I’ve got a bit of a headache with my US pension trying to transfer it to my NTD foreign account. I’ve got a Taiwanese bank account that’s all set up for NTD/USD wire transfers, and I’ve given the banks and the SOC office all the paperwork they need, but it’s like they’re blocking it.
Any fellow retirees out there in Taiwan who’ve cracked the code on getting their retirement funds to smoothly flow from SOC/VA straight into their personal bank, like CTBC? Or maybe there’s another bank in the game that’s more willing to work? CTBC has been difficult to get answers, even though I’ve got my ARC and all the necessary docs in line. What am I missing here?
The numbers, swift codes, accounts all are correct as I wire myself cash from US account every so often.
That is the process I do now. I want direct transfer because the US Social security office will send it direct in NTD and avoid a wire transfer fee. Right now each time I transfer it costs about 1200ntd. Also if it comes direct from the US to a Taiwan bank account it is consider income. If I keep wiring to myself the banks don’t see it as income.
The banks don’t see it as income but the tax bureau sees both as income
The wire is only free if the government pays the sender and receiver swift fees, are you sure that they do? Unless it’s in the terms, usually they pay neither.
I find this highly unlikely, NTD is non-deliverable, and I don’t think the USSSO has NTD facilities onshore in TW. So they must act via intermediary banks to make the NTD remittance onshore, they can’t hold NTD offshore.
Yes they do have a middle bank that handles the transfer, but the currency exchange is much less and so is the wire fee. Less then my current situation. I’m aiming to get it done so that I don’t have to deal with my US bank account and waste 1200ntd for each transfer not including currency exchange rates. When I talked with the representative on the phone with the US SOC service they do transfers SOC - Middle Banks - TW Personal bank. This will remove my US bank out of the equation which I want.
I think it should normally be cheaper to transfer USD anyway and do the conversion here. USD/TWD rates in Taiwan are pretty good (as in, I’d be quite surprised if you’d get a better rate anywhere outside Taiwan).
