Transfer money to the UK

Business Money
1

Ok I have tried searching the forum, asking friends, calling my bank and inquiring at my own bank in Taiwan (Taiwan Post office bank)

and I really don’t know what to do. I have about 150k in funds here after 9 months of teaching and I want to send some or most home because my contract will end soon. I plan on coming back next year but I don’t know why for some reason my money just feels vulnerable here in Taiwan and I can put it in an ISA in the UK next year to make money for me instead of just sitting here.

I am really worried about the charges though or the money being lost and I would just like some advice on what is the best and the cheapest way to send money back to the UK.

I spoke to the post office bank and they don’t change money to £’s so I would get charged at both ends with an unknown exchange rate so I don’t want to do that. Maybe that means going through another bank? I am open to opening another bank account that would change to £’s or any other cheap method but this is something I have never done before so I want to get it right because otherwise that time I have spend working could be going down the drain in bank charges!

Thanks in advance for your help.

2

moneygram.com/MGI/EN/TW/Mar … C=TW&LC=EN

try Cosmos Bank in Taipei. You send taiwan dollars to your relative in the UK and they get it in pounds. Funds available in ten minutes.

3

[quote=“GiantDave”]Ok I have tried searching the forum, asking friends, calling my bank and inquiring at my own bank in Taiwan (Taiwan Post office bank)

and I really don’t know what to do. I have about 150k in funds here after 9 months of teaching and I want to send some or most home because my contract will end soon. I plan on coming back next year but I don’t know why for some reason my money just feels vulnerable here in Taiwan and I can put it in an ISA in the UK next year to make money for me instead of just sitting here.

I am really worried about the charges though or the money being lost and I would just like some advice on what is the best and the cheapest way to send money back to the UK.

I spoke to the post office bank and they don’t change money to £’s so I would get charged at both ends with an unknown exchange rate so I don’t want to do that. Maybe that means going through another bank? I am open to opening another bank account that would change to £’s or any other cheap method but this is something I have never done before so I want to get it right because otherwise that time I have spend working could be going down the drain in bank charges!

Thanks in advance for your help.[/quote]

150,000NT is only around 3000ish pounds. I would just carry it in cash.

4

Yup. Just convert it to cash and bring it back with you. I’d recommend MegaBank.

Golden rule when converting to or from NT$: always do it in Taiwan.

5

I carried cash on the way here and couldn’t stay up for the whole journey. I got robbed on the way here! I live in the middle of nowhere near Hsinchu as well! I will have a look at the link.

Oh and how about sending a cheque home?

6

You could withdraw the cash and send it Western Union to your family in the UK. Not sure what the commission fee would be.

7

thats what i suggested. MONEYGRAM is like Western Union but cheaper. He should ask at Cosmos Bank (their local agent ) about the details and fees.

find out and if its good, use them? IF not dont?

CArrying cash is risky.

8

BOT … Bank of Taiwan (near Presidential building) … good exchange rate, quick and easy … costs you 400NT$, funds transferred … salary or wages. They also have foreign currency accounts, Euros, Dollars, probably Pounds too.

bot.com.tw/English/BusinessU … fault.aspx … addresses of all the northern branches …

9

[quote=“Belgian Pie”]BOT … Bank of Taiwan (near Presidential building) … good exchange rate, quick and easy … costs you 400NT$, funds transferred … salary or wages.

bot.com.tw/English/BusinessU … fault.aspx … addresses of all the northern branches …[/quote]

A sensible post. For a start you get a much orse exchange rate to buy cash. Secondly the NT$400 cost of sending money to the UK by TT is the cheapest, fastest and and safest option.

10

Ok thanks for your suggestions I will look up Moneygram and BOT I tried Moneygram in my local factory branches but that was only for Thai Bhat and Vietnamese money I guess because it’s specifically for the factory workers but can try through the bank when it’s open the same with BOT.

11

[quote=“ned”][quote=“Belgian Pie”]BOT … Bank of Taiwan (near Presidential building) … good exchange rate, quick and easy … costs you 400NT$, funds transferred … salary or wages.

bot.com.tw/English/BusinessU … fault.aspx … addresses of all the northern branches …[/quote]

A sensible post. For a start you get a much orse exchange rate to buy cash. Secondly the NT$400 cost of sending money to the UK by TT is the cheapest, fastest and and safest option.[/quote]

Its $400NT at the Taiwan end of things but what about the fees at the UK end? An incoming transaction from outside of the EU will probably end up costing you £30 in UK fees.

That has what my research has shown me. If anyone has any recent experiences to share it would be greatful.

Thanks

12

I use Moneygram to send money to indo to my girl. Moneygram works like WesternUnion but is a bit cheaper. It tells me on the receipt exactly how much indo rupiah shes going to get.

Its something like 10 bucks for up to 200 USD to send and the exchange rate works out to be another loss of about 3 bucks on the 200 dollars. Thats for Indonesia.

Wouldnt hurt for somene over there to check with COSMOS BANK (MOneygrams bank in Taiwan) to ask how much to send pounds to the UK and how much will be received for say 10,000NTD ?

13

I remit from Land Bank to Natwest, fees on the UK end are £12. At that price, I’d rather transfer the money than incur the risks associated with taking a chunky wad of fifties back with me on my annual trip home.