I put my savings in my Canadian bank account.
I have a small concern regarding the stability of the Taiwan dollar/political stability.
For example what if something happens and China decides to press the button?
I’m not saying it is likely but it is a possibility and if it happens then all my saving woud be flushed down the toilet.
i wouldnt be to concerned about stablity of the NT$ if you are going to be here longer than the next decade. i think if any trouble were about to happen there would be massive withdrawl of dollars out of taiwan from people far smarter than you and i (no offence)… just that youd have time to do it iof necessary
that said, when the exchange rate is sweet i transfer money back home. then again, i transfer it straight back when the situation reverses. if you are that concerned get a $US account out of singapore, jpn or hk.
my 2c
I am not a tax accountant and this is my first year filing here but I am using an accountant. There are obviously many surprises good and bad. But as an American if you have more than 10,000 US in a foreign bank there is another form that must be filled out and filed with the Treasury Dept. TD F 90-22-1 I don't know how big a deal it is but my accountant almost kissed me when in my ignorance and blind luck when I told her I always keep the amount below 10K and send it back to a bank in the US. I had no knowledge of the law and just did it.
I keep mine in a mayonnaise jar under my pillow.
Ecaps
[quote=“Ecaps”]I keep mine in a mayonnaise jar under my pillow.
Ecaps[/quote]
either a small jar, or a rough sleep? 
The form takes about 2 minutes to fill out, so it’s not very time consuming. However, it might be a signal for Big Brother to watch you, so who knows.
That was my point too. I would rather the IRS never become my friend or advisary. The less interest they have in me the better.
Easy answer: not in this country (except what I need for living expenses). The rest get’s saved / invested in my home country.
Is that easy/hard to transfer money from Tw to your account back home?
I keep it in a bank here. Then, every year, I transfer money to my account in the US. Then I transfer most of that into mutual funds, leaving some for credit card payments.
Is that easy/hard to transfer money from Tw to your account back home?[/quote]
It’s easy, using TT (telegraphic transfer). However note my account here is with a big international bank and some smaller, local banks may not offer this service (or not directly).
[quote=“Rascal”]
It’s easy, using TT (telegraphic transfer). However note my account here is with a big international bank and some smaller, local banks may not offer this service (or not directly).[/quote]
Good point. I use a credit union, i’ll drop by tomorrow and ask them about TT as well as any possible fees and such for the transfers. Thanks!
I give mine to the wife. Who knows what happens to it after that? – shoes figure prominently. And bags.
If the shit hits the fan we’ll open a boutique and make an absolute killing, I’m telling you!
[quote=“golfmade”][quote=“Rascal”]
It’s easy, using TT (telegraphic transfer). However note my account here is with a big international bank and some smaller, local banks may not offer this service (or not directly).[/quote]
Good point. I use a credit union, I’ll drop by tomorrow and ask them about TT as well as any possible fees and such for the transfers. Thanks![/quote]
Check this post regarding “hidden” charges (something you should ask the bank when enquiring): forumosa.com/taiwan/viewtopic.php?p=507663
Question - how much money can one transfer back to the US? Is there a limit?
If you don’t report a foreign bank account with balance above $10K the IRS penalty is $10K or half the bank balance I believe.