Is there a limit on the amount of foreign currency (like Euros) that I can take out of Taiwan? If there is a limit, what are some ways that I can get a large amount of cash out of Taiwan with me other than transferring it to another bank account?
Here is my situation:
I just got a teaching job in Poland, but I won’t be able to start a bank account there until I get there, so obviously I can’t wire cash there. I have a Taiwanese bank account and have saved much more than the 100,000 NTD limit that can leave the country. I want to take all of it with me. Any advice or insight would be highly appreciated. Thanks!!
No limit. But you MUST report it to the authorities before leaving if you have currency that exceeds the equivalent of $10000 US.
https://etaipei.customs.gov.tw/singlehtml/1367?cntId=cus12_86124_1367
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Try to see if you can somehow manage to open a bank account with one of the fintech banks like Wise, Revolut, N26, Monese, …
Wise should also accept new account for people residing in Taiwan and after moving to Poland, you can simply change your address.
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Muchos gracias! I’ll look into this.
Thanks much! This is a relief to hear.
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10k usd or 100k TWD. Not sure why it’s lower value for TWD.
Keeping the value from being maliciously manipulated by bad actors.
By cutting it to a third? Is 100k really the number?
Assuming a person paid taxes on the money, reporting it shouldnt be a problem even if it were large sums of cash? Or have they made it mandatory for banks to get cuts on large volumes? This has always interested me for a time i may sell everything off and go back to my birth place but would prefer not veing double, or triple, taxed (fined, fee to death or whatever term fits best)
You’d probably want to convert it into a more convenient major currency inside Taiwan anyway, no? The rate would probably be much better than showing up in another country with a bunch of TWD.
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This must be only if you are transferring NTD into a foreign account, as NTD. I’ve transferred much more than 100k NTD into my US account (into USD) quite a few times, though I was always careful to keep it less than US$9,500 in order to make sure there weren’t any further questions.
I’ve helped a few Americans transfer all their earned income, always more than 10K USD, in one go, to their US bank accounts when they left. You do need proof of where that money came from (like a pay stub, tax form, or maybe your bank book showing the same amount going to your account on the same day of each month). Unless that’s changed since 2016.
They don’t want money laundering, but I’m pretty sure it’s the same as arrivals into other countries – you need to declare money in amounts over US$10k, and show that it’s coming from a clean source, and it could be subject to tax (depending), but it’s not not allowed.
OP seems to be asking about taking cash out of the country - the limits above presumably don’t apply to bank transfers.
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If it’s cash, the limit to every nation on earth seems to be “10K USD or the equivalent in other denominations or gold bars”. Again, you can take more, but if you arrive with a suitcase stuffed full of US$100 bills, you better 1) declare it on your customs arrival card and 2) have a clear explanation for how/why you have it
edit: When leaving TW, has anyone ever had their bags searched? Usually you just go through security, passport control/egate and get on your plane. And even security here is pretty lax…
But it doesn’t stay as TWD in their US bank accounts. Right?
I’m not talking about transferring. You can transfer any amount but of course banks, governments are notified over 10k.
Leaving through the airport and carrying cash, undeclared amounts over 100k TWD can be confiscated. If you change it into USD, the limit is 10k USD. I’m not certain why it’s about the currency and not the value.
I’ve found TWD can be difficult to sell in some countries anyway.
Searches do happen for inbound and outbound passengers. It seems to be profitable for a government.
Remember that you have to declare money exceeding a certain amount upon arrival. For the EU it’s 10.000,- €. Almost any Customs Agency has money sniffing dogs.
Information from the European Union (EU) Taxation and Customs Union
EU Cash Controls V2
Entering or leaving the EU after 3 June 2021 with cash or certain valuable items worth over EUR 10 000?
all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10 000 or more (or equivalent in other currencies, bonds, shares or travellers’ cheques). Customs authorities are empowered to check persons, their luggage and their means of transport. They are also empowered to detain undeclared cash.
What changes as of 3 June 2021?
- The definition of ‘cash’ in the rules will be extended to include certain other valuable items.
This means that as of that date, you must lodge a cash declaration if you are carrying EUR 10 000 (or its equivalent in other currencies) or more in value of one or more of the following items included under the new definition of cash, when entering or leaving the EU:
- Banknotes and coins (including currency now out of general circulation but that can still be exchanged in a financial institution or central bank),
- Bearer negotiable instruments such as cheques, travellers’ cheques, promissory notes and money orders,
- Gold coins with a gold content of at least 90 %,
- Gold bars, nuggets or clumps with a gold content of at least 99.5 %.
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Customs authorities may also now request that a cash disclosure declaration be lodged when they detect EUR 10 000 or more in cash (as included in the new definition), being sent by post, freight or courier (unaccompanied cash). If requested, this declaration should be made within 30 days by the recipient, sender or by an appointed representative of the two.
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The new rules also authorize customs authorities to act on amounts lower than EUR 10 000 when there are indications that the cash is linked to criminal activity.
If you do not lodge a declaration (or a disclosure declaration when requested in the case of unaccompanied cash) for cash amounts of EUR 10 000 or more, or if there are indications of a link with criminal activity, the cash may be detained and you may face penalties. The cash declaration itself records detailed information about the economic provenance and future use of the cash.
Source:
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I can’t believe no one has mentioned Bitcoin. You can carry as much of that as you want and no one will even know.
Depending on the country you sell them in, you might have to prove the origin of the funds or pay taxes on the entire value when you’re trying to sell them, though.
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