Transfer money to Taiwan - share your experience

[tango42]

I sent money from US to Taiwan, so my experience may not be universal. What I did was, I got a hold of the phone number of the bank in Taiwan that my relative has an account. I called the bank and asked for options. I found out that the cheapest way for me is to send my relative in Taiwan a US personal check. My relative deposit this check in his local branch in Taiwan. The bank charges him 1100 NTD. Wire transfer would cost me more in total fees. The downside of depositing a personal check in the bank in Taiwan, is that the bank holds the money for 3 weeks.

I guess this example would work by writing a check to oneself from own account in the US (or other country) and deposit in own local account (if have a local account).

What is the best way to either one time or reguarly transfer money to Taiwan or to a Taiwan bank account?

[Satellite TV]

I think the intermediate bank charges a flat fee , could be around 20-30 USD. One of citibanks main cash cows is interbank clearance. It's funny if they use that in their own international transactions! I have an overseas HSBC account, they charge a flat fee but they also charge another fee for wiring money specifically to Taiwan. Then the intermediate bank and the host bank may also apply a fee and you cannot be sure about the exchange rate. So check the small print.

Depends on your account status with HSBC HK. I used to get charged HK$100 for a TT to Taiwan now I don't get charged anything. You can confirm the exchange rate you will get with any bank here. PS who says you should transfer to HSBC here? Try another bank. Taiwan cooperative charges me NT$300 for an incoming TT

[Satellite TV]

What is the best way to either one time or reguarly transfer money to Taiwan or to a Taiwan bank account?

For me its online banking with one of my overseas accounts to my local bank. I do not need to go to local bank with chop for my personal account they call me and tell me funds have been received and deposited to my account.

[headhonchoII]

Yes online accoumt transfer can be very quick, often completed within a few hours. It's best to
Lock down your account and specify only one or two accounts as being allowed to accept transfers out, cuts down on risk of hacking, but they give you little number generating security devices too which also helps.

[mei0319]

I think the cheapest and fastest way to move money from the US, and perhaps other countries is to have an account with Citibank in the country the money is coming from and open an account here with Citibank. It's NT200 flat fee per check and takes a week or so. The problem maybe you don't have an account with Citibank in US and can't open one now remotely. Maybe ask a family member to open it for you and mail the bank card and check later. I got the info from talking with Citibank persons and their checking account contract.

[CraigTPE]

I've only ever done a wire transfer here once, out of Taiwan to the US. There were fees from the originating bank, the receiving credit union and an intermediary bank, adding up to about US$40.

[mei0319]

I just went back to my bank transaction history and fund out that using Zhanghua bank's ATM to withdraw cash with my ATM card issue by an US bank is the cheaper than China Trust's. I think China Trust charge you NT100 per withdrawal, and $5 by my US bank. I just found out Citibank can move money from one country to another if you have accounts with it in that two countries, without a fee. IT's called Global transfer or something, I'll post again when I have more.

[Timabee]

American Express Bank (American Express Federal Savings Bank) in the U.S. permits free transfer of money from and to up to 3 (I think) designated accounts (domestically and internationally) so long as all accounts ar ein your name. I do not think there is a minimum balance requirement no any other cratively labeled fees. I have checked their website and called the bank and have not seen anything like hidden fees etc. Looks pretty good - but I have not tested it yet.

[Nevada_Guy]

Ok, so after a year back to Taiwan from the US, finally I figured out the cheapest and quickest way to transfer fund from the US. You need to open an account with citibank in the US and another citibank account here in Taiwan. Then, it's easy to move fund online from one citiback to another citibank, and fast, within the same day or the next business day, depending the time you do your transfer. The exchange rate in citi bank is as good as can get. I have my mom deposit my paycheck back in the States (I work for a US company remotely) and move it to my citibank here in Taiwan and then, it's your money to spend. The transfer itself is free, and if you use citi's bank ATM, it's free as well. On a non-citi ATM, it's just a few Taiwan dollars per withdrawal.

[CraigTPE]

Ok, so after a year back to Taiwan from the US, finally I figured out the cheapest and quickest way to transfer fund from the US. You need to open an account with citibank in the US and another citibank account here in Taiwan. Then, it's easy to move fund online from one citiback to another citibank, and fast, within the same day or the next business day, depending the time you do your transfer. The exchange rate in citi bank is as good as can get. I have my mom deposit my paycheck back in the States (I work for a US company remotely) and move it to my citibank here in Taiwan and then, it's your money to spend. The transfer itself is free, and if you use citi's bank ATM, it's free as well. On a non-citi ATM, it's just a few Taiwan dollars per withdrawal.

Are you sure about the "free" part? Aside from HSBC's program for people with very high account balances, I've never heard of any bank offering free international transfers, even if the name of the bank is the same in both countries. Is the Citibank program also for those with high account balances?