Foreign currency departing Taiwan limit?

[Explant]

@Aikaili

You are all convincing me to buy bitcoin. I hate banks and governments that have no right to put their sticky fingers on my already taxed cash.

I agree completely, but im not iterested in.bitcoin and ither digital currencies. They still remain a pain in physical real word and require far too much other people to make something happen. Maybe alright as an online spending cund or something, but i wouldnt be putting my savings into it personally.

[OliviaLinToo]

@Marco

Except it fluctuates wildly and can mean one value today and a completely different one tomorrow.

On average, over time, the direction is up. If you have a short time horizon then obviously there’s risk. Pick any four year holding period since the Genesis Block and Bitcoin has risen.

Global markets are likely to drop over the next few months. Even though Bitcoin is often touted as an “uncorrolated asset”, a general economic downturn still hits it – see March 2020. I expect a 10% drop in the S&P 500 before the end of the year, probably within the next few months. I expect Bitcoin’s drop will exceed that.

[eric751]

test

[afterspivak]

That is a lot of coin!

You sure you can’t wire it in advance to an account in Europe or wherever you are heading?

Guy

[nz]

Yeah I would not want to be carrying that much cash on me. I would not have that much cash on hand generally (invest, invest, invest!) but even if I did, the second worst way to get it to my destination would be to carry it on a plane (the first being sending it in the mail)

[afterspivak]

I think the worst would be to entrust it to a stranger you met online, say on forumosa.

Guy

[Marco]

@eric751

Against my better judgment, I’ll give an approximate amount. If I depart with all the proper paperwork with around 20,000 Euros, Taiwanese tax statements, Taiwan bank book with all the deposits filled in, etc… and declare the money, will the Taiwanese customs officials raise eyebrows? It’s large, but not like a suitcase full of cash large.

I did it. No problems.

[eric751]

I might ask my new employer (whom I’ve completely checked out and is reputable) about this… thanks

[rooftopclown]

If you don’t need the money as soon as you arrive, you can open an account with an international stock broker such as Interactive Brokers, transfer the money from your TW account to the brokerage, invest (or leave as cash balance if you prefer), and later transfer back to your account in Europe.

It doesn’t hurt to have a brokerage account that works with multiple currencies, even if you do not use it much for now.

[eric751]

That’s useful. Hen xie xie!!

[eric751]

By the way, I was going to use Paypal to do this, but Paypal SUCKS!! F$#$ paypal. I had a Paypal account with Hong Kong, US, and Taiwanese bank accounts. If I try to access my US Paypal account, it has to make sure it’s me every friggin time, and as of late, it won’t let unlock the account with an email message, but only a phone number. The problem is, I don’t have my US phone number anymore and can’t get a text message to unlock the account because the US phone number associated with it isn’t mine anymore. It won’t let me change it to a Taiwanese number and Paypal customer service has pretty much told me I can’t do anything about it. I absolutely despise paypal. Anyway, would I have such a problem with Interactive Brokers (or any other type of service you recommend)? Would I need my Taiwanese phone (which I will no longer have access to in Poland) to unlock this account? Thanks so much for the recommendation.

[Joebie]

What I did before I moved to Taiwan was find a bank that had presence in both US And Taiwan that had free transfers. For me that bank was Citi. So I opened a Citi account in the US before I left. When I got to Taiwan, I opened up a Taiwan Citi then linked the 2 and transferred my money that way.

[rooftopclown]

@eric751

Would I need my Taiwanese phone (which I will no longer have access to in Poland) to unlock this account? Thanks so much for the recommendation.

That’s a fair point. Yes, you would need a phone number for the 2-step login verification. I guess the way to get around this would be using a friend’s phone number until you can change the number to your new Polish number. Probably a matter of 1-3 weeks.

[Poundsand]

@Explant

So my question is. Why cant someone take cash they earned, paid taxes on, and go abroad with it?

I don’t think anything anyone has posted says you can’t, and there doesn’t appear to be any difference in that private jet post than flying commercial - the gist of it is above a certain limit, declare it.

@Explant

Are people allowed to carry value with them in that quantity, or not?

Official answer is yes.

@Explant

The question again: if sonekne with a million.isd flies out of taiwan and into say the usa or Canada (or add any country anyone has experience with) is there an issue if the money is simply savings an tax records are provided? Curious if anyone has had any experience as my experiences have been incredibly annoying filled with shit attitudes and long wait times for no wrong doing on my part.

How much cash you talking about? I don’t think you’re going to get much response talking millions, but flying with $10k+ is nothing and tons of people do it.

[ChewDawg]

@afterspivak

You show up at YVR with a sack of cash, and if it’s more than CAN$10,000 you declare it to the friendly folks at border services,

I entered Canada with over 6 figures and declared it. No probs at all.

[Explant]

Its a hypothetical, because people would want to know their limits on freedoms. There are countries that actively block their countrys wealth from leaving.

A worth while discussion to know our rights and freedoms on money we have earned and given percentages to the government already.