not accept older bills. They simply will not take them.[/quote]W
Well. That’s new info.
So uh… I have to get on my plane in JFK with a few hundred dollar bills? Eh hehhh…
Mkay
Definitely rock up to the airport with a handful of bills you can convert.
You don’t want to have to be running around Taiwan trying to find a bank that will a) allow you to convert the money, and b) understand you well enough to know what you are asking them to do.
And for the reference of others from other countries, many many banks will not convert currency other than USD, so if you are Australian, you better convert your money at the Airport or you will be stuck with a wallet full of useless pieces of plastic.
Lili, Taiwan is not a third world country where you have all these money changers about giving better than the official rate of exchange. you go to the banks and that’s it. They give pretty much the official rate and don’t charge much. US banks are an absolute rip off as I discovered in Alaska this summer. No one would exchange travellers checks, forcing most people to use ATMs which charge $5 a pop and that’s just the US bank fee.
Bring cash or travellers checks. Despite what some have said in taipei you won’t have a problem getting a teller to understand what you want.
Btw, what’s wrong with getting on the plan with a few hundred?
There aren’t really many “little bodegas” type places around Taiwan. It isn’t like Peru where shops and people are roaming the street corners trying to get your US$.
Better yet, just leave your money in the US and use an ATM in Taiwan. Safer, and then you can pull money quicker when the exchange rate is better.
[quote=“tango42”]There aren’t really many “little bodegas” type places around Taiwan. It isn’t like Peru where shops and people are roaming the street corners trying to get your US$.
Better yet, just leave your money in the US and use an ATM in Taiwan. Safer, and then you can pull money quicker when the exchange rate is better.[/quote]
US banks charge a ridiculous rate for ATM withdrawals and likely won’t give you a good exchange rate either. Unless you are going to do one withdrawal a month I wouldn’t go this route.
Oh, and if you know when the exchange rate is going to be better please let me know.
[quote=“Mucha Man”]Lili, Taiwan is not a third world country where you have all these money changers about giving better than the official rate of exchange. you go to the banks and that’s it. They give pretty much the official rate and don’t charge much. US banks are an absolute rip off as I discovered in Alaska this summer. No one would exchange travellers checks, forcing most people to use ATMs which charge $5 a pop and that’s just the US bank fee.
Bring cash or travellers checks. Despite what some have said in taipei you won’t have a problem getting a teller to understand what you want.
Btw, what’s wrong with getting on the plan with a few hundred?[/quote]
Hahahaha, no I don’t think Taiwan is a third world country just because there might be money changers in storefronts. The US is not considered one either (but we’ll see in a few weeks :neutral: ) but at this rate I wish there were a few places to go changing money in storefronts instead of going to a bank.
But uh… from what I hear, bills are paid at a 7-11 instead of online. Sounds pretty backwater to me
(I know I know: it’s convenient)
And I suppose you’re right. Nothing wrong with carrying a few hundreds on me. gulpThinks of Jamaica Plains subway station
[quote=“Mucha Man”]
Oh, and if you know when the exchange rate is going to be better please let me know. [/quote]
Well… my I think that as soon as they pass the debt ceiling the dollar will rebound.
August [strike]9th[/strike] [strike]2nd[/strike] “whenever Geithner feels like” is the deadline. That was another reason I wanted to change money here because I’m sure a week after Aug 9th, the market will normalize again and the dollar will slump back.
You can pay bills online. Hell, 20 years ago you could have automatic withdrawal from a post office bank account.
Besides, you will soon see that 7-Eleven is not the same here as back home. Taiwan has the highest per capita ratio people to convenience stores in the world. One for every 5,000 or so. About the same rate as for temples.
[quote=“Lili”][quote=“Muzha Man”]
Oh, and if you know when the exchange rate is going to be better please let me know. [/quote]
Well… my I think that as soon as they pass the debt ceiling the dollar will rebound.
August [strike]9th[/strike] 2nd is the deadline. That was another reason I wanted to change money here because I’m sure a week after Aug 9th, the market will normalize again and the dollar will slump back.[/quote]
There will be a slight bump but on a few hundred dollars it is going to be pretty insignificant. You might make $10.
A year ago the dollar was 1:32. We are not going back to that rate for a long time.
Sorry, Lilli, to bust your bubble. Taiwan is no lawless, wild west frontier. No adventure here, just the droll studying/work. It is not pretty, it may not be Japan efficient, but it is quite organized. Best rates are at banks, avoid anyone who tells you differently. Avoid all hazy deals, inform yourself about the lay of the land -example: no one uses checks in Taiwan- and stay on the straight and narrow, otherwise, we’ll be reading your adventures at a special place they have in Taoyuan for foreigners or a victim of a scam.
Change a few bucks at the Taioyuan airport quiosk. They have special windows for that. No one in Taiwan takes dollars instead of NT, remember that, no taxi drivers nor convenience stores. Not all ATMs can handle international cards. You will need a few NTs for the taxi/bus from the airport and maybe a snack after you arrive. Early and bright next morning, take your passport and greenbacks and head to the banks -open late, around 9 or 10am. In a pinch, department stores can also exchange money.
Lilli, do you have anyone to pick you at the airport? I ask because occassionally there are cases where people take “shadow buses” or illegal taxis and end up losing their luggage. Take the official buses, there are signs, you buy the ticket at the counter, it may get a bit confusing getting on the right route but ask and someone will help you.
