money transfers in USD to Taiwan bank account

Business Money
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I’m in Taiwan studying Mandarin and live here most of the time but not all the time.

I went to a few banks today, among them Mega, they will all open an account in TWD for me with just passport and tax id（I don’t have ARC) but:

I need to receive money transfers in USD to my bank account in Taiwan roughly every month

Problem:

all the banks told me for each transfer I have to go to their branch and sign to authorize the conversion usd>twd and the transfer but I might not be in Taiwan when the wire transfer arrives (I don’t live here year round)

Question:

is there any bank that doesn’t require you to go sign every time you receive a wire transfer in a foreign currency?

it’s the first time I hear of something like this, my bank in my home country just converts the money in the local currency, takes its fees and that’s it. I used to live in Thailand before and they never asked me to go sign either.

Any insight much appreciated.

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You can try Yuanta 元大 or Citibank 花旗銀行. These banks will call your phone and confirm the purpose of the incoming transfer. You also have the choice to set up a standard purpose the branch. This would make sense if the transfers are always of the same nature. Citibank will by default set you up with a forex account in multiple currencies and you can simply exchange the money through their mobile app by transferring an amount of your choice to your TWD account. There is no fee and the rate is generally the same as the one published by Bank of Taiwan.

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Thanks! I hadn’t thought about CityBank. Going to try tomorrow and report back.

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I get money sent to Mega every month (US dollars) and I don’t have to go in and sign anything, although they were calling. I have a foreign dollar account and keep the money in US dollars until I need to change it. I do have to go in to do that.

They didn’t bother calling last month though because I told them that the money would be coming on the last Wednesday of every month, and gave them the name of the company that would be sending it and why I was receiving the money. Hopefully, from now on, they won’t even call me.

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Just finished the round of banks for today, an almost surreal experience.

Citibank, the employee presented me a thick stack of papers full of tiny chinese script and asked me: - Can you read this? - Mmh, maybe in another five years - So you cannot open an account with CityBank. And she accompanied me to the exit…

元大， two different branches, they wanted ARC.

Standard Chartered just told me that I’d better try local banks.

So I tried locals banks. Most of them as soon as I got in asked: - change money? - No, open an account. Noticeable signs of shock on their faces, then - I don’t think foreigners can open an account in Taiwan…

I mostly wasted at least 20 minutes at each bank before they realized that, oh, sorry, we cannot open an account for you. The most hilarious was when they said, yes we can, but you’d better open an account at our other branch that’s closer to where you live, gave me the address and told me to go there. Why on earth would I want the closest branch to my home, maybe because I have to go sign for money transfers? Probably…

Anyway, around 3pm I went to Fudon Financial Bank, and they said, - Sure, we can. I thought they weree joking but then they started photocopying my documents, so it can be they might really open an account for me. No time today though, I’ll go back on Monday and see.

They will call me every time they receive a money transfer, of course. So I asked, what happen if I’m not here to answer the phone? They said that the money stay with the bank, just don’t get transferred to my account until they can call me. That way could be ok, I could just authorize all the transfers when I come back to Taiwan. They said they don’t send the money back, just don’t transfer it to my account.

All the banks I asked, including Fudong, told me they charge to receive transfers, and all quoted the same figures: 0.05% on the amount transferred, minimum 200 twd, maximum 800 twd.

Maybe it’s easier if I just receive the money transfers on my bank account back home and transfer in a big chunk when I’m here in Taiwan to… sign.

Is it only for foreigners, or Taiwanes also have to go through this ordeal to deal with their money?

By the way, I’m in Kaohsiung, maybe in Taipei it’s easier, I don’t know.

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I used to live in Kaohsiung and I have a similar issue to yours. I go back every year for 3 months.
First, its amazing that Citibank is still pulling this crap on foreigners. Did you go to the branch on Wufu in Qianjin area? They did that to me 5 years ago. I called Taipei office to complain, they called the branch and called me back to say I could go in to open the account now but by that time I went elsewhere. If you want the account, call Taipei and complain and they will get on the horn to the branch.
That said there is a Citi in Fengshan and the girl there was a lot nicer.

Second, as far as I know, all the banks that I deal with simply call your phone to ensure you want to proceed with the transfer, no paper to sign. Even when I go back I just keep my $88 a month Fareast phone with me and pick it up as needed. I opened an account with Taichung bank in Kaohsiung, they only have 2 branches there and confirmed with them multiple times in the past that they call not require you to come in. I miss that branch now that I moved as it was a small branch with fast service but what sucks is it only has 2 atms in kaohsiung so you get hit with a $5 other atm fee each time.

Third, Mega and Taichung bank and i believe Esun let me set up with a record of id paper and no arc. If the branch refuses, ask them to call Taipei to confirm and they will find out they are wrong. Mega also told me they call, dont need to sign.

Fourth, yes a lot of banks have a rule that you need to go to the branch nearby either your house or place of work, your choice.

Fifth, I hate going to the bank as every time I go in, the security guard or door girl immediately presses the change money ticket or see the teller ticket. All I want to discuss is my internet banking, i need the service desk… look of shock on the face and freezing up…

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I was unaware you could open a bank account without being a resident. When I received my dependant ARC, among other things I was told, “Now you can open a bank account.”

