I came in to deposit a check at my bank last week and they freaked out. I was surprised

Business Money
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After a depressing experience at my bank, I thought I’d turn to this forum to ask:

  1. Do Taiwan Banks view foreigners with suspicion, particularly Americans?
  2. Is there’s anything I can do to lessen my hassles with them?
  3. Are all Taiwan Banks like this? Do I have any options?

I heard Taiwan banks are terrible for expats, but I was able to avoid the big hassles: opening an account and getting a credit card. FWIW, I’m a US citizen, and I got my APRC this summer. I’ve had an account with my bank (a big international one) for about 3 years.

Anyway, like my post says, I came in to deposit a check at my bank last week and they freaked out. Due to circumstances, this was a paper check from the US government, and the gov’t department was clearly written on the check itself. At one point they asked me “What do you plan to use the money for?” which I thought was a very strange and accusatory question.

I don’t get it. You’re a bank. You in the business of handling ordinary people’s money. Isn’t this what you do? I realize that the US Government scrutinizes foreign accounts of US citizens, and foreign banks need to report it, but what I’m dealing with seems excessive.

I suspected my account activity could look unusual to them. So I met with my account manager earlier this year to explain what was going on so they would understand and not be suspicious.

I now freelance, and I’m trying to move some of my US savings to Taiwan for emergency and living expenses. My US Bank has made international transfers so difficult, I’ve had to resort to writing paper checks to myself. The transfers are large enough that I need to report them to the US tax authorities, but hardly large enough to buy a house, luxury items or amounts worthy of some shady financial operation.

I told the bank guy I was a former college professor, Gold Card holder, i.e., a (hopefully) respectable middle-class guy. Even so, I felt they treated me like some money launderer. And I don’t like going through this rigamarole for what should be normal and private transactions.

Is there anything I can do to lessen these headaches? I still have more transfers I need to do. Or is this one of downsides I need to suck up and just accept as an American in Taiwan? Maybe somebody who works in this sector can give me some tips?

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as an american anywhere in the world

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Taiwan banks always ask for purpose of incoming wire or check deposit. I once wired in from a Hong Kong bank (under my name) to my Taiwan bank (same name) and got a cell phone call from Taiwan bank asking for purpose of funds.
They have to notify Central Bank (of Taiwan).
The bank is not afraid of you, it’s afraid of not doing the proper paperwork for the wire.

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Yeah, and in my experience they always work with you to ensure you have an acceptable reason listed.

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Even in the US, you’d get soft flagged for this.

I told the bank guy I was a former college professor, Gold Card holder, i.e., a (hopefully) respectable middle-class guy. Even so, I felt they treated me like some money launderer.

So just because you wear a suit, you’re less likely to be a launderer? Crypto scammers wear suits with gold card too. Taiwanese banks are very risk averse.

I’m American and have zero problems with HSBC, Esun, and Taipei Fubon. The only bank that gave me shit was Cathay United Bank.

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is the check a billion dollars???

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Is there anything I can do to lessen these headaches?

HSBC Premier

My US Bank has made international transfers so difficult

My guess is you’re at DBS or Standard Chartered

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Yes.

Americans aren’t special.

Do as much as you can on their websites, apps, phone, or paper application. Use every avenue available other than a branch.

Could you have posted the cheque to the bank’s headquarters with a paper form? That would probably be less of a headache.

Yes

No.

You hit the nail on the head.

I would also add that cheques are more or less obsolete in the developed world and the US is living in 1950 in this way. So the branch staff, while always incompetent, would have been extra incompetent with an archaic transaction type - particularly when the cheque wasn’t issued by a Taiwanese bank.

Again, Americans aren’t special. You would need to accept it just as all immigrants in Taiwan do.

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….

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Be careful him is an “expat” not immigrant !!!:grin:

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6 posts were merged into an existing topic: Why does a certain segment of the white population in Taiwan insist on calling themselves immigrants?

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Seems like anywhere I’ve tried to move any amount, small or big, of money in or out of Taiwan they ask purpose. Cash, check, wire transfer, maybe other ways I forget now.

One money transfer service told me she was required to ask and I guess maybe keep on file or pass on.

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Don’t even need to move money outside Taiwan. Simply exchanging TWD and USD incurs questions, while the money stays at the same bank.

