Job Discussion Forums

[shyarra]

I recently accepted a job with Hess, but before I leave the U.S., I need to get my finances figured out. I have an account with a credit union here in California that I'm perfectly happy with, and - to be perfectly honest - I would like to stick with it because it's connected to my parents' account and I can do most of my banking online. I'd also like to keep it because it would make my student loans easier to pay (hurrah for automatic deduction!) My question is this: Would Hess be able to do automatic deposit to an American account, would I have to wire the money home, or would it just be easier to give up on my account back home and open a bank account in Taiwan? And if I do open an account in Taiwan, how would I pay off my student loans? Through a check, or do Taiwanese banks allow for automatic deduction? Sorry if these are totally newbie questions, but I haven't been able to really find coherent answer, even after hours of digging through this forum. Thanks!

[markholmes]

Almost certainly Hess will ask you / help you to set up a bank account in Taiwan. Your wages will be deposited into this account. You will be able to transfer money to your US account relatively inexpensively.

You could set up automatic payments from your US account, just make sure you are sending enough back to cover it.

Do a search for 'transfering funds', I'm sure there are plenty of posts on that subject.

[shyarra]

Thanks. I didn't think about banks working with each other. I'll go do that search now.

[StayingPower]

There's pretty much only one way from what I've experienced, and that to use on-line banking and by wiring money home.

It'll take you almost a month before you get your work permit/ARC in Taiwan in order to send money back home though. If you can meet your deadlines by depending on this time frame, then yes, HESS will assist you in opening an account. That's part of their deal, I think.

But it's not cheap wiring money, and this is the only way to go. You can't have banks overseas, or in your home country, withdraw money from an overseas account. At least not as far as I know.

Better off to wire money to your account back home and pay your creditor from there via on-line banking. It's an elaborate process opening an account here, HESS may not give you the best deal you're looking for, and you certainly don't want them having any hegemony over your ARC/bank account, the former which if cancelled, will leave you dry.

[Toe Save]

[lou_la]

Also bear in mind that Hess will pay you in cash, not directly into a bank account.

Also, you don't need to actually hold an account with a bank to send funds overseas. You can send it you your bank account at home, or a friend of mine gets the money put into her credit card account. I'm no expert though, I still have to work up the courage to attempt to send money home!

[BigWally]

Sending money home is actually VERY easy, and risk free.

Before you come to Taiwan tell your home bank what you are doing and you need the pertinent information to send money back to your account from overseas.

I've never had any trouble sending money home to Canada, nor any trouble withdrawing money from my Canadian bank account while in Taiwan. The ATMs at the 7/11's are excellent and typically full service.

My school set up an account for me at the Bank of Kaohsiung, once my ARC and work permit had come through. I assume this would be normal for any school, but obviously the bank would change. Again, obviously this is MY bank account and the school has no ability to access my account, other than they can direct deposit into it for me. Whether my ARC remained with them or not, it would not be closed on that basis. If I was deported that would be another story.

My 1st month of pay was given to me in cash. So that wasn't a problem either.

As far as sending money home, I simply go to my Foreign Exchange/International Banking desk at the Bank of Kaohsiung, fill out the required form, tell the nice lady how much NT$ to withdraw from my B of K account, and in 2-3 days time, the funds are in my Canadian account in Canadian Dollars.

The process is extremely simple, and not very expensive at all. We're talking no more than $25CDN total. The only thing to watch out for is the currency exchange rates, hold on to your money till the rates are in your favor and send a lot home at once to get the most "home" currency for your NT.

[shyarra]

Thanks for all the tips. Guess I'd better set up a metting with someone at my credit union now...

Some people here at home have recommended using Western Union to wire money home. What do people think?

[markholmes]

The only problem I see is that you are using a credit union. While you won't have any problem sending money back to that account, because it's a credit union they may have to use a middle bank in order to receive funds (this happens sometimes with small banks and credit unions that don't have there own departments for this). If there is a middle bank there will be extra charges involved and your bank may not be able to tell you how much they will be.

I never had this trouble in Taiwan, but in my current business in Canada I once sent payment to Thailand through my credit union and I got dinged $50 by the middle bank, for a relatively small transfer. I still use the credit union, but I have now set up a bank account with Royal Bank of Canada (a biggie) specifically for the purposes of transfering money to Asia.

I would ask your credit union if they need to use a middle bank and if there are any charges involved (and what are they). If it doesn't look good consider opening and account with a larger bank.

Just a thought.

www.babashouse.com

[BigWally]

i dont know for sure, but I would assume Western Union would have the highest costs of any method of sending money, as its typically a very fast service

[AQUA MARINA]

Wondering if it's free to open or close a bank account with no hidden service fees. I've had a fair share of problems with banks. If it was my choice, I wouldn't deal with them at all.

My school Bank may not take travellers cheques so I may have to have 2 bank accounts, another with either Mega Bank or Bank of Taiwan for this one time transaction to return borrowed monies.

[clark.w.griswald]