Going to Taiwan... a question about money.

[jie2li4]

I'm not sure if this is the right place to post this, but a couple weeks from now I'll be going to Taiwan, where I'll be living for a year (maybe longer) and teaching English. I've been doing all kinds of research, but I have a question I can't seem to find the answer to: What is the best way to bring money to Taiwan?? I plan on bringing about $1500 US with me to cover start-up costs, but carrying around all that cash doesn't seem like a smart idea... (Or is it?) So how can I bring it with me in a way that's easily accessible and yet safe? Would you suggest travelers' checks? (I've never used these before and don't really know how the work...)

I know I should post this question over at Dave's ESL Cafe or something, but I'm having issues with my account there and am unable to log in. =/ Anyway, I'd appreciate any advice you can give me.

[pattifranklin]

The best way is just to take the cash. I have had friends who went to Taiwan and bank cards didn't work, or it would take a few days to process etc. I took cash, and I was able to change it into NT within minutes and never worried about it since. Travelers checks are so rare in Taiwan--- I've never seen them, and have been told by others that cashing checks in Taiwan is like digging yourself out of a hole with chopsticks.

Hope this helps

[Jonny Wang]

Personally, I think ATMs are the way to go. They should be everywhere in Taiwan and I would expect most would accept foreign/international credit and ATM cards (visa, plus, cirrus, etc.). ATMs are a lot less hassle than going to the bank to cash traveler's checks everytime you need money.

You can actually work the system to your advantage with ATMs if you want. In China (mainland) at least, ATMS don't charge a fee for foreign cards (at least not to me). And since I have a checking account with an internet bank in the U.S. (NetBank), they don't ever charge ATM fees no matter where I am (because they don't have their own ATM network). So, I can use my U.S. ATM card in China for free! Nice.

[mpallard]

The cash machines have always worked fine for me. Taking cash would be ok as well though.

[Lu]

I took no money, got all my money out of ATMs. Not all ATMs accept foreign bank cards, but just try some out and you'll find one that works. Traveller cheques are also accepted, although when I tried exchanging a Euro traveller cheque it was very expensive to exchange. Should be better with dollars.

If you stay for a year, it's a good idea to open a Taiwanese bank account. You can bring money, exchange it to Taibi and put the Taibi in the bank account.

[td36285n]

If you will be landing on Taipei, you can find an ATM to the left of Chiang Kai Shek Intl Airport's arrival hall. I used my American debit card to withdraw couple hundred USD dollars.

note:

If you're also confused about the visa issue for foreigners who want to teach in Taiwan, you should consider getting a 90-day visiting visa before landing in Taiwan. Otherwise, you will get a visa-exempt 30-day stamp on your passport, and you can't get a job there unless you first get out of the island. Most people go to HK for a visa run, but why waste your time and money for something that you could have taken cared of prior to arrival?

[jie2li4]

Thanks for all your advice, everyone-- you've all been really helpful.

Hm... I'm a little hesitant to use ATMs, since I've heard some scary things about how they're not always secure... How there are fake ATMs that steal your money and stuff. And how can I be completely sure I'll be able to get money out? My account in the US is with Bank of America, and I also have their visa card. I'll have my credit card with me of course, but from what I've heard credit cards aren't accepted everywhere. Though I wasn't too keen on it before, I'm kind of leaning towards just bringing cash. It sounds like it's pretty easy to just exchange it at the bank-- and of course, as soon as I open a Taiwanese bank account I can deposit it all there, right? So I shouldn't have to carry the money around too long, and I'm thinking it should be pretty safe as long as I keep it with me. I'm not likely to get mugged or anything as long as I don't do anything stupid... right? So unless there's some strong reason why I shouldn't, I think I'll probably just go with cash. Everything else just sounds too dubious. Of course, there's no real way of being 100% secure, but cash is sounding like the best option.

Oh, and I've already gotten a 90-day visitor visa, so that's all taken care of. I'm going to to teach with Hess, actually, so theoretically I should be all legal and everything.

[Lu]

Sounds like you're well-prepared! Enjoy your stay in TW!