My wife and I are planning on moving overseas in the next year or so. We have some Taiwanese property that we will sell to fund a property purchase in New Zealand. The amount we will be transferring is reasonably large (5 figures).
Are there any pitfalls, limitations, or delays when transferring money out of Taiwan?
We’re planning on using a Taiwanese bank for the transfer. Does anyone know any better options we should consider?
In general you should be fine with these kind of amounts. However, sometimes the receiving bank will ask where the money is from and what you want to use it for. Moving back is a safe excuse, in the worst case you’ll be asked to provide some sort of proof of income. Tax receipts should be okay.
Unless you’re adventurous, stick to bank transfers.
They will probably ask for documentation about the source of the funds for amounts over $300,000 NT, but since it’s a real estate sale you should be fine. For safety, you can inform your receiving bank in advance to expect it. I wouldn’t use anything other than a wire transfer for an amount that large.
you should be fine
In my experience, the process for 4 figure sums and 5 figure sums is the same. Same forms. One for the transfer, one for the explanation since it’s more than TWD500k.
If you want to be super prepared, get a copy of the 匯出匯款之分類及說明 Code and Description of Outward Remittance Classification and come armed with the specific code for your transaction. However, the bank will be happy to work it out for you without this.