Hi everyone,
I have a friend who wants to deposit a large amount of money into my bank account. Would that bring me any trouble if the amount is a lot? Would it be better if he/she trasnfered from bank to bank or deposit cash into my bank account directly? What problems could I face? Amount is in the millions NT…
Would he need to prove what the money is for? Or, is it just as simple as that… go to the bank and make an anonymous deposit?
Thanks in advance!
MASH
Your friend from Nigeria?
Hi Mash,
You didn’t give enough details. Is this money going to be converted from USD or another currency to NTD? Is the money based in a legitmate (legal) transaction which can be documented?
Basically, as I understand it (and I’m no expert) there are the following concerns:
FX control by the Taiwan Central Bank: conversion to or from a foreign currency in an amount over NT$500,000 requires declaration of the purpose and origin of the funds.
Customs control: cash, gold etc. over a certain amount being brought into Taiwan requires a declaration. I don’t know the details offhand.
Money laundering controls: To prevent money laundering, cash deposits exceeding NT$1,000,000 require declaration of purpose and origin. A bank might require documentation accordingly.
Same-currency wire controls: There are AFAIK no controls over the wiring of USD to USD (this assumes you have set up a USD account here), or NTD to NTD, regardless of whether this remittance crosses borders.
ATM controls: I think there’s a per-transaction limit of something vaguely like NT$20,000 and a daily limit of NT$30,000 (others please correct me) for ATM transfer between accounts.
In sum, it sounds like you should set up an account in the same currency as the original, e.g., USD, then just have your friend wire it in, with no FX conversion. Of course, you can ask your bank for clarification too.
Proceed to Yushan bank and and say you have a deposit for Toasty’s personal account. They should be able to take it from there.
Thanks a lot for the information!
Sorry for not giving sufficient details as I’m not wealthy… never transfered anything more than a few hundred bucks 
. Let’s just say A wants to give some money to B. It can be in NT dollars or US dollars, doesn’t matter. A is in Taiwan but B is not. A needs to transfer lets say 5 million NT to B’s bank (money will always stay in Taiwan, it will not leave Taiwan). How could he transfer or deposit the money into B’s account without having any trouble? Could A simply make up a reason? Could A just say he’s lending money or something? Could A just deposit 5 million NT into B’s account anonymously? Or is there a way to do this in a simple and easy way?
Cheers,
MASH
As long as it’s wired from one NTD account in Taiwan to another NTD account in Taiwan, I don’t think there are any restrictions, so yes, I think the money could just be wired anonymously. That is my impression, but you can and should check with your bank in advance.
No problem. Just do a direct transfer. All he needs is the name of your bank, your branch number, your account number and the name on your passbook. Funds will show in his account after about 3 hrs, depending on the invidual bank. Same bank to bank is free (ie: Fubon to Fubon), two different banks costs like NT$30.
Isn’t there a limit of how much money you can transfer? For instance, can A just wire 200 million NT to B’s account? Is it that easy? Wouldn’t A be asked to justify the purpose of the money or show some receipt or something?
Did anyone read the post by mash? The money will be wired from outside of Taiwan and he prefers it to be anonymous, so wiring from NTD in Taiwan to another NTD account in Taiwan is not possible and neither is a transfer from an outside account because there is nothing anonymous about this transaction.
With that amount of money the alarm bells will ring somewhere, rightfully so I think.
That’s not what I understood from mash’s post:
So person A is in Taiwan, and the money is in NT. Person B is outside Taiwan, but the money ‘will always stay in Taiwan’, implying person B has an NTD account set up here.
In any event, for such large amounts, person A should consult with his or her bank to avoid any problems.
NT$5 million won’t ring any bells. They shouldn’t even ask what it’s about, if they are professional. There is a rule for how much a foreign passport holder can purchase, using NT$, in foreign currency at one time, but nothing about how much one can transfer within the same currency, AFAIK.
I appreciate all of you taking the time to answer my question. It has been really helpful. I just want to be sure before I do anything that I would regret in the future. A and B have both Taiwan passport and NT accounts. So, I should asume that it is OK for A to transfer 5 million NT dollars to B’s account. Just like that. No problems whatsoever, right? No need to justify anything…?
That’s only about US $160,000. It’s not like it’s millions of US$. I would be surprised if it attracted any attention.
OK… now it’s near 10 million NT. Cash deposited into my account for a few weeks and it’ll all be gone. Would that bring any problems? I’ve asked a friend and he says that the government usually checks large deposits. Is 10 million NT considered a large amount? AND, if they do check, could I simply say, a loan from a friend? Would I need to provide documents or some sort of paperwork? Thanks!
If you want, your friend can just wire half the amount into my account instead. Spread it around a little, ya know?
$10 million is not a large amount, but if you have an account that has maintained a balance of say, only $50k in the past, I would look into its origins, if I was the bank manager. The more I read your posts, the more it seems like you are up to something fishy. 
I have no idea what the regulations are, but the last place I’d ask a question about millions of any kind of dollars is in an anonymous forum. I’d be checking with the banks or with the government.
I have some business students in the financial industry, and they often talk about the tight restrictions on foreign investment in Taiwan. I can’t imagine it wouldn’t take piles of paperwork, at least, for that kind of money.
If you are a US citizen or green card holder, and if on any day in a year, the total deposits in all your foreign bank accounts are over USD $10,000 equivalent, you have to file a form with the US treasury department.