[quote=“Mucha Man”]You can pay bills online. Hell, 20 years ago you could have automatic withdrawal from a post office bank account.
Besides, you will soon see that 7-Eleven is not the same here as back home. Taiwan has the highest per capita ratio people to convenience stores in the world. One for every 5,000 or so. About the same rate as for temples.
As for carrying bills, is NY really that bad?[/quote]
Yo, some girl on the forum said you can’t pay bills online. I asked her about the NHI cause she was like “I’m leaving the country and I cant pay my bill” and I was like “Duh, dont you have internet?” and she’s like “We pay all our bills at 7-11, they dont do it online” and I was like :loco: “Okay… what.”
And NY isn’t bad at all. I’ve been [strike]pissed drunk[/strike]hungover and half alive at 4am in a miniskirt and black eyeliner dripping off my face on empty platforms.
It’s just that when you look like a target carrying your entire life with you in 3 suitcases and an obviously stuffed-to-the-max laptop backpack, standing on the subway platform to get to the airport… well. Let’s say if I’m a decent-sized male/armed thug and see a young woman struggling like an idiot to get her bags down the stairs… yea, I’d rob her. Reward is obviously pretty large. (I mean, I wouldn’t attack/threaten anyone … … cause I’m decent like that, but you know what I mean)
[quote=“Mucha Man”][quote=“Lili”][quote=“Muzha Man”]
Oh, and if you know when the exchange rate is going to be better please let me know. [/quote]
Well… my I think that as soon as they pass the debt ceiling the dollar will rebound.
August [strike]9th[/strike] 2nd is the deadline. That was another reason I wanted to change money here because I’m sure a week after Aug 9th, the market will normalize again and the dollar will slump back.[/quote]
There will be a slight bump but on a few hundred dollars it is going to be pretty insignificant. You might make $10.
A year ago the dollar was 1:32. We are not going back to that rate for a long time.[/quote]
Yea, you’re right about on my part for the couple hundred.
But it will be significant for traders. Or anyone with a few-ten grand in USD. Sell it off high after the debt ceiling fix, and then buy it back.
I’m sure plenty of people will be making decent profits.
Hmmm…sounds like an interesting place. I bet the people there have had worthwhile adventures
[quote]Change a few bucks at the Taioyuan airport quiosk. They have special windows for that. No one in Taiwan takes dollars instead of NT, remember that, no taxi drivers nor convenience stores. Not all ATMs can handle international cards. You will need a few NTs for the taxi/bus from the airport and maybe a snack after you arrive. Early and bright next morning, take your passport and greenbacks and head to the banks -open late, around 9 or 10am. In a pinch, department stores can also exchange money.
[/quote]
Ok, I’ll go to a bank.
[quote]
Lilli, do you have anyone to pick you at the airport? I ask because occassionally there are cases where people take “shadow buses” or illegal taxis and end up losing their luggage. Take the official buses, there are signs, you buy the ticket at the counter, it may get a bit confusing getting on the right route but ask and someone will help you.[/quote]
No I do not I will be hauling my life all by my lonesome.
But I’m ready for those sketched out taxi drivers. The look I’ll have on my face after 17 hour flight and three suitcases+backpack will be good enough to scare them all away. Believe me.
Sketched taxidriver: “Meiguo ren! Help! I help! Come!”
Me: :bluemad:
Simple. Bring almost all your money in AMEX traveler checks. AMEX in Taipei will convert them for you. At a slightly less rate then Bank Of Taiwan will at the airport. But hey you dont want to feel at risk carrying lots of cash, right? But bring with you two crisp new 100 dollar bills and exchange those at the airport (they got a kiosk right before immigration) and then you will have about 6000nt taiwan dollars on ya. Enough to get things started.
At any subway station in TAipei you can get an EASY card with 500nt. There will be 400nt value loaded on it (100nt is for the card).
[quote=“Lili”][quote=“Muzha Man”][quote=“Lili”][quote=“Muzha Man”]
Oh, and if you know when the exchange rate is going to be better please let me know. [/quote]
Well… my I think that as soon as they pass the debt ceiling the dollar will rebound.
August [strike]9th[/strike] 2nd is the deadline. That was another reason I wanted to change money here because I’m sure a week after Aug 9th, the market will normalize again and the dollar will slump back.[/quote]
There will be a slight bump but on a few hundred dollars it is going to be pretty insignificant. You might make $10.
A year ago the dollar was 1:32. We are not going back to that rate for a long time.[/quote]
Yea, you’re right about on my part for the couple hundred.
But it will be significant for traders. Or anyone with a few-ten grand in USD. Sell it off high after the debt ceiling fix, and then buy it back.
I’m sure plenty of people will be making decent profits.[/quote]
Banks give different rates for buying and selling US dollars (or any currency) so that quick easy profits like this can’t be made off small fluctuations. Unless the rate really goes up after the debt crisis is over there is no profit to be made.
I’ll book you a driver. Just PM the flight number, date/time -remember you lose a day there- and he’ll be waiting for you at the airpor. Same price, maybe cheaper, less hassle.
*
[/quote]
I think that as soon as they pass the debt ceiling the dollar will rebound.
:loco: “Okay… what.”
… cause I’m decent like that, but you know what I mean)
I will be hauling my life all by my lonesome.