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Clowwwn
Joined: 09 Dec 2009
Posts: 13
Location: Brooklyn, NY, USA
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 Posted: Thu Jan 21, 2010 4:42 am Post subject: Banking and Credit Cards in Taiwan |
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| I'm starting with HESS in March and wondering if anyone has tips for personal banking and finances. I'm keeping my HSBC checking/direct savings account and a Capital One Credit Card that doesn't charge foreign exchange fees, using the current rate and no hidden charges. Can anyone comment on this or suggest ways to minimize international fX fees and surcharges? I assume once I have an ARC I'll open a local account. |
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steve_c
Joined: 25 Nov 2006
Posts: 96
Location: Luzhu (or Lujhu or Luchu or...sigh)
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| Posted: Thu Jan 21, 2010 6:36 am Post subject: Re: Banking and Credit Cards in Taiwan |
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| Clowwwn wrote: |
| I'm starting with HESS in March and wondering if anyone has tips for personal banking and finances. I'm keeping my HSBC checking/direct savings account and a Capital One Credit Card that doesn't charge foreign exchange fees, using the current rate and no hidden charges. Can anyone comment on this or suggest ways to minimize international fX fees and surcharges? I assume once I have an ARC I'll open a local account. |
Sounds good. I kept my US Wells Fargo account and my US HSBC credit card, and there have been no problems. I made sure I got the information about accessing my accounts, paying my credit card online, and transferring money internationally to Wells Fargo BEFORE I left the US. I opened an account here at Bank of Taiwan (台彎銀行) because it sounded large and therefore easier to do international transactions; so far it's been fine. In my case, when I transfer money every month, Bank of Taiwan charges NT400 (about US$12) and Wells Fargo charges $10. Of course, there are many banks here, and perhaps others know of cheaper routes.
I don't know how HESS pays, but some schools use direct deposit at a certain bank, requiring you to open an account with the bank they use.
One piece of advice I'd give is to change all your US statements to online only, and keep your US address on the accounts if possible. It makes it easier to buy things online that originate in the US. It's also easier if you do have any problems and need to deal with US customer service. |
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BigWally
Joined: 07 Jun 2006
Posts: 765
Location: Ottawa, CAN (prev. Kaohsiung "the Dirty South")
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| Posted: Fri Jan 22, 2010 12:37 am Post subject: |
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| Of all the countries I traveled to in Asia, Taiwan always surprised me at the ease of banking. I'd say 9 times out of 10 I would even get service in English. International bank transfers aren't difficult at all, and I had the money transferred to my accounts in Canada in 2-3 days tops. I'm sure your branch manager will have a suggested bank that they work with in order to facilitate automatic payments. If I was at a "western style" place that used credit cards (ie. Carrefour, TGIF, hotels) I never had a problem using my MC, AMEX or VISA. That said I rarely used them, as I quickly found out Taiwan is the land of cash. All the best places to eat/shop/go are cash only. |
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