Getting the funds home

OK so i have been teachign here for a couple of months.I was just wondering for those of you who are working here to save for a short time, how do you send your money home or how do you plan on taking it back with you…and what about taxes when you get there. I am from canada (like everyone else here) so any canadian specific information would be great thanks.

Hi, not sure if this is helpful or not but I just use a standard wire transfer every month to wire money back home for student loans. As far as I can tell, you just need to have your passport or arc with you to do it. It is a bit on the expensive side though. My bank in Taichung charges 400 nt for the service and then the Royal assholes er i mean the Royal Bank takes their cut on the other side.

As for taxes, the best I can do is point you in the direction of more info. For the answers to your questions I suggest visiting Customs and Revenue Canada. It’s here (ccra-adrc.gc.ca/menu-e.html)

I’ve been in Taiwan for a few years and I don’t have any investments or make any cash in Canada so I haven’t done my taxes. At this point I think maybe all i have to do is file saying that I don’t make any money there. There is a way to file for non-resident status but I think that to be eligible you can’t have a Canadian bank account or Canadian credit cards. I’m really not a professional when it comes to these things, so maybe my best advice to you is to not listen to me and talk to a pro. :unamused:

Hans

so i read through some threads…and what is the concensus…travelers checks, atm card withdraws from canada or wire transfers???

Here is an inexpensive yet increadibly easy and cheap way of getting money home.

Assuming you have family back home, you can open a second account at the same or another bank. Now, take your ATM card and send it to your parents (or other family member). Give them the pin and then they can go to the ATM back home and withdrawl the money. THe beifit is there is one standard ATM fee. (Cheaper than transfering). Secondly you get a much better exchange rate. (the same rate that visa gets AKA the bakers rate). THirdly You don’t get dinged on both ends.

A second option is to pay overpay your credit card and then withdrawl the moeny on the other end.

I’m an American, so perhaps this doesn’t apply. I’ve heard that if a non-American citizen gives me a “gift”, I don’t have to pay US taxes on it. Thus, if I ever amass a large amount of money here and don’t want to claim taxes on it, i can just ask a Taiwanese friend to remit it to my account in the US. hehehe

Why not just open a US$ account outside of the US and not declare it to the IRS. No need to plot and plan so much and then get your arse burned cause of hearsay.

Travellers cheques = Avoid them - antiquated payment method

SWIFT transfers cost about NT$400 per transaction so doing it once a month doesn’t make much sense - you will want to transfer large amounts if you choose this method - maybe 300,000+

Demand drafts aka bank cheques can be had usually for 160nt (bank of Taiwan) and then you can just drop in an envelope and post to your bank with a letter - cheaper than SWIFT but has time lag.

ATM withdrawals - works for small amounts or for travelling (never understood people who buy US$ to travel) - main problems - western ATMs have limits per withdrawal that will make your costs rise rather quickly. Each transfer cost is different depending on network - cirrus / plus and which bank you use - ask your bank. Sinopac charges round about 70nt per foreign withdrawal so a SWIFT transfer would be a lot cheaper for a few thousand dollars/pounds/whatever

Lots of destinations do not have the ready ATM.

If anybody wants a cheap way to send money home to the UK I am offering Sterling at mid-market rates (xe.com) with the NT. You give me the NT I give you a Sterling personal cheque - you then send it to your bank in the UK to cash and your money is moved. Easy and no bank fees on either end - just the cost of airmail letter.

pm me if your interested in this method of sending money home and you want to send home small amounts of 800 quid or less at a time.

Does anyone have some recent experience with getting bank drafts in the Taipei area? I am starting my PARC process and, of course, the first step is the FBI check for past convictions. I need to make sure that they get the correct sum in a bank draft. I have not kept an account in the U.S. and would prefer not to involve any relatives if I can avoid it. I usually bank at China Trust because they know me and I get treated well but I understand that some banks use an itermediary bank for the funds and they will take their fees. I need to make sure that the bank gives ME the check in U.S. funds which I think can happen. Then I can send it on to the FBI for their service and since it’s already in U.S. $, there is no fluctuation in exchange rates. Any recent experiences? I will go tomorrow so any advise would be appreciated.

[quote=“Enigma”]Does anyone have some recent experience with getting bank drafts in the Taipei area? I am starting my PARC process and, of course, the first step is the FBI check for past convictions. I need to make sure that they get the correct sum in a bank draft. I have not kept an account in the U.S. and would prefer not to involve any relatives if I can avoid it. I usually bank at China Trust because they know me and I get treated well but I understand that some banks use an itermediary bank for the funds and they will take their fees. I need to make sure that the bank gives ME the check in U.S. funds which I think can happen. Then I can send it on to the FBI for their service and since it’s already in U.S. $, there is no fluctuation in exchange rates. Any recent experiences? I will go tomorrow so any advise would be appreciated.[/quote]I recommend that you use your credit card. The FBI website has a credit card payment form that you can fill out and use. I’ve done this and it’s no hassle at all.

Mega Bank can do it. I assume that most banks that advertise foreign exchange can. Be aware that on the receiving end, it can take up to two weeks for the draft to clear, since the receiving bank usually waits for the amount to be transferred and received. Don’t know how that will affect the process for you. You have obviously checked that the FBI accepts bank drafts, right?