Transfer Money to Taiwan for semi long-term

Taiwan Moving to Taiwan
21

It is not great on their part for sure. But, like I said, I would like to hear the entirety of the conversation from the person in question. Was it you? Were no other options given? Did he go up the management chain to discuss options? Was the bank aware of him living overseas beforehand and have options in place if there were issues? Like I said, details.

If this is a customer with $100k in an account, you have the option (read “threat”) of moving your money elsewhere. That and going (social) media on them. There are always options to get things done - and if not, fly there and move the money elsewhere (true enough right now with Covid that would be an issue).

22

@jephhy “This is not related to having accounts in 2 countries. He has one HSBC account in the US.”

Based on what you initially quoted,

which is where I was referring to the free transfer between a non-Taiwan HSBC account and a Taiwan HSBC account, you can see why there was confusion.

23

Get a bank account at home in a bank that exists in Taiwan (citibank, HSBC…) Use their atm´s to withdraw money in Taiwan. You will get no fees and you will be able to wire money to at no costs between same banks (global transfers).

24

Citi doesn’t have physical branch in my US location though, is doing everything electronically fine? Any idea if their exchange rate is good?

25

Citi bank’s exchange rate is really bad though, only 91.5% of what’s on Google, even BOA has 93.6% which is worth the wire fee.

Schwab says if I wire, the receiving Taiwan bank handles exchange rate, not them? So which Taiwan bank is best for this?

26

So if I open Esun bank in Taiwan, they’ll receive transfers from PayPal, with a 3% fee? It looked like Paypal has the best exchange rate of 96% of the raw rate. So it is 93.1% all together.

It looked like Bank of America has the best rate of 93.6% in the end though, but nobody mentioned them?

27

Bank of America is corporate customers only in Taiwan. There are no consumer branches or ATMs.

28

I meant wiring money to a Taiwan bank from BOA, then I’ll just cancel the BOA. They have good exchange rate last I checked.

29

I meant wiring money to a Taiwan bank from BOA, then I’ll just cancel the BOA. They have good exchange rate last I checked.

30

Where is this exchange rate data found on google?

31

What about fees BOA will charge for transferring the money to a non-BOA bank?

The local Taiwan bank may charge fees as well.

32

How do you check “internal” exchange fees at ATMs?

(By this I mean the hidden fees for exchange to NT$ when you withdraw at an ATM)

33

I always wire in USD from BoA to a Taiwan bank, and the Taiwan bank will exchange at near spot. You can check spot rates here:

34

BOA wire fee is $45, but that is nothing if I’m transferring a lot more, so the exchange rate is more important.

Edit: I think I should open a new thread about transferring. I already figure out that Schwab is better for just ATMs.

35

Looking to set up a Schwab account for this purpose. Is this the one that you have? Online Checking Account with Free Checks and ATM Fee Rebates | Schwab Bank

What do you typically use to fund this account? ACH transfer from another bank?

36

Can you compare the two or do you only have knowledge of Fidelity? Is this the account you use? Cash Management Solutions & Services from Fidelity Investments

37

Fidelity won’t provide service if the know you are residing overseas. Need to maintain a US mailing address and use VPN (at a minimum).

38

looks like the account I made w’ Schwab. ATM rebate is great. You can transfer from anywhere just like any bank acc’, also had direct deposit for a US job.

1 Like
39

Based on the info pages that I linked to (assuming those are the correct types of accounts) the fidelity one is inferior because they limit the types of ATMs that are eligible for fee-refunds and they also “may” charge a 1% currency exchange fee.

40

Thanks…you can use more or less use any ATM worldwide?