Job Discussion Forums

AQUA MARINA · Posted: Tue Jan 09, 2007 8:27 pm Post subject: Borrowing Money

I will be arriving TW with $1,000 CAD ,which is all I can afford to bring on a students budget. If worst case scenerio, I don't find a good teaching contract within 1 month, is it easy to get a small bank loan untill I find something?

TaoyuanSteve · Joined: 05 Feb 2003 Posts: 1028 Location: Taoyuan

AQUA MARINA · Posted: Wed Jan 10, 2007 12:00 am Post subject:

How about credit card companies?

thewileycoyote · Joined: 29 Jan 2006 Posts: 31

Why not get a loan, line of credit or credit card in Canada?

TaoyuanSteve · Joined: 05 Feb 2003 Posts: 1028 Location: Taoyuan

AQUA MARINA · Posted: Wed Jan 10, 2007 12:17 am Post subject:

Thanks for the tips. I will be sure to do that incase I get stranded. Smile

BigWally · Posted: Wed Jan 10, 2007 4:26 am Post subject:

$1000CDN could be leaving yourself VERY short especially if you dont find a job in the first week or two. There are always significant upfront costs that you may or may not plan for.

Typically you will pay a first & last months rent, plus a damage deposit. Also depending on your city, you will need either a scooter or some form of transportation. These two costs alone, even in a cheap apartment will stretch your budget.

Lets say that you find a single bedroom place for $10000/mth ($300CDN), now times 2 for first and last ($600/CDN) and lets just assume no damage deposit. Then you have a scooter. You're going to want to purchase at least a 100cc which at the low end, used-models will run you (low ball price) $8000 ($240CDN). You now have roughly $150CDN/$4000NT for eating/drinking/living for at least your 1st month in Taiwan.

Most places you wont get paid for at least a month into employment, and
you will only get paid once a month.

I brought $3000 with me, and by the time I got paid, man I was happy because my funds were getting close to where I'd have to start using credit cards. EEK. I'm not trying to scare you...just warning you of the possible shortage you might be leaving yourself.

craigzy · Joined: 20 Mar 2006 Posts: 87 Location: taichung

that post really scared the crap outta me because i intend to leave for taichung at the end of february and i wont have close to 3k.

i guess ill be getting a 3rd job...

AQUA MARINA · Posted: Thu Jan 11, 2007 11:54 pm Post subject:

I'm looking into applying a line of credit of a minumum $5,000. Better safe than sorry. I think it cheaper interest that a credit card

BigWally · Posted: Fri Jan 12, 2007 3:41 am Post subject:

Toe Save · Posted: Fri Jan 12, 2007 4:21 am Post subject:

Jawnee · Joined: 15 Jan 2006 Posts: 15 Location: Hsinchu

The Canadian bank cards work in Taiwan (at least CIBC and RBCcards). If you already have not done so, you should sign up for Internet Banking so that you can transfer funds, when needed, from your Line of Credit to your checking or savings account.

The CIBC card has worked in Thailand and Manila.

Have Fun

dangerousapple · Joined: 18 Apr 2006 Posts: 292

Any bank machine with the "plus" symbol listed on it should accept your bank card and/or your credit card, but you should confirm this with your bank first.

BigWally · Posted: Fri Jan 12, 2007 9:01 am Post subject:

My Royal Bank of Canada card works fine at any 7/11 ATM. 7/11 are everywhere so getting money is never an issue. Make sure you listen to whoever mentioned getting the online banking sorted out, such a huge help if you're short of funds.

You'll pay about $5 CDN for every withdrawl from your CDN account however.

AQUA MARINA · Posted: Fri Jan 12, 2007 6:28 pm Post subject:

Recommendations for Int'l banks in Taiwan ?