Best bank for exchange rates

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Best bank for exchange rates

Postby strider » 05 Oct 2010, 13:03

I don't know if this fluctuates the way the rates themselves do, but I wouldn't think that it would. Since I've been here, I've stopped in a lot of banks to change money, but stupidly didn't pay attention to who had the best rate although I did notice that Bank of Taiwan was by far the worst. I assume the same banks regularly have the best rates, anyone know which ones they are?
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Re: Best bank for exchange rates

Postby Flying Falcon » 10 Oct 2010, 04:09

I have exchanged money for a couple of times and I always tend to check five banks; Bank of Taiwan, Taishin bank, china trust, shin kong bank and Taipei Fubon. Everytime taipei Fubon gives the best rate. now I do not check at all, I go straight away to Taipei Fubon, the people there started to recognize me, they fill a small applicaton for me (although it has english), copy the ID card and do the exchange transaction ( 5-7 minutes and I am done). I would recomend them.
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Re: Best bank for exchange rates

Postby Hexagon1227 » 16 Oct 2010, 22:15

I think HSBC has a slightly better rate than Fubon. Govt banks gives the crappiest rates.
Also there's a difference in rate whether it's cash or deposit change. Changing cash gives you a slightly worst rate than foreign money that is already in your account
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Re: Best bank for exchange rates

Postby ironfist » 04 Nov 2010, 00:06

USD just kept on depreciating, it's a good idea to exchange your TWD into USD now. You can open a USD account, and any banks in Taiwan they will offer you a higher rate of .03 vs counter rate, for online banking. And there is no fee to convert money from TWD into USD. I am sure later TWD will be back down to 31.5 to 32.5. By that time exchange it back and you will earn about 3% on 1 dollar difference ( 32 to 31 or vice versa)

Banker were telling me it's a good time to invest in some USD investments, such as mutual funds that's purchased in USD. They were talking about fidelity mutual fund, bonds in particular. Anyone got any opinion on this? or any other good investment that's based on USD?
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