Wiring money to the homeland.

[shindo]

A dry but essential detail. Have not yet opened a bank account. Wondering what is the simplest way of getting earnings to my US side bank account. Should I be concerned about the fact that I have no ARC. I know I can get an account without one, but sending money back every month -- a problem?

Also tips on the least hassle method of wiring would be greatly appreciated.

If there is a thread on this already, please refer me.

many thanks

[amos]

Why don't you just keep your money in a Taiwan bank account. With cirrus etc, you can access to back home throught ATM's anyway. Just like a swiss bank account

[shindo]

so atm transfers from taiwan to my home account are not a problem you are saying? I want to get the money to my old account b/c my credit cards and school loan creditors are already set up to take payments from that account. trying to keep my bills paid remotely.

thanks.

[amos]

Shindo, I was talking about opening a separate account in Taiwan for your Taiwan earnings. Then rather than waste money wiring money back every month, when you eventually head back just use you Taiwanese card to withdraw US cash from US ATM's. Paying off loans etc is a different story though, and to tell you the truth, I wouldn't have a clue. I can't even pay off my visa card from this end without getting my sister to do it, then re-paying her a year or two later.

[JeffG]

If you do a search you will probably find the answer to your question.

But in brief all you do is go to a bank you trust and tell them you want to wire money home. It would be better if you use your bank in Taiwan to do this. You fill out a form, you'll need your passport number, the address and full bank numbers of your account in your home country, address in Taiwan, etc. I don't think you need an ARC to do this. It's pretty easy actually. They charge you around 500NT, and then you get wacked again when it hits your country, and possibly again when it hits your account.

[SuperS54]

I transferred money with ICBC to Europe at Christmas, NT$300 fee and no hit at the other end. Did fill out my ARC number on the form, don't know if it's compulsory or not., pretty painless procedure all in all.

[JeffG]

Depends on the bank, some banks charge less, and you got lucky not being hit with a service fee once it entered your home country. I have always been hit with fees.

[The Big Babou]

You might want to consider using traveller's cheques...

I have bought them through various banks in Taipei, and there has been no fee charged - although I probably payed a different rate than for buying cash.

Because I sent the cheques to my personal account back home, the recieving bank didn't charge a fee for processing them.

The only hassle is the time and effort it takes to send them (registered post) and to then wait for them to clear.

Once however, the recieving bank lost my cheques and about 3 months later I got a phone call from Thomas Cook in the UK, demanding $30,000 payment within a week. I had to prove to them that I'd sent the cheques to the bank and sign a declaration that I no longer possessed them. Talk about "mafan". The onus was completely on me, which after 3 months, made it a little tricky to work out in detail. So, definitely keep all record of your transactions and postage...

The Big Babou

[Bassman]

Once however, the recieving bank lost my cheques and about 3 months later I got a phone call from Thomas Cook in the UK, demanding $30,000 payment within a week. I had to prove to them that I'd sent the cheques to the bank and sign a declaration that I no longer possessed them. Talk about "mafan". The onus was completely on me, which after 3 months, made it a little tricky to work out in detail. So, definitely keep all record of your transactions and postage...

The Big Babou

I don't understand how Thomas Cook could demand payment - you already paid for the cheques right? Can you explain what the problem was, I am really interested and slightly confused hock:

[shindo]

Thanks for the replies. So I'm closer but still not yet completely clear about getting cash home for regular payments. Next step - checking out my bank's branch office in Taiwan. But I've heard that using your home bank in Taiwan (Bank of America in this case ) doesn't necessarily mean that you will have an easy time connecting with your home account. Two separate beasts wearing the same logo...

This is all hearsay.