Not surprised, I was always under the impression you had to be a resident.

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All about the uniform ID number (統一證號 tongyi zhenghao):
http://www.immigration.gov.tw/ct.asp?xItem=1090223&ctNode=30085&mp=2

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@dan2006 Probably same Citibank branch, the one I went is in Siwei 3rd Rd, just opposite the Kaohsiung City Government, the woman wasn’t exactly the friendliest person I’ve ever met, I figured she just didn’t want to bother, and I didn’t either, as I still had lot of banks to check.

I think most “international” banks don’t want to bother either, my experience from these two days is they give you the this place is not for you look as soon as you are past their door. Strange though, for once I wore nice pants and shirt, must have been the flip-flops that gave me away…

At Fudong they also told me they just call, I don’t have to go and sign. That would be fine with me. As I know when the transfers go in, I can also call them myself if for them is ok. Let’s see what they say on Monday, if I manage to open an account with them I’ll write back.

And yes, from today I have at least ten change money tickets, but I just wanted to open an account…

@Throwaway That’s exactly what they told me when I went to the National Immigration Agency with just my passport and asked for a Uniform ID Number: Now you can open a bank account!, big smile on their faces. As you can read above, theory and practice usually differ… I guess with an ARC it’s a lot easier though.

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HSBC. Wire transfer online. Get both USA and TW account.

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Succeeded. Fubon Bank would open the account with not too many questions. Actually is not Fubon, is the person who’s on the other side of the counter: this one woman was very helpful and nice.

They also gave me an ATM card, but I’ve never seen a similar one before, it doesn’t have the usual 16 digits on the front (like debit cards), just my bank account number on the back (?). I guess it’s just for withdrawing from ATMs.

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UPDATE

the wire arrived, they called me from the bank, asked if I wanted to accept the wire, I sad yes, all done, good.

Following day I go to an ATM to withdraw money and I can’t, not enough money on the account… why?

I go to my bank, ask the employee: – Yes, your money is in your account, but still in USD, to withdraw you need to convert some or all of it to TWD.

– Ok, good, can it be done automatically?

– No, you have to come to this branch.

– Oh, ok, so, then… can I convert it using my Internet banking?

– No, because you don’t have an ARC, so internet banking won’t allow this kind of operation. You have to come to this branch.

– I see, ok, er…, one more question, this ATM card you gave me, can I use it to withdraw money from outside Taiwan?

– No, because you don’t have an ARC, so we cannot activate that function.

Hahahaha. I give up, really, I’m gonna have my money smuggled in by a friend and stash it under my mattress, it’s gonna be easier, and as practical as a Taiwanese bank account…

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First bank
1 time visit to setup transfer and done. I transfer every month from aus.

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I was in Taipei and didn’t have enough cash for buying last minute gifts. Went to an ATM at family Mart using my Ally Bank debit card. Got $1000 NTD… statement shows $33.11 USD on July 5th.

My point is… why the need to transfer USD at all.

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Because if you don’t you are paying exchange rates every time you withdraw instead of once.

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Do you have ARC?

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I agree with @dylanh724 open a HSBC account. One in the US and one in Taiwan. Although I haven’t done it myself, turns out they let you transfer money easily between the banks even if they’re in different currencies. There is of course a minimum fee amount, but otherwise I have heard great things about them.

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Note HSBC banks are not really connected across borders. You are still told the same stuff bringing in money.

Not sure how it works without AarC, but it is standard even for citizens to get the phone call accepting money. We have run our export biz for many years this way and unless you develop a special relationship with a human, you will get the call each time.

Also banks tend to require you to go into the branch you started with and sign for the first time money has come, after that its just a phone call. There are many things you can argue your way through at the Bank but residency laws are not one of them.

Citi bank is total shut, especially in Kaohsiung. I walked right out, total arrogance. I have always dealt with bank of Taiwan and althiugh they are entitled slow government type people, never had a problem that couldn’t be solved. Use e.sun as sometimes.

But when the money comes in, if you are ok it being converted, it will come, they will call you and it will be put into ntd. I’ve done this for many years without issues. Keep it under 9500usd to be safe and can’t see any issues.

If you have a friend with arc or citizen, you can setup your bank account with VIP transfer people in which you can transfer money easily online to them. I did this as we are abroad a lot and banks in Taiwan are famously lousy for convenience outside the country. This was the only way we could do it without a phone connected to the Bank in each country or using the card reader and apps, which ended up never working with 4 different banks.

VIP with online banking. Send to someone you setup and ask them for the card. This is how I travel.

Taiwan banks also have the annoying rule of a 1 card limit per account, luckily the Bank book is useful in the country so can use your bank book in Taiwan with people that help you and take your card abroad…Taiwan banks are not so fun…hence why people here like cash or the post office.

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These phone calls from the bank to the customer that authorize transfers, are they automated or from a teller? Are you able to specify the language you wish to receive calls?

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From one if the tellers, usually the foreign currency department. Not automated. Usually in Chinese unless your bank knows your foreign and has some who can speak English, but never experienced that option before. Luckily they often give up on getting a reason for the remittance.