Moving USD from our accounts in the USA to Taiwan

[fifieldt]

This post might be of interest:

[Taxation] Money Transfer from USA to Taiwan

Welcome to Forumosa So, practically, when money is received in Taiwan you must provide a remittance classification (your bank will call and ask what the source/purpose of the funds is). Tiny primer on remittance classifications at the start of this post. I recommend having a read of the list of classifications and finding an appropriate one for describing your situation. That way when the bank calls, you can just give them the exact wording and code and they’ll be happy. Amounts …

One of the reasons Transferwise/Ozforex saves people money is it can avoid ‘intermediary bank’ fees. In the worst case, when you transfer money from bank to bank:

1. Pay a fee in your US bank for the SWIFT transfer
2. Pay a fee in whatever bank your US bank uses in Taiwan (intermediary bank)
3. Pay a fee to receive the money in your Taiwanese bank.

If your bank owns a bank in the US and Taiwan, or your US bank has exchanged SWIFT credentials with the bank in Taiwan so they can transfer directly, you can avoid the intermediary fee. You can ask which banks your Taiwan bank works with for sending certain currencies - they are likely to be reciprocal agreements.

For receipt of foreign currency, at least I can say that Taishin never charged me any fees for that. If you also have a bank in the US that doesn’t charge an arm and a leg for SWIFT transfers, then you’re about as good as you can get.