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MomCat
Joined: 02 Dec 2004
Posts: 297
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 Posted: Sun Nov 12, 2006 9:22 am Post subject: Sending money home |
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Hi folks,
What's the best way to send money home (for me that's the States)? I have an account where it will end up and, if possible, can send it directly there. Or, if need be, there are people who can pick up cash from Western Union (or the like) and deposit it for me. If I need to go the Western Union route do I need to change the NTDs to USDs first?
Thanks for your help,
Cat |
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773
Joined: 29 May 2005
Posts: 213
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| Posted: Sun Nov 12, 2006 1:48 pm Post subject: |
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| Just wire it into your account at home from here. Easy peasy. |
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MomCat
Joined: 02 Dec 2004
Posts: 297
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| Posted: Sun Nov 12, 2006 2:50 pm Post subject: |
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Cool. Couldn't do that in the Big Red. It was a real pain!
Thanks,
Cat |
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Taylor
Joined: 24 Oct 2003
Posts: 384
Location: Texas/Taiwan
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| Posted: Sun Nov 12, 2006 4:37 pm Post subject: |
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Hello Friends,
I just wired a few NTs back to the US. My wife went to the bank around noon, and by 10 PM it was already showing up as a pending transaction (deposit).
I think there are 3 fees involved. The bank here gets about 350 NT (10 USD). The bank in the middle takes out about USD 18, I think. Then, Bank of America charged me $10 for the service.
These fees all seem reasonable, but I wouldn't want to pay so much every month....so go ahead and save up a few thousand US before sending it home.
Clint |
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BigWally
Joined: 07 Jun 2006
Posts: 765
Location: Ottawa, CAN (prev. Kaohsiung "the Dirty South")
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| Posted: Sun Nov 12, 2006 6:02 pm Post subject: |
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| Keep in mind that if you are sending money back to Canada. The RCMP will investigate any cash transfer/deposit of greater than $10,000CDN. Generally best to keep the transfers reasonable. |
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773
Joined: 29 May 2005
Posts: 213
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| Posted: Sun Nov 12, 2006 9:47 pm Post subject: |
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| Taylor wrote: |
I think there are 3 fees involved. The bank here gets about 350 NT (10 USD). The bank in the middle takes out about USD 18, I think. Then, Bank of America charged me $10 for the service.
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Only some banks have a middle man, when they don't work with your home bank directly. For example, once I wired money from Fubon into my HSBC account at home. They used Citibank as the middle man, who charged me US $30! The whole transaction ended up costing me over US $50 in fees. But, when I wired the money from Shanghai Commericial Bank, there was no middle guy. They can wire directly to HSBC.
So, to avoid that middle bank fee, ask your home bank which banks in Taiwan they work with. |
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Dr_Zoidberg
Joined: 29 Sep 2004
Posts: 406
Location: Not posting on Forumosa.
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| Posted: Mon Nov 13, 2006 1:34 am Post subject: |
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I was a foreign exchange officer with the Bank of Montreal for 12 years.
Every bank the money passes through will deduct a handling fee. Taylor and 773 have offered good ways to help reduce banking fees. The more you send, the less the fee is as a percentage. Ask your bank who their correspondent bank in Taiwan is. If your bank has a correspondent bank in Taiwan, use it. The fewer banks your money passes through, the less you pay in fees. |
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AQUA MARINA
Joined: 11 Mar 2003
Posts: 104
Location: Canada *In TAIWAN AUGUST 8TH!**
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| Posted: Mon Nov 13, 2006 2:13 am Post subject: |
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| Also a tip to inform your home bank BEFORE you leave the country which country you will be staying at, so they know it isn't a fraud case if you decide to access your account overseas and they don't put a hold on your funds. ALso get your banking info. things like International transfer code and other banking info. you will need in order to transfer cash from overseas. Call them in advance to save time and confusion. |
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Dr_Zoidberg
Joined: 29 Sep 2004
Posts: 406
Location: Not posting on Forumosa.
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| Posted: Mon Nov 13, 2006 5:42 am Post subject: |
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| AQUA MARINA wrote: |
| Also get your banking info. things like International transfer code and other banking info. you will need in order to transfer cash from overseas. |
It's good to have, but not something you must have. There's an incredible amount of financial traffic between banks daily. You'd have been surprised at how many I knew from memory when I did the job. Also, every bank's foreign exchange desk has a directory of all the banks in the world, their SWIFT codes and their correspondent banks.
However, you definitely need your branch number and account number.
This is probably a good time to mention a couple of other things:
There are cut-off times for outgoing inter-bank transfers. 3pm in North America, I don't know what they are in Taiwan. The earlier you get to the bank, the better.
