[quote=“CraigTPE”][quote=“mei0319”]Ok, so after a year back to Taiwan from the US, finally I figured out the cheapest and quickest way to transfer fund from the US. You need to open an account with citibank in the US and another citibank account here in Taiwan. Then, it’s easy to move fund online from one citiback to another citibank, and fast, within the same day or the next business day, depending the time you do your transfer. The exchange rate in citi bank is as good as can get. I have my mom deposit my paycheck back in the States (I work for a US company remotely) and move it to my citibank here in Taiwan and then, it’s your money to spend. The transfer itself is free, and if you use citi’s bank ATM, it’s free as well. On a non-citi ATM, it’s just a few Taiwan dollars per withdrawal.
:discodance:[/quote]
Are you sure about the “free” part? Aside from HSBC’s program for people with very high account balances, I’ve never heard of any bank offering free international transfers, even if the name of the bank is the same in both countries. Is the Citibank program also for those with high account balances?[/quote]
mei0319, how is the Citybank account working out for you now?
I have had the same issues with intermediary banks with unknown fees. Also, using major local banks resulted in very bad exchange fees and international wire fees. In 2007, I stopped and started using a live FX broker. Then in 2008, I switched to their online currency broker to use free international wires and more competitive rates.
Sorry, haven’t been on the forum for a while. Was in Japan for 4 months.
About my CitiBank experience, so far so good. I’ve been transfering for almost half a year now. It’s free to transfer globally within the citi system. Citi in Taiwan don’t charge anything for recieving it, either. Though, they would call to notify me that the transfer has come in and wanted to verify my identify over the phone. I usually just cut her short and let her go. There’s a $15 monthly fee with my CitiBank account in the States, if the average balance drops below $1500, which is annoying but okay. After the fund is in my Taiwan Citi account, I move it to my checking account from the foreign currency account online and it’d just be the same thing, you can withdraw it with your card or go into one of the branches and do it at the counter. I’d imagine with other multinational banks, you could do the same. The reason I use Citi is that I could open an US Citi account remotely. I was already in Taiwan when I realise I need a better way to transfer fund, and I had no idea, still don’t, when I would go back to the States for a visit.
I think Citi here has an English option in their website, though I am not positive. I am, luckly, bilingual.
Cheers,
By the way, the phone call is to not only verify identity but sometimes to determine the nature of the cash transfer due to money laundering and tax laws.
As I travel to/from Australia a couple of times a year, I usually bring AUD10,000 cash with me each time the need arises, and get it changed after I arrive and give it to my partner to put in the bank. That way I avoid the Banks ripping me off with their Exchange rates and fees - the cash conversion rate for AUD-TWD being very close to the xe.com mid rates.
Thought I’d update this thread as I had another good experience this week.
Requested a transfer from Nationwide International (Isle of Man) on the morning of the 4th. Money was in my Cathay account by the afternoon of the 5th. Once again, it went via an intermediary bank (Citibank) but no charges were made (this isn’t a one off, it’s always been like that). Cathay charge something tiny to receive, so pretty much bang on the proper rate.
One thing I do (or did) have to do - is go into the bank to sign some form each time a payment is received. My branch said to get around this, if I just signed a load of blank forms - I wouldn’t need to go in each time, they just one of the forms for me
I’ve had experience similar to other posts transferring from the U.S. to Taiwan - fees from both the sending institution and an intermediary institution. My U.S. bank TD Bank (formerly Commerce Bank) stated I could avoid the intermediary fee if they (TD) did the currency exchange. This assumed that TD had the ability to exchange into the desired currency (which they did not have as they are limited to “major” currencies). So, TD sent the WT through an intermediary, who charged for the currency exchange. The recieving bank (in Taiwan) did not chage a fee. I have not attempted to independently verify the explanation.
The post referencing Citibank accounts sounds pretty good. I had heard one needed to maintain a fairly substantial aggregate balance with Citi (all accounts and investments in total) to qualify for free transfer services but Mei’s experience appears to settle that particular question. Defintely worth looking into.
I had earlier posted re: AMEX but later learned they limited their free transfer to domestic account only.
