I have some money invested at home that I’m attempting to manage online from over here. However, I would like to add my new income to that as quickly as possible so it doesn’t just rot inside my mattress. Depositing into my home bank account / investment account is quite a painful process from over here. How can I get my money into mutual funds / bonds / stocks / high interest accounts from over here? What local services come recommended?
Thanks.
It is good if you do a transfer 1 time every 30 or 60 days. Although probably not cost efficient if done every week. You just need to get the bank routing info from your broker. Cathay United Bank charges TWD 400 for a wire transfer that usually takes 1-2 business days to credit at your bank/broker. Make sure you get a native speaker to help you at most banks. You need to check to see what charge your broker and bank intermediary charge on the other side of the trade. If this fee is high then it is probably not good to do wire transfers. Sometimes though brokers/banks do not charge to receive wire transfers.
Bank of America charges US$10 per wire transfer (from Korea but I don’t see why it should be different for from Taiwan). BOA seems to be high on the fee side of things so I would view this as probably a maximum. I would just do it once and check online to see what you’ve been charged on the other end.
BOA doesn’t have retail services in Taiwan. Fees on those rare services available are likely to be much higher than what you imagine. Use a different bank. Trust me.
ICBC is 300NT for any amount to be TT’ed out of Taiwan.
BOA doesn’t have retail services in Taiwan. Fees on those rare services available are likely to be much higher than what you imagine. Use a different bank. Trust me.[/quote]
I left out a minor detail in my post! I meant to say that BOA charges US$10 on the US side. So a total of NT$300 from ICBT and about the same amount on the receiving side. Kind of sucks since everything is automated and electronic.