Sorry if this subject has been addressed before but I can’t find the answer and I am in a real rush. I leave for the U.S. tomorrow and I will need U.S. dollors there. Where would I get a better exchange rate, here or in the U.S. or doesn’t it make any difference? If it is here, any recommendations for banks with the best rates?
Many thanks!
[quote=“Dark Horse”]Sorry if this subject has been addressed before but I can’t find the answer and I am in a real rush. I leave for the U.S. tomorrow and I will need U.S. dollors there. Where would I get a better exchange rate, here or in the U.S. or doesn’t it make any difference? If it is here, any recommendations for banks with the best rates?
Many thanks![/quote]
Can you even exchange NT$ in the U.S.?
You get the best rates on the black market. It used to be that most jewelery stores could change NT for USD, but I don’t know if that is still the case. Whatever you do, the safest bet is to change money here in Taiwan, as you might be stuck doing it at the airport in the states.
Yes, you can at banks, but with hefty fees (30% commission) and long waits (2 weeks), with some explanation about a “clearing pan” or something strange-sounding jargon like that. Of course I turned it down and never looked back. That was 15 years ago, and I’ve never attempted it since. Who knows, maybe things have changed.
When I had leftover NT in the US, I would seek out either Taiwanese people or people on their way to Taiwan and exchange it at face value into US$. Or I would save it for my next visit to Taiwan.
If you’re in a rush, go to a bank here.
Really???
That info is dated - very dated. We are talking early 1990’s here. I have not run into anything like that in the 11 years I have been coming and going here.
I don’t even know if a black market still exists here. After all, if you want to exchange NT$ into US$, most banks would be able to help you out within minutes.
When I got here (10 years ago) I was shown which jewelery stores to use to exchange bills. Nice and fast, as they didn’t require any paperwork. I was doing it up until 3 years ago, when I started to exchange dollars through my wife’s office. If 3 years is out of date, so be it. My apologies.
You are sure that the rates are better than the ones offered at the banks?
They were slightly better, but really there wasn’t much difference. The nice thing was just to walk in with NT and walk out with USD, without spending a lot of time on paperwork. The OP said he was in a rush, right?
You learn something new every day.
The paperwork is not daunting in my view, at the airport it consists of handing them your passport.
Change your money at a bank here.
I used to change at jewelery stores, but things have liberalized since then a lot.
Go to one of the bigger banks, like ICBC where exchange is a department by itself, or at least a desk and a chair. They’ll do it right away.
Exchange rates are okay, but you do have to pay an exchange fee.
You can do it at the airport, too. It’s an easy option nowadays.
When exchanging, I usually go to one of the ‘big’ banks in Tienmou where they have cash on hand. Many small banks require a few days to get the cash, esp. if it is an exotic currency (ie not yen, usd…)
Kenneth
I never had much luck getting NT in US banks in the USA. It’s very inconvenient and the fees are high, even at ChinaTrust Bank USA.
I’ve discovered Credit Cards offer the best exchange rates, since they don’t really focus on making money on the exchange rate.
But if you’re carrying cash, then it probably best to goto any of the major Taiwan banks and just compare rates and exchange the money on the spot. The only problems I’ve had is that if you have bills that are less than perfect (very worn), they might be rejected.
Another trick I’ve learned to use is to keep an bank account in USD at one of the major banks in Taiwan. Then just wire money to yourself and exchange the money as you need it to maximize on the rates. When you done in Taiwan then just wire the money back to yourself in the USA. I find this a lot safer than carrying too much cash when travelling, especially in the USA with all that airport security. It’s only about $20 per wire.
I don’t know the legalities of changing money in a jevelry store.
Would stick with the banks as well, unless strict currency controls come into place.
don’t do it in the US. it is a pain. NT$ is considered an exotic currency. they’ll charge you a premium that is not small. by all means do it in taiwan/asia.
I know you can exchange NT$ in Hong Kong, however other places?
I dont’ recall seeing it used and exchanged in Bangkok airport.
Just out of interest, where else can you exchange it apart from Hong Kong?
I’ve been able to withdraw money from ATMs in Bangkok from my Taiwan NT$ bank account. I presume you can do the same in the US. You get the local currency, of course.
[quote=“Mr He”]I know you can exchange NT$ in Hong Kong, however other places?
I don’t’ recall seeing it used and exchanged in Bangkok airport.
Just out of interest, where else can you exchange it apart from Hong Kong?[/quote]
We exchanged NT$ at Bangkog airport, but the rate was far from ideal.
Many thanks to all who offered advice. That’s just what I was looking for as I have never tried to exchange NT for USD in the states. I will do it here before I leave. Someone recommended ICBC but a few years ago someone told me they are a real rapist when it comes to exchange rates. Maybe that is dated info? Anyway, thanks again everyone.
I really was in a rush. So much that I misspelled Taiwan in the subject line 
(since edited.)
Bring your US$ here, and exchange them when you arrive.
While foreigners complain about the banking system here, you will find that it’s fairly efficient when it comes to get rid of US$.
The exchange rates are fairly standard.
Also note that a fair amount of foreign exchange transactions go in and out of Taiwan as it’s a very big trading country. Therefore, the local banks are more than up to the task.
At least when remitting money in and out I have nary had an issue with the banks I have been in contact with, which include CHB, Hsinchu International Business Bank, Union Bank etc.
US$ can be exchanged in banks all over Taiwan, and you are not only limited to ICBC. They will display the exchange rates on an electronic board in the bank, and you can ask around and compare prices before exchanging.
I looked into the jewelry store method a couple of years ago and the rates were pretty much the same as at the bank, so I passed on it. It’s pretty much only useful if you don’t want a record of the transaction these days.
I would highly recommend NOT getting TWD in the US. My Dad did this a couple of years ago at a large US bank before coming here and he got really really screwed on the exchange rate, something like 28 per dollar when the official rate was 32. Foreign exchange rates here are regulated, so there’s not much difference between banks here other than whether or not they charge a commission.