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Changing NTD to USD

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Changing NTD to USD

Postby Kkaon1 » 23 Jun 2016, 13:25

Hello,

I will be returning to the US and I need to change my NTD to USD. I have been slowly transferring money to the USA but now I am at the point of closing my account before I leave. I have to close my bank account by the end of this month because it was suggested to me not to have an empty bank account in Taiwan. What are your thoughts on that?

What do the Forumosa's believe is a better option for me to transfer my funds. I will be traveling in July but I will be back in Taiwan one more time. I can either:

A) transfer all of my NTD to USD through Bank of Taiwan directly
or
B) or take out all of my NTD, and wait until the end of July to exchange my NTD to USD in cash

I am hoping the rate of NTD compared to USD will continue to drop but who knows! So any input would be greatly appreciated. :notworthy:
Kkaon1
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Re: Changing NTD to USD

Postby randomphil » 24 Jun 2016, 10:21

I can't help you on which way the exchange rate will move. Usually, if you exchange now it will be more favourable later and if you wait, it would have been more favourable now.

What I can tell you is that it usually doesn't pay to exchange cash. The rate for cash is significantly worse than the one for transfers, so at whatever point of time you choose to exchange, go with a transfer. (It gets a little bit more complicated because the bank will charge you for the transfer, so if it's only a small sum, it might still make more sense to take out cash.)
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Re: Changing NTD to USD

Postby nonredneck » 24 Jun 2016, 12:53

And if you decide to exchange cash, then do it in Taiwan. Don't wait until you get to the USA. The rate for NTD outside Taiwan is usually bad.
And don't forget to declare the amount if over $10,000 USD when entering the USA or it might be seized by customs.
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Re: Changing NTD to USD

Postby Chris » 24 Jun 2016, 12:57

Absolutely. The golden rule with changing into or out of NTD is to do it in Taiwan. You can do it at any bank that has foreign exchange services.
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