Hello, I hope I could find some answer here, I find all and everything on internet, so I might be lucky here.
I need to send more than 350 000 NTD from Taiwan to Europe ( France ), currency rate is interesting now and I don’t want to wait and take the risk to miss this good opportunity, I’m not sure it NTD will keep it strength .
For this amount, I couldn’t find serious informations about the transfert fees and change in Taiwan. But I am pretty confident cryptos can do the job. So my idea is using Maicoin ( Taiwanese crypto exchange ), convert NTD to USDT and send it to my wallet linked to a french account and directly withdraw from there.
Some of you actually transfert money using cryptos ? Do you think it worth it ?
Thanks for your answer !
Crypto is rather volatile and risky. Would not compensate any potential fee savings for me and for bigger amounts the bank fees are not so high in relative terms anyway
Maicoin has some pretty high transaction fees.
Open a EUR account at your bank and do the conversion there. You can also look around on various TW expat facebook groups if anyone wants to do a currency exchange.
Compared to currency exchanges it’s cheap 7/11 beer money
My suggestion is to try the crypto method with a smaller amount first and if you’re going to take that route don’t do it all at once
to transfer this amount will be ~50 usd in bank fees. its 1500 nt out of 350,000.
is crypto worth the hassle?
The transfert will be using FIAT crypto but if the fees from bank are not expensive, then I will reconsider it.
Even if crypto exchanges fees are not cheap, I feel like the currency rate is better than the bank one, but I might be wrong. Playing with crypto is “easy” but it come to transfer real money, it become complicated to take a decision
If bank rate is reasonable and fees is only 50$ then for sure I won’t use crypto. but it’s hard to get this informations from both country.
I will keep investigate and contact bank by email, thanks guys for your answers !
You have to consider the cost of the exchange rate, too
Fees to transfer cash to an account in the West are not high. Around 400 I think it was last time I did it.
If you have a bank account in Taiwan, you can do it there. They may ask you where you got the cash from and why you are sending it though.
NTD not listed on transfer wise. You still have to convert locally.
I remember somebody else used it for intl transfer and it ended up being the same as a wire transfer fee.
That’s true. But I keep a USD foreign currency account in Taiwan. It works well for that.