Hi all - have a simple question (to which there may not be a simple answer…)
I'm looking to send a large sum of money from Australia to Taiwan ($10-$20k AUD), ideally in local currency (NTD - New Taiwan Dollar).
What is the best way to do this?
It seems the Big4 banks will only allow it to be transmitted in USD (and then slug you something bad on the exchange & fees…)
Much appreciate any advice
cheers
Hi bonezAU - thanks - so in your example, did you send from Citibank (AUS) to Citibank (IND) accounts?
No, I sent from Citibank Australia to a non-Citibank ID account, hence the $5 USD incoming fee charged by that bank.
If I had of sent it to a Citibank ID account it would have been completely fee free on both the sending and receiving ends.
http://www.citibank.com.au/aus/international_banking/transfe…
Click on the "countries" link which will bring up a popup box showing that Taiwan is part of the fee free, instant transfers (only if both parties have a Citibank account)
More info about the actual account itself here: http://www.citibank.com.au/aus/banking/everyday_banking/citi…
Check out Bitcoin, you can buy them locally with Coinjar.io and then sell them back to NTD in Taiwan with Maicoin.com
Disclaimer: I can vouch for coinjar for small purchases ($500) in the past, but I can't vouch for Maicoin.
Overall the fees will be about 2 - 5% max.
Thanks - not well versed with BitCoin so am a bit hesitant to use that to send large amounts… thanks for the idea though
No worries, good point it might be a good idea to send a little amount first to make sure both you and the recipient have the process down.
I've used ClearFX (part of OzForex) to send large sums before, but only to NZ, USA & Canada. Look into them, good rate, no fee, gets there fairly quick (usually about 2 business days).
+1 for OzForex. Fee-free for $10,000+ transactions and good rates.
Thanks all.
After some digging around - and to cut a long story short - advice is to remit in USD (or some other "common" currency). Remitting in local currency in this instance would cause problems (apparently a double conversion would take place etc.)
cheers
Open a Citibank Plus account, they have global fee free transfers. If the receiver in Taiwan has a Citibank account also, it may be completely fee free for them to receive it (and instant). If they are with another bank, the receiving bank may charge a processing fee for the incoming transaction but in my experience it is not a very high fee. I have sent money to Indonesia before and the receiving bank charged me $5 USD. Sending it from Citibank Australia cost me nothing.