I already have one account at a bank that comes with an ATM card, but no interest. I would like to open another account at a bank, specifically a savings account with interest.
Do savings accounts with interest exist in Taiwan
If they do exist, can anyone suggest a bank with good rates…
and
Am I allowed to open a second account at another bank?
I tried wading through the other threads, if this has already been discussed i apologize.
by the way, do debit cards exist in Taiwan for foreigners yet.
I already have one account at a bank that comes with an ATM card, but no interest. I would like to open another account at a bank, specifically a savings account with interest.
Do savings accounts with interest exist in Taiwan
If they do exist, can anyone suggest a bank with good rates…
and
Am I allowed to open a second account at another bank?
I tried wading through the other threads, if this has already been discussed i apologize.
by the way, do debit cards exist in Taiwan for foreigners yet.
Thanks![/quote]
I think the interest rates for savings accounts are low everywhere, you probably need to open a CD or fixed deposit.
No problem with more than one bank account, I got three … (long story)
I already have one account at a bank that comes with an ATM card, but no interest. I would like to open another account at a bank, specifically a savings account with interest.
Do savings accounts with interest exist in Taiwan
If they do exist, can anyone suggest a bank with good rates…
and
Am I allowed to open a second account at another bank?
I tried wading through the other threads, if this has already been discussed i apologize.
by the way, do debit cards exist in Taiwan for foreigners yet.
Thanks![/quote]
I think the interest rates for savings accounts are low everywhere, you probably need to open a CD or fixed deposit.
No problem with more than one bank account, I got three … (long story)[/quote]
Rascal,
thanks for the info. I hope I can bother you with some more questions.
What do you mean with low, what kind of percentage are we talking about? And what are the rough percentages for a CD or the mentioned fixed deposit.
(btw. what does the abbreviation CD mean again. I remember hearing it before, but don’t know right now)
You are trying to save in the wrong country. You rate here will be about 1%. You should consider opening a CD (certificate of deposit) in your home bank. Some U.S. brokerage firms have now started accepting accounts from Taiwan (ScotTrade) and that may be another option. You could play with some reasonable risk stocks. CD rates in the U.S. for 10,000 U.S. are running about 5% depending on the leangth of your investment.
Yes, you can have as many bank accounts as you want. I also have acquired several as each school will usually want to make direct deposit of your loot to their favorite bank. You will read many opinions on how to get your money into the bank in your home country. I am only familiar with the U.S. so I will limit this part of my reply to that country.
I acquired an account with a U.S. bank and sent one of the IC cards to my family. I also got an IC card from my Taiwan Bank and sent an extra card to my family. An IC card is a special ATM card that will allow withdrawals from most countries. Now when I want to put money into my U.S. account, I simply instruct my family to pull the money from my Taiwan account using the Taiwan IC card and then deposit to my U.S. account. When I have enough to purchase a CD, I just call my banker, they fax the forms to me and I snailmail them back. A power of Attorney would be better but this part of investing I will handle myself.
Probably more than you wanted to know but there it is, for what it is worth. Others have told me that this won’t work but I discredit their opinion based upon several years of my experiences.
Enigma, thanks for the very good explanations. Sound like you figured everything out. I was just wondering about the typical fees involved, espacially for withdrawing funds through the ATM machine from the U.S. Is there the usual $300/day limit on those transactions? And how flexible are those C.D.'s. Maybe too many questions, but would be nice if you could clarify those things.
I opened an account at Chinatrust today that had interest and gave me an ATM card. Interest for the first 12 months is a fixed 1.9999% after 12 months it goes up little by little till the 2nd year I believe. Go there for more details.
thanks for the info. I hope I can bother you with some more questions.
What do you mean with low, what kind of percentage are we talking about? And what are the rough percentages for a CD or the mentioned fixed deposit. [/quote]
I checked my last Citibank statement and here are the interest rates:
NTD - 0.05% (calculated, so it might not be accurate)
GBP - 0.35% (printed on statement)
USD - 0.20% (printed on statement)
EUR - 0.15% (printed on statement)
When I visited their branch last month fixed deposit rates for NTD were pretty poor, too; around 1-1.2% or so, regardless of time frame (1-12 months). The best interest rates were stated for NZD (New Zealand Dollar), around the 4% mark. But then you are depending on the exchange rate.
However as the rates differ from bank to bank and change anytime it’s probably better if you pay them a visit, though I would go with enigma’s advise and save in another country if that’s possible.
Not sure if its a debit card but Fubon Bank has provided me with a new ATM card that can be used for purchases at local stores. It also has a magnetic strip (VISA) and can be used overseas (tried and tested). It’s not a credit card though since you must maintain a positive balance in your account and there is a limit to how often you use it and how much you can withdraw (can’t recall the details).
If you are interested walk into one of their branches and ask for the ‘Fubon mONEy Account’.
At present there is a limit. I think it is 300. However, my hometown bank is small and the manager is a friend. She simply mkes a call to the ATM gods and they over-ride the limit for a “one-time-one day” withdrawal. Otherwise it is a problem pulling the Taiwan funds but it can be done.
The CD’s are as flexible as the language in the contract of the one you buy. Most will allow an early withdrawal but charge a panalty of SOME of the accrued interest. In other words, they reduce the calculated rate for the actual term of deposit. You can also purchase CD’s that allow for a monthly interest payment into a designated account. This is a nice tool for people with large long term CD’s but little monthly income.
The withdrawal fees in the U.S. will be charged by your ATM withdrawal point and seem to be the same as if the funds are being pulled from a local home bank. The exchange rate will fluctuate with the market rate but seems a better value than getting exchanges done here - about 31-32.
Another advantage of having trausted family with all of your bank cards is in the event of a disaster, God forbid, that your family will have access to your funds for a time. At least enough time to pull the money before FAP or other government entities lock your account. Probate can be a bitch from abroad.
I have a savings account with ICBC.
It gives 3.8% interest per year.
It’s denominated in British pounds.
The interest is paid monthly and you need to keep money in for that month to get the interest.
You can open multiple accounts. I also have a current account there.
You can get higher interest on an Australian denominated account. But as I am British, I prefer pounds.