Allow two business days for international transfers. Take note, however, that sometimes the money may not actually be deposited in the recipient's account until the third day. In such an event the deposit will be predated to the previous day (ie: the day the bank receives the money). |
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BigWally
Joined: 07 Jun 2006
Posts: 765
Location: Ottawa, CAN (prev. Kaohsiung "the Dirty South")
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| Posted: Mon Nov 13, 2006 2:03 pm Post subject: |
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on a side note, i sent home $56,000NT today, and with the CDN$ being a bit weaker than it has in recent months I'm looking forward to just a shade under $2000CDN being deposited in a few days...
i've also found that since the exchange rate is always fluctuating, the posted rates in the bank is usually the average of the high and low buying/selling rates...if you sweet talk the clerk at the counter, and get the low end rate, you could see yourself pocket as much as an extra $30CDN on every $1000CDN in the transfer, doesnt seem like much but the difference will cover the cost of the transfer fees  |
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AQUA MARINA
Joined: 11 Mar 2003
Posts: 104
Location: Canada *In TAIWAN AUGUST 8TH!**
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| Posted: Tue Nov 14, 2006 6:37 pm Post subject: |
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| Quote: |
| i've also found that since the exchange rate is always fluctuating, the posted rates in the bank is usually the average of the high and low buying/selling rates |
What are good rates to watch for NT to CAN $? I'm not use to reading exchange rates.
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| if you sweet talk the clerk at the counter, and get the low end rate, |
What are some examples of sweet talking that's worked for you in the past?
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| you could see yourself pocket as much as an extra $30CDN on every $1000CDN in the transfer, doesnt seem like much but the difference will cover the cost of the transfer fees |
good to know. Just to clarify, should we expect to pay about $30 TOTal in service charges for increments of $1,000 CAN OR is it on any lump sum per transfer each time? |
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BigWally
Joined: 07 Jun 2006
Posts: 765
Location: Ottawa, CAN (prev. Kaohsiung "the Dirty South")
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| Posted: Wed Nov 15, 2006 5:49 pm Post subject: |
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| AQUA MARINA wrote: |
| Quote: |
| i've also found that since the exchange rate is always fluctuating, the posted rates in the bank is usually the average of the high and low buying/selling rates |
What are good rates to watch for NT to CAN $? I'm not use to reading exchange rates. |
Right now the going rate is about $1CDN to $29NT. Go into the bank and look for the exchange rate board. There will be a Canadian flag on it with 2 numbers beside it. One for how much they will buy $CDN from you, and one for how much they will sell $CDN to you. You are interested in the selling rate. Look at that number and that will be you're average rate at that time.
| AQUA MARINA wrote: |
| Quote: |
| if you sweet talk the clerk at the counter, and get the low end rate, |
What are some examples of sweet talking that's worked for you in the past? |
Just like anyone in the service industry back home, treat them like a person. The first time you visit have a conversation with them. Complement them on their English ability, do something memorable so they will remember you next time. I filled out much of my information in Chinese characters and the clerk was hugely impressed. (even though my characters are terrible!). No guarantee this will work for you, but every penny counts especially if it can save you the cost of the transfer fees.
| AQUA MARINA wrote: |
| Quote: |
| you could see yourself pocket as much as an extra $30CDN on every $1000CDN in the transfer, doesnt seem like much but the difference will cover the cost of the transfer fees |
good to know. Just to clarify, should we expect to pay about $30 TOTal in service charges for increments of $1,000 CAN OR is it on any lump sum per transfer each time? |
$30CDN total is pretty standard, about $10 at the Taiwanese end, and probably $15-20 at your Canadian bank end. The reason I mention this is its to your benefit to save money in your Taiwanese account until the rates are good and send a large lump sum home, that way you pay minimal banking fees, rather than small increments and paying a fee everytime. |
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MomCat
Joined: 02 Dec 2004
Posts: 297
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| Posted: Thu Nov 16, 2006 12:01 am Post subject: |
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In the PRC Western Union was a flat rate of $15US for sending home $500US. That sounds a lot cheaper for smaller transactions. Has anyone had any experience with them here?
Thanks,
Cat |
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trukesehammer
Joined: 25 Mar 2003
Posts: 168
Location: The Vatican
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| Posted: Mon Nov 20, 2006 9:49 am Post subject: |
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Personally, I wouldn't wire money overseas if my life depended upon it.
Sorry to sound like such a grinch, but it seems whenever I try, all sorts of middleman leeches jump on my back 'til over half of what I sent has been sucked away in all sorts of "fees." So as far as I'm concerend, I just buy money orders from ICBC (which appears to be changing its name to something goofy like Megabank.  ) and send it via EMS.
Meanwhile, all those middleman banks back in the US can kiss my big, red Injun butt. 
By the way, I have also wired money to Cambodia via Western Union. I used the ICBC at the top of the Tianmu Zhongshan Road Circle with no problems.  |
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