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captain_fat · Joined: 07 Sep 2006 Posts: 10

hello

I was wondering what the cheapest way to do this is.

Last month i tried to send home 20 000. I used ICBC in Taiwan obviosuly, and CIBC in canada.

ICBC chargred me 400NT and by the time the money had found its way home another $35 had been taken. so about $50 canadian was lost in the process total. Seems like alot to me especially on only 20 000

Surely there must be a cheaper way. Any help?

Puliboy · Joined: 18 Nov 2005 Posts: 10

Dr_Zoidberg · Posted: Mon Apr 09, 2007 1:29 am Post subject:

I've been in Taiwan almost three years and have yet to see an ATM here that accepts deposits. Are they all up in Taipei?

captain_fat, there's a reason for the $50 in service charges, three banks are involved: ICBC, CIBC, and whichever correspondent bank it passed through.

Rather than pay $50 to transfer 20 000 NT, why not transfer 100 000 NT at a time? That way the service charge is 1.4% instead of 7.1%

Toe Save · Posted: Mon Apr 09, 2007 5:14 am Post subject:

captain_fat · Joined: 07 Sep 2006 Posts: 10

tao steve:

Ive put my cibc card into the tellers here and there is no option to deposit...only withdrawl.

How can I get the deposit option? My ICBC card also does not let me transfer funds to international banks.

Can anyone be a little more specific in terms of what banks they use to directly deposit NT into their Canadian accounts and have the accomplice back home move them over?

Thanks

Toe Save · Posted: Tue Apr 10, 2007 10:26 am Post subject:

MomCat · Joined: 02 Dec 2004 Posts: 297

I'm curious too. Will any Taiwanese bank issue an ATM card that can be used overseas or only some of the big ones. Which one(s) do you know of that will?

Thanks,
Cat

Toe Save · Posted: Tue Apr 10, 2007 12:17 pm Post subject:

MomCat · Joined: 02 Dec 2004 Posts: 297

Good information, thanks

Puliboy · Joined: 18 Nov 2005 Posts: 10

MomCat · Joined: 02 Dec 2004 Posts: 297

Thanks again.

"Elderly Parents" Ha! I am an elderly parent. Maybe I'll use my granddaughter's education.

Cat

yamahuh · Joined: 23 Apr 2004 Posts: 1033 Location: Karaoke Hell

I don't mean to hijack the thread but I've got a query along the same lines. Has anybody used Western Union to send cash home?
I have no idea how this works or what they charge but would appreciate some info from someone who has done it.

Thanks.

BigWally · Posted: Wed Apr 11, 2007 12:59 pm Post subject:

If you want to know the break down of charges exactly then ask the person working at the foreign currency exchange desk you send your money thru. They will be able to tell you about ICBC charges.

Send and email to CIBC back home and ask them what charges they charge you.

I use Bank of Kaohsiung, and they charge me about $500NT to send money, and Royal Bank of Canada charges about $20 for an overseas deposit. I figure its worth it since it gets the money to my account in less than 3 days.

StayingPower · Joined: 18 Aug 2006 Posts: 252

I just went through this same scenario yesterday, knowing the repercussions of sending money back home. So the bank manager at my bank here-Taiwan Cooperative-told me to go via PayPal.com. He'd said they could transfer money from your account here to you account back home. I think it's just a couple of bucks.

Next wire transfer, I'm going to give it a shot. I lost about $40.00 too.

trukesehammer · Joined: 25 Mar 2003 Posts: 168 Location: The Vatican

I said it before and I'll say it again...

Just buy a MONEY ORDER!
...then send it in the mail to your bank in Canada. Yes, I know it takes longer and yes, I know it still involves a "service charge," but nothing like the 50 Canadian bucks the "intermediary bank" leeches are sucking off you.

BTW, the Chinese word for "money order" is 匯票, pronounced hu� p�ao. Unfortunately, here in Taiwan, you cannot just walk into a bank, plunk down your cash and walk out with your money order. As with nearly everything else, you gotta apply for it (still worth the trouble IMHO). A lot of other banks will take your application and tell you to come back tomorrow or even next week but I find that ICBC (Now "Mega Bank") offers the best same-day service.