Have any U.S. posters had experience with USAA? They are a quite large financial service company specializing in servicing the military but “membership” is essentially open to anyone. Their “bank” is strictly online. I have been told that accounts holders can use any ATM they choose for withdrawals with no fee from USAA (whether the ATM owner charges a fee is a different story - but there are ATMs in the U.S. that do not charge). Not sure if this is the case in Taiwan or not. If so, it seems one could open a USAA account, pay any/all bills online and satisfy cash requirements by accessing a no-fee Taiwan based ATM network. I would be interested in hearing whether those of you actually IN Taiwan know of or have experienced problems with USAA.
When I opened my Taiwan citi account, the rep on the phone (he called me after I filled out a form on their website) asked what I intend to do with a citi account, I told him I work for an American company and need to transfer funds back to Taiwan. Perhaps he thought I was a protentially important client or for whatever reason I really dont’ know, he offered me a 3-months VIP trial period. There was a min balance for it otherwise, a nt 1000 monthly fee would be accessed. Within the trial period, the fee would be credited back a month later, and after the trial, if I still don’t have the min balance in the account, it’ll just turn into a regular account automatically. The only benifit with a vip account so far is the atm fee is waived if you withdraw from a non-citi atm and no foreign currency exchange fee if you buy or sell at the branches. It’s really not that big of a deal…
The trial period has ended a long time ago, but I still have the vip account, each month nt 1000 is taken out and credited back. Once I don’t have even 1000 in the checking so they took the remaining balance 1. something nt dollars :roflmao: , and later when there was more in the account they took it, again. A month later they only refunded me the 1 nt dollar something, so I had to call for the few hundreds nt dollars they took the 2nd time. It was refunded a couple of days later. So, I think the citi bank system isn’t as fool-proof as it should be. It doesn’t end the trial period, and it makes mistakes on refunding the fee, you just have to check your account activity regularly and call them if you need to. Or, just get a regular account. The rep told me with a regular account, I can still use the globe transfer service free of charge.
About the $15 monthly fee with the US citi bank, I emailed and ask them to match what they offered in Japan, a 3 month trial period. After that it’ll take $15 out from your checking if the monthly average balance drops below $1500. I have become an expert on transferring small amount of funds from here to there and everywhere.
Do you ever check how well the transfers match the exchange rate for the day? What is citibank Taiwan’s fee for a regular checking account, without a high balance? They don’t post it online.
citibank says it now charges $10 per US account (you’d need 2- TW & USA), unless you meet certain criteria. Their website says they don’t charge money for their transfers between accounts. However, if you call them, they say they might charge a 2% fee, and the only way you’d know it is by checking the exchange rate and the amount that arrived in/ left your accounts.
Interesting, the foreign currency account has been free, perhaps it also comes with the vip account…
I’ve checked it’s exchange rate a few times, and it’s always close to what XE’s. I compare it with what Taiwan Bank offers a couple of times, sometimes it’s better, sometimes it’s a bit lower. I think you can easily find that out by just going to their websites and look at the currency exchange rate page. When I transfer from the US to Taiwan, the dollar amount would’t change at all. If you transfer $1000, you’ll get that in your foreign currency account a few hours later. When you move it from your foreign currency account to your regular checking account, it tells you the exchange rate, no fees at all so far.
I don’t think they charge any fee on a regular account but it may have changed. Why don’t you fill out the open-account form and see what the agent has to offer now? If it doesn’t work to your liking, try other multinational banks.
Mei-
Did you initially open your account in the U.S. or in Taiwan? I have a Citibank nearby where I live (although it may be closed soon as Citi is scaling back on its retail branch network). Anyway, I wonder if your VIP treatment is based on where you opened the account (??)
I sent 300 dollars to Taiwan recently with MONEYGRAM (they have kiosks at Walmarts). It was pretty awesome. They use COSMOS BANK in Taiwan.
I paid 9 dollars for up to 200 dollars. Its 9.90 for up to 500 dollars at Walmart. You can do it online at MONEYGRAM.COM for a few dollars more.
