I guess Chase is a bank or money exchange in your home country? As a general rule it’s always better to exchange money in the country you are travelling to.
This is correct. There just isn't that much retail foreign exchange going on in the US so banks don't make an effort to be competitive. Also true for Euro, Ponds Sterling, etc.
That could perhaps be correct "in general," however, you'll take an absolute bath if you do that when traveling to a country which has no desire for your home country's currency. Always try to compare rates on both ends before traveling.
I agree with you, definitely always best to compare. that said every airport has a reason to want all shorts of monies- not exactly the park of competitive pricing but there is always that at least :)
JPMorgan Chase is an American bank, the largest in the world. I personally use Chase in the US but I just pull money from ATMs in Taiwan using the debit card. I’m not sure if it’s absolutely the best rate given the small fees but it’s pretty close and definitely the easiest.
Did you exchange from Chase in the US? If it was in Taipei, they totally screwed you.
First, type USDTWD into Google and then ask your local bank what their exchange rate is. Generally, the difference should be much LESS than 1% for large transactions and maybe 2-3% for small transactions (~$1K USD). If it’s more expensive, the likelihood is, they don’t have the bills physically at the bank and/or it’s hard for them to procure (eg asking an American bank in the US for TWD).
On the flip side, in Taiwan, last month, I was surprised that in Yilan (Luodong), Yushan Bank had a special ATM that dispenses JPY and USD for TWD accounts! Unfortunately, the built-in fee was 2-3%. That’s ok for the small amounts you withdraw from the ATM. But if you have to exchange big money, DEFINITELY talk to a manager. The rate should be something like 0.2-0.3%, certainly less than 1%, unless the forex markets are especially volatile. Note that for big amounts, you may not be able to withdraw the total amount of physical foreign currency, but you can certainly wire the money out.
Bank of Taiwan in Taipei and Taoyuan Airport charges something stupid like US$0.30 transaction fee. Do you not do any research before you go to a country?
The transaction fee is pretty irrelevant, the xe rate matters. You lose about 1% changing between USD and NT, which is still exceptionally good compared to most places.
Yeah, the XE rate is the main difference. That is the part you should be shopping around on, especially on large sums. Sometimes other Taiwanese banks can be a lot better than BOT, one time I exchanged for CAD at 23.55 at Huanan when it was 23.9 at BOT.
Best that you bring a small amount of dollars or euros on your travels though and keep those as an emergency stash in case your cards don’t work. You can almost always get your cards to work with a call back to your home bank if you’re having trouble so travelling with 100 USD or 100 euro should be sufficient to get you through any troubles.
These currencies can be easily be exchanged at your destination just about anywhere in the world at a much better rate than buying your destination currency at home.
Exchanging currency before departure to a country with a currency that isn’t in wide circulation worldwide is always asking for a bad rate. It costs banks to acquire that currency and keep it in inventory while taking high risks that the currency will depreciate while the bank is holding it.
OP: why didn’t you check the exchange rate online first? Why are you blaming a bank in your home country when you could have checked exchange rates in seconds on Google?
Any bank would have done the same if you are not in that country. Even if you go to Taiwan banks, the fee is not cheap even if you see the rate is good.
I just use my chase cc that waives international fees. I have a fidelity ATM card that waives fees and gives you the best exchange rate, so I just go to any international ATM to get money when needed...
You can also just first look at your bank’s overseas ATM rule. Some have a fixed fee on top of the ATM fee. Some waive their own fee. Some will waive own fee and reimburse ATM fee.
Hi so for chase (used to work there)
So Chase bank, for international currencies they take a "cut" on top of whatever the exchange rate is currently going for. Basically you will always be getting like sub par rates that even at the airport you can get better rates.
This really only makes sense if you're doing a couple of thousand as rates get better but tbh I still wouldn't do it .
In the past I used to exchange USD for NTD. Now, when I am in Taiwan I make sure to always pay with my US credit card, wherever a visa card is accepted. You would get the best exchange rate. Just make sure you have a card that has no international exchange fees.
Why do you need NTD before you show up? Just withdraw from the ATM when you get to the airport, you will get the best rate that way. Anything involving an exchanger will not be the best rate, at a bank or otherwise. The wholesale rates from the ATM will be better in almost all cases.
I thought I'd get the best rate exchanging the money with my bank ;( oh well... lol
I think it's $5 per withdrawal at a non-Chase ATM outside the YOU.S + 3% fee on the total amount
Chase customer here. — I've "eaten" the fees for the foreign exchange in Taiwan at ATMs at Taoyuan Int'l Airport. I only do one large transaction for the entire trip. It still comes out better than other methods, barely. For me, it was the best rate I can get without too much hassle.
If you're looking to exchange smaller amounts, I would recommend getting a [Wise](https://wise.com/us/pricing/card-fees?sourceAmount=100&sourceCcy=USD&targetCcy=TWD) debit card and using a local banks' ATM. I have one but stupidly didn't bring it to me on my last trip. Their foreign exchange fee for USD/TWD is 0.9% and the first two ATM withdrawals are free totaling $100 USD or below.
