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Online Banking for International Transactions

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Online Banking for International Transactions

Postby deeisenberg » 30 Jun 2016, 23:45

Does anyone know which if any banks will let you do a transfer to an international bank account via online banking? I have an account with Megabank now and I was trying to set up an online banking account and everything was going along well, but when I said I wanted to use it to make international transfers they said that was a different application and only Taiwanese could complete it.

Is this normal? Does anyone have any experience with something like this or know a bank that will let me make international transfers online?

I'm going to Europe soon(ish) and I don't have an account there yet (I'm American). I want to open an account when I get to Europe and then send my money from Taiwan into the account. However, after going to Europe I will not be back in Taiwan personally for an indefinite amount of time so I can't make the transfer in person. I could always just send my money to the American account I have now and then send it to Europe later, but then I will have to pay all the fees associated with moving money internationally and changing currencies twice.

Please let me know your thoughts.
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Re: Online Banking for International Transactions

Postby kelake » 01 Jul 2016, 07:27

deeisenberg wrote:Does anyone know which if any banks will let you do a transfer to an international bank account via online banking? I have an account with Megabank now and I was trying to set up an online banking account and everything was going along well, but when I said I wanted to use it to make international transfers they said that was a different application and only Taiwanese could complete it.

Is this normal? Does anyone have any experience with something like this or know a bank that will let me make international transfers online?

I'm going to Europe soon(ish) and I don't have an account there yet (I'm American). I want to open an account when I get to Europe and then send my money from Taiwan into the account. However, after going to Europe I will not be back in Taiwan personally for an indefinite amount of time so I can't make the transfer in person. I could always just send my money to the American account I have now and then send it to Europe later, but then I will have to pay all the fees associated with moving money internationally and changing currencies twice.

Please let me know your thoughts.


I went to Citibank yesterday for the very same reason. I wanted to be able to transfer money from my Taiwan account to a Canadian account. After filling out the paper work I was told I could only do it over the phone and not via the website.
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Re: Online Banking for International Transactions

Postby dabomb_gent » 01 Jul 2016, 19:26

Ah, the "it's only for Taiwanese" excuse. You probably need to make a big scene before they wil allow you to do it.

It's called discrimination, why would a foreigner not be alowed to transfer money internationally? :doh:

They probably think it makes perfect sense that only Taiwanese could do that. Foreigners making international transfers, they must be doing somehing illegal... Backwards mentality, banks are really good at it in Taiwan.

LoL
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Re: Online Banking for International Transactions

Postby deeisenberg » 01 Jul 2016, 20:57

I was thinking that it sounded like they were maybe just making it up even because the application I was already filling out only had the option of 身分證號碼 and there were letting me fill it in anyway. Maybe I'll try another branch on Monday.
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Re: Online Banking for International Transactions

Postby Doraemonster » 01 Jul 2016, 22:12

I'm afraid it's "normal" unfortunately, or at least common. It would seem the purpose is to prevent non-Taiwanese from doing foreign-exchange operations while they're outside Taiwan. I can't quote the exact law that would require it though, maybe someone can shed more light on this. I'd be interested to know too.
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Re: Online Banking for International Transactions

Postby kelake » 02 Jul 2016, 08:08

My wife had a megabank account and could do online international transfers but found it too complicated as it required a at home card reader which never seemed to work with her Mac. She does it in Bank now.

Citibank allows everyone to do international transfers but apparently their website doesn't include that feature (though it appears to or I wouldn't have gone into the bank in the first place). What citi does have is I believe the ability to transfer between citibank branches worldwide. That might be an option.

Going to a bank to do an international transfer is extremely time consuming and expensive. I don't know how my wife handles the hassle.
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Re: Online Banking for International Transactions

Postby Chris » 02 Jul 2016, 15:48

Taiwan... the country with the most backward banking practices in the developed world.
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Re: Online Banking for International Transactions

Postby Andrew0409 » 02 Jul 2016, 15:50

Chris wrote:Taiwan... the country with the most backward banking practices in the developed world.


you haven't banked in China before than.... OMG
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Re: Online Banking for International Transactions

Postby SuperS54 » 03 Jul 2016, 01:24

Andrew0409 wrote:
Chris wrote:Taiwan... the country with the most backward banking practices in the developed world.


you haven't banked in China before than.... OMG



Found banking in China to be a breeze compared to Taiwan, account opening, credit card, all with no hassle what so ever. When I was living there I also opened an overseas HSBC account in HongKong which took about 15 mins. I opened a Taiwan HSBC account last week in order to transfer fee free to HongKong, the first visit no one there was able to open an account, after complaining on their website I was allocated an appointment to start the process, second visit took approximately 30mins including having my photograph taken, had to make a third appoint which lasted just over an hour, account should be approved in 7 days and I then have to visit the branch again to activate the account...this was for an HSBC premier account, have no idea how long a standard account would take!
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Re: Online Banking for International Transactions

Postby Andrew0409 » 04 Jul 2016, 15:12

SuperS54 wrote:
Andrew0409 wrote:
Chris wrote:Taiwan... the country with the most backward banking practices in the developed world.


you haven't banked in China before than.... OMG



Found banking in China to be a breeze compared to Taiwan, account opening, credit card, all with no hassle what so ever. When I was living there I also opened an overseas HSBC account in HongKong which took about 15 mins. I opened a Taiwan HSBC account last week in order to transfer fee free to HongKong, the first visit no one there was able to open an account, after complaining on their website I was allocated an appointment to start the process, second visit took approximately 30mins including having my photograph taken, had to make a third appoint which lasted just over an hour, account should be approved in 7 days and I then have to visit the branch again to activate the account...this was for an HSBC premier account, have no idea how long a standard account would take!


Yeah you're in HK. When I say China, I mean everywhere else.
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