They remit the money in US dollars. You get it in Taiwan in ten minutes at the counter . Just send them the code and the dollar amount and the name sent to. You may have to bring your id to pick up the money.
I dont recall any significant difference between the money Cosmos Bank gave and the daily FX rate usd/ ntd.
So Cosmos didnt appear to have charged for receiving the money. You can also send money out of Taiwan through MONEYGRAM with COSMOS BANK.
By comparison, sending money to Indonesia the local agent charged about 5 usd per 300 dollars in a lower FX rate.
I opened my US account when I was in Taiwan and it’s not a vip account. I asked the first 3 months’ fee to be waived because they were offering it in Japan. The vip account is the Taiwan one. I filled out a form on the Citi website, and an agent called me a couple of days later. I told him I need to transfer fund from the US regularly and he offered the vip account. They don’t let you open an account online here in Taiwan, the form is just an “interest” form. They just need your basic information and phone number to call you up and talk to you. I did it in Chinese, though it’s got the English option, I don’t know if it’d work the same for a foreigner, like if the agent would offer you something different because of your resident status. I strongly recommend it because it’s been free and fast.
I have a Vancity account(a credit union) in Vancouver and I just do wire transfers to a Bank of Taiwan account. Flat fee of $20 for the Vancity side and none for Bank of Taiwan side. Also, I transfer in CAD and receive in CAD in Bank of Taiwan using foreign currency account, then I just exchange to NTD when the exchange rate is good. Takes roughly 2-3 days. Bank of Taiwan gives you a call when money has arrived. $2-4 monthly fee on the Vancity account if balance is less than $1000, though if you are under 25, all monthly fees are waived.
Last transfer was for $10k+, only $20 total fees, and waited for 1 CAD = 29.5 NTD rate, win!
hi guys got a question about transferring money out of Taiwan, I need to exchange money from NTD to USD. what’s the best way to get the best rate? I think it’s online where they give you .03 discount. but you can only exchange NTD up to . 5 million. Now if you go to bank and exchange money at the front desk there, do they still give you the .03? if you are exchanging a large amount maybe they will give you even better offer? (I am exchanging a lot of money, just sold my business) or not. anyone got experiences in this? what’s the best way to exchange NTD to USD? thanks and which banks usually offer the best rates?
Just wanted to share my experience on sending money from the US to Taiwan.
Applied for a national ID number.
Opened an account at China Trust.
Called in the wire to my credit union in the US (BECU) on Friday midnight (so Thursday in the US). Provided my English name, Taiwan address (in English, since their system didn’t support Chinese characters) and phone number, along with bank account number and SWIFT code.
Received a call 12 hours later from China Trust saying my name didn’t match the transfer. Oops. Went to the local office, showed passport, filled out a form. Had my money about three hours later.
Cost: $35 US for the wire at the credit union. 400NT at China Trust. Exchange rate was just about what Google and xe.com quoted me (insignificant in my opinion).
My notes for next time:
Ensure name matches on both accounts EXACTLY.
Add a note to the wire transfer “Purpose: Life expenses”. I’m not totally sure if this is required, but they only asked me this question.
Curious to know about other people’s experiences with bank transfers from the UK to Taiwan in one particular respect. I bank with Bank of Scotland back in the UK, and set up my local Taiwanese bank - Hua Nan - as a recipient for international payments. When I run the international payment through the various options on the UK bank’s website, and it asks me how much I want to send, it offers me a variety of currency options including UK pounds and US dollars, but not (perhaps unsurprisingly) TWD.
If I select GBP, it flashes up a warning that reads: “The currency you’ve chosen (British Pounds) isn’t the currency of the country you’re sending your payment to. You can continue with this currency, if you want to, but it may increase the cost and time it takes to make the payment.” It then advises me to stick with the default currency for payments - which is USD.
What I’m curious about: if my money starts out as UKP, would it then be converted to USD, before finally entering the Huan Nan account as TWD? And if so, would I then lose money when the exchange rate is less than favourable? Or is it better to just go ahead and stick with GBP?
I have become an expert on transferring small amount of funds from here to there and everywhere.