Are there any banks in Taiwan that would allow me to hold Pound Sterling? I’ve heard of some for USD and Euros, but not for the sterling.
Any bank. Ask for a foreign currency account. Some banks want ARC some just want a temporary ID you can get from immigration.
Thanks. Should be easy then if I’m a citizen. Just have to dust off my stamp lol.
All do.
I’d use Bank Sinopac.
It allows you to set up an overseas account that you can transfer money to (abroad), which has your name (like in UK, US, etc.). If you have the SWIFT code (can find it online if need be), etc., then counterperson at the branch can set up that overseas account for online transfer (in the future) the day you open up an account. You would be opening up 2 accounts locally. One is NT$ and the other is Foreign Exchange. The bank will allow you to transfer money between these 2 local accounts (kind of like F/X trading).
Thus, in the future, you do NOT have to go to the counter to fill out paperwork to send money overseas. You just do it through its online website or App.
Wait, normally I have to go to the bank to send money overseas? Its not a normal function for online banking?
I want to send sterling to myself from the Taiwan account to the UK account monthly.
Yes. Some banks do Not allow transfer overseas through online banking. You have to go to counter and fill out paperwork.
My other bank does Not (I hated it for years). Hence, Sinopac.
So, you open up an NT$ account at Sinopac and Foreign Exchange account at Sinopac. Huanan Bank is government bank, and it allows online banking for overseas transfer, too (if you desire a government bank).
Both the NT$ account and F/X account have separate account books and account numbers.
Then you fill out 1 page form at the branch (do it first day you set up accounts to save time) to set up that overseas account of yours in UK that is linked to that F/X account you just opened. You need your UK account’s SWIFT code, branch address, account #, your name, etc.
I don’t have the UK account yet. Is that a problem? I will open it when I get to the UK. I just need one in Taiwan as well to move money.
That probably is a problem. Taiwan banks like to have that initial piece of application paperwork (hard-copy) of when everything is done the first time.
You can ask those 2 banks, but don’t set your hopes high.
Maybe try your Italian bank (you have one?) and then in the UK it may be easier to add that Italian bank for transfers (may cost an extra F/X commission).
Oh wait. I have a transferwise UK account for the sterling. I guess I can use that.
Taixin have an account that can hold about eight currencies.
It’s one account but will hold usd, renminbi, Euro, sterling, HKD, etc