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If it makes you feel better, it’s the same treatment for me opening my first bank account as a citizen (Overseas born who recently established HHR).

Went in with my brand new shenfenzheng and everything, still get the you look like a launderer treatment. :joy:

Failed at a few banks before it finally worked at Post Office Bank.

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Just tell them it’s your own savings you need for living expenses and investment here when they ask you those questions.

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Thanks everybody for your answers. It helps to know that this is typical for Taiwanese banks and I’m not alone. Even though I’m not doing anything dubious, I’m still getting flagged by the Taiwan Financial system in ways that make me quite uncomfortable.

I can put up with hassles - now that I know what’s going on - but I’d like to avoid trouble as much as I can.

A few follow up questions.

  1. Unfortunately, I still have a few more checks I need to deposit. Could my Taiwan Bank decide to shut down my account because I made ‘too many’ check deposits? Would I have any rights to challenge this as an APRC? They sort of hinted I could have more problems depositing too many checks last week.

  2. If it’s standard policy to ask “what the money is for” then, what is the most acceptable answer? Obviously, saying “Hookers and Blow” is a bad idea. But… are there any seemingly innocent “wrong” answers that raise flags? Understanding the logic behind the question would help me understand what to say. Granted, this is a stupid question, as bad as “are you carrying any weapons or dangerous items?” before boarding an airline.

And clarifications:

  1. I realize checks are archaic, but this is my only option given the circumstances. The US govt. agency would only issue a paper check, and electronic deposits and transfers out of the USA are becoming increasingly harder to do. At one point I couldn’t even log-in to my US bank account. I suspect this will only get worse over time, as international trade is falling out of political fashion. In the meantime, I’ll tell my elderly mom to stop sending birthday checks. :laughing:

  2. I only thought Americans were “special” in the sense that US authorities pressure foreign banks to report and monitor the activities of US citizens abroad, much more so than other countries. At least that’s what a British friend of mine who works in finance said when I lived in Hong Kong.

  3. I tried to describe my finances in an anonymous, yet accurate, way without coming off like some rich prick, but apparently I failed to some. FWIW, I consider myself middle-class, neither rich or poor. As a Gen-Xer, I’ve managed to acquire some savings over the course of my middle-class career. I think that’s fairly ordinary. I think being middle-class in a world of increasing inequality is more precarious than privileged, but that’s a debate for another topic thread.

@Helpful1560 Yeah a con artist would probably wear a suit, too. I didn’t wear a suit to that meeting, but it was a dumb move in hindsight. But I do dress up when I go to the bank now.
Also, thanks for the screenshots, I’ve seen these types of electronic questions when I’ve done transfers and I don’t know what to say. And given all the above, I don’t feel like asking the bank for guidance.
@BrianJones During one of my visits I said pretty much what you advised, “I’m using it for living expenses and investment here,” and they still seemed perturbed.

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That wasn’t the problem , the issue is they aren’t used to cheques and especially foreign cheques and you are a foreigner as well. Loads of fraud in Taiwan, a load of rigmarole is inevitable in this situation. Can you not lodge these cheques in the US and arrange wire transfers from there ? This depositing cheques in Taiwan is probably going to be immense hassle and slow as hell to clear.

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Cashing checks are a nightmare here especially if they are a personal check. I have found that the best bank for that in my experience is Mega bank.

And like Brian metioned fraud is one of the few downsides to living here it’s just rampant. Even at the very low level.

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Maybe the truth? Are you looking to buy a house? Pay rent? Business? Pay taxes? You looking for a “acceptable answer” makes it look suspicious.

There are so many online banks in the US, capital one, ally, sofi, etc that let you open an account and deposit via phone or proxy in person.

Once you get it deposited in your US bank account, you can use atm card to withdraw locally. Many banks don’t even have a fee.

And all banks can do wire transfers, it’s just that there will be a wire fee.

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I second this!

It would be a very bad idea as an expat / immigrant in Taiwan and only keep a bank account in Taiwan. Always keep at least one other account in your home country which allows international transfers and ideally gives you a debit / credit card you can use internationally.

Trying to use a Taiwanese bank account for small wire transfers abroad (or cashing a cheque) will usually be a bad idea.

And regarding cheques: It’s always funny to me when Americans complain that the banking system in country X is so archaic - and the example they use is that cashing a cheque requires lots of paperwork :joy: