If I have a Taiwan bank account without ARC with money in USD, would I have any issue making a transfer to an US bank in USD? I am trying to make a transfer to someone else’s account.
Should be do-able.
Just go up to the counter and ask for foreign remittance application form and fill it out in front of them.
They will ask for a reason for the wire, just provide one (be it “to pay taxes”; “daily expenses” or whatever).
If they then ask who that person is, just tell.
People send money to separate entities overseas all the time.
The person in the U.S. may have to explain also why he/she is receiving money from another person. It’s all info-gathering by financial authorities on both sides.
Thanks for your reply! Is this still possible without visiting the bank? Can I still wire from my Taiwan account if I’m not currently in Taiwan?
If only it was that easy, but quick answer is no.
The only way to be able to do that is if you have already:
- set up Internet banking with that Taiwan bank, meaning you can use their online website or their App to do banking (like trade between currencies); AND
- you had already set up that account in the bank’s system for wiring purposes. Meaning, you would have had to already gone to the bank and tell them the name of that overseas bank, that account owner’s name, its account #, the overeas bank’s SWIFT code, etc. The Taiwan bank would have then put that automatically into the system to let you do Internet banking and wire transfers from that Taiwan bank to that overseas bank.
Not all Taiwan banks let you do Internet banking for overseas wiring. Some make foreigners do the wire only at a counter in any of their branches in Taiwan.
I will have the target US account number and SWIFT code ready to set up in person before any wire transfers are done. Do you know which banks specifically that will allow foreigners to do wire transfers online once this is set up?
Cathay United is one. I do this online periodically. Fees are low.
Taishin is another that works for this.
One catch: if the amount you wish to transfer is over TWD 500,000 equivalent, you probably still need to go into the bank.