OK. I have three checks sitting on my desk in USD$, each for approximately $100 or so.
If I take them to the local bank, they will charge approximately $40 each to cash them. Given that these checks are so small, it’s not feasible. I understand their ‘reasons’ for doing this, but I’m not going to pay them the privilege of doing this.
Any practical suggestions?
Kenneth
Is this the same situation as you wrote about on the Western Union thread?
As far as I know, there is no easy, cheap way to cash an overseas check. It is the same in the US. The fees are sometimes higher than the value of the check.
If you still have any financial dealings in the US, it’s a good idea to keep a bank account open there. I have a credit union account in the US. No maintenance fees like the big banks charge these days if you don’t have direct deposit of payroll. Any funds I get in the US are either electronically transmitted or mailed to my CU account. Some investment firms like ING have bank accounts that are easy to open and maintain online. Then, in case you need the money here, use an ATM card.
I’ve found great utility in keeping my US bank account open and active.
Before coming to Taiwan, I moved my accounts to HSBC in the US and then opened an HSBC account here. The two are linked so I can transfer US$ back and forth at zero cost and instantly.
But I also have a US mailing address and a friend who scans my mail and sends me the images.
It just takes a little planning.
Did you have to have a minimum balance to get the zero-cost international wire transfers?
US$100,000 is the minimum for a Premier account at HSBC.
The only other bank that I have heard has this service is Citi but I don’t know what their rules are.
I just wanted to point out that for the average schmuck who may not have US$100K to park in the bank, this isn’t an option.
[quote=“KenTaiwan98”]OK. I have three checks sitting on my desk in USD$, each for approximately $100 or so.
If I take them to the local bank, they will charge approximately $40 each to cash them. Given that these checks are so small, it’s not feasible. I understand their ‘reasons’ for doing this, but I’m not going to pay them the privilege of doing this.
Any practical suggestions?
Kenneth[/quote]
I use Chang Hwa Bank and they don’t charge any fees for this. It usually takes 3-4 weeks for the funds to clear. You may have to jump through a few hoops the first time you deposit a cheque, but once that’s done any further deposits are simple.
My damn US bank closed my account in December due to lack of activity! I’d have to be there IN PERSON to re-open it! :fume:
Some banks charge you inactivity fees, but that sucks that you had your account close on you. One way you can avoid inactivity fees is to transfer money online between accounts, whether the accounts are within the same bank or not. I’m hoping to never have to pay another inactivity fee again after getting hit with a $5 charge for that once in the past.
More on topic, you could just mail your checks back to a US account for deposit if you have a US bank account or brokerage account open. It may not be quick, but it should work.
Credit unions generally don’t charge this kind of fee.
Really? Wow! I’ll go to ask. There’s one in Tamsui, but I have a feeling that the city branches might be better to ask. Did you have an account there?
Kenneth
Really? Wow! I’ll go to ask. There’s one in Danshui, but I have a feeling that the city branches might be better to ask. Did you have an account there?
Kenneth[/quote]
Obviously you need to open an account with the bank in order to deposit the cheques. I don’t think it’s necessary to go to a branch in Taipei City though. It is best to use your local branch because the first time you try to deposit a cheque they will expect you to sign various things. They actually wanted me to make a contract with a Taiwanese person as a guarantor. I refused and convinced them that it wasn’t necessary. Anyway once you get past the first hurdle everything will be hassle free.
OK. Update.
I went to MegaBank in Tienmou, and opened a US$ account. They claimed that it only costs NT$200 to cash a check. So I thought that I would have to give it a try. Let you know what happens.
I must say: I was impressed how efficient and quick everything seemed. None of the usual shenanigans of dealing with fake foreign banks or haughty local ones.
I was also surprised at how they made things ‘easier’ for us folks. I don’t how long this will hold on, but they really strived to create a good first impression. In contrast to so many of the banks I have had to deal with here.
I didn’t try Chang Hua bank yet, though. Next month.
Kenneth