Hello, I will bring with me some cash (within the allowed limits, we are 3 people, and I don’t want to store money in the apartment) and I would like to deposit that money in a relative’s bank account, and then withdraw a part of it every week according to the needs.
However, being elderly, I don’t expect they know much about this aspect: is there any possibility that putting money in the account and withdrawing might attract the attention of tax office and trigger an investigation?
I don’t want to create problems.
In my country it’s like that, even if we are talking about 10k USD, so I am asking it in Taiwan it’s the same. Thank you
The bank might ask where the money comes from, especially if deposited in person.
Generally speaking, why would you bring the money in cash rather than transfer it? Especially if you don’t have TWD in cash, it probably won’t work out cheaper.
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Or leave it in your own bank account and make sure your bank card is set up to withdraw cash abroad. Then get cash from an ATM when you need it.
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Just open your own bank account or post office account.
Ilikecoffee,
Well, the account is already set up with wife and mother in law names.
I was just asking about the deposit.
Roofrooclown,
The transfer is very expensive.
Well, if they ask, I can explain. Just wanted to avoid causing troubles