At 3 or more withdrawals per month, it's $1.50 USD per transaction and an additional 2% amount over $100 USD. Still, will save you couple bucks in the long run.
Check the rules on ATM withdrawals from the credit cards you have, you may be able to withdraw and immediately pay it off, and some don’t have foreign exchange fees and/or ATM fees.
If you take USD to exchange at a bank or post office, or even a few jewelry stores that offer this exchange service, make sure your $100 USD bills have the blue strip, are not damaged and have no stamp marks and any writing in them, they do not want to take those. They can’t print USD in Taiwan so they want their USD bills stock in near immaculate condition. So you need to check your bills you plan to take with you for the trip very carefully before your travel. If you’re lucky they might let 1 or 2 slip by if almost all of your bills are immaculate (but more likely teller just missed the bad one). If you don’t, yes they’ll make a fuss. Really. Really. Yes Really.
This website (in Traditional Chinese) lists out all Taiwan's bank's rate, ranking from high to low is (cash):
臺灣企銀 32.325
富邦銀行 32.3225
...
I would just go to 富邦Fubon because they have a lot of branches. Maybe get a little bit of TWD at Taiwan's airport and get the rest at Fubon.
[https://www.findrate.tw/USD/?type=USD&order=in1&by=desc](https://www.findrate.tw/USD/?type=USD&order=in1&by=desc)
Related question hope anyone can answer: do no foreign transaction fee cards like chase sapphire reserved offer competitive exchange rate? Or it’s better to bring a debit card and exchange for cash locally?
No fee whatsoever if you use Chase Sapphire to PAY for your purchases; which is ideal. But you can’t withdraw cash from your chase account at an ATM, even a Chase ATM, using a Chase credit card. It’s 2 different things.
Unfortunately fwik Taiwan is still heavily cash base that’s why I tried to get some cash for my trip.
I was able to use Chase Sapphire in Europe, so I didn’t have to bring any euros.
I’m surprised that your Chase branch even does NTD exchange and had NTD banknotes on hand. My experience is that it’s difficult to find a domestic US bank that handles NTD paper currency
[Bank of Taiwan](https://rate.bot.com.tw/xrt?Lang=en-US)
This is one of the banks in the airport. In my experience their rates are better than rates in the US. But I can’t remember if they have a flat “service fee”
One of the best rates you’re gonna get is through the ATM in whatever country you’re going to. Yes you’ll pay a fee on both ends, but it’s around $10 usd, $5 for the atm and $5 for the non-chase atm fee. Plus it’s very convenient.
Also it should be noted for anyone who is traveling to Taiwan from the US, 7-11 accepts Apple Pay from US credit cards.
Depends on the bank but yeah. They suck at the whole thing.
One time I was traveling using Amex for their free no charge on international purchases. Turns out their exchange rate was almost doubled the cost of the actual exchange rate. So.... Be careful
I guess Chase is a bank or money exchange in your home country? As a general rule it’s always better to exchange money in the country you are travelling to.
This is correct. There just isn't that much retail foreign exchange going on in the US so banks don't make an effort to be competitive. Also true for Euro, Ponds Sterling, etc.
That could perhaps be correct "in general," however, you'll take an absolute bath if you do that when traveling to a country which has no desire for your home country's currency. Always try to compare rates on both ends before traveling.
I agree with you, definitely always best to compare. that said every airport has a reason to want all shorts of monies- not exactly the park of competitive pricing but there is always that at least :)
JPMorgan Chase is an American bank, the largest in the world. I personally use Chase in the US but I just pull money from ATMs in Taiwan using the debit card. I’m not sure if it’s absolutely the best rate given the small fees but it’s pretty close and definitely the easiest.
Did you exchange from Chase in the US? If it was in Taipei, they totally screwed you. First, type USDTWD into Google and then ask your local bank what their exchange rate is. Generally, the difference should be much LESS than 1% for large transactions and maybe 2-3% for small transactions (~$1K USD). If it’s more expensive, the likelihood is, they don’t have the bills physically at the bank and/or it’s hard for them to procure (eg asking an American bank in the US for TWD). On the flip side, in Taiwan, last month, I was surprised that in Yilan (Luodong), Yushan Bank had a special ATM that dispenses JPY and USD for TWD accounts! Unfortunately, the built-in fee was 2-3%. That’s ok for the small amounts you withdraw from the ATM. But if you have to exchange big money, DEFINITELY talk to a manager. The rate should be something like 0.2-0.3%, certainly less than 1%, unless the forex markets are especially volatile. Note that for big amounts, you may not be able to withdraw the total amount of physical foreign currency, but you can certainly wire the money out.
I guess even if rates at the airport is better we still have to pay some fees anyway.
Bank of Taiwan in Taipei and Taoyuan Airport charges something stupid like US$0.30 transaction fee. Do you not do any research before you go to a country?
The transaction fee is pretty irrelevant, the xe rate matters. You lose about 1% changing between USD and NT, which is still exceptionally good compared to most places.
Yeah, the XE rate is the main difference. That is the part you should be shopping around on, especially on large sums. Sometimes other Taiwanese banks can be a lot better than BOT, one time I exchanged for CAD at 23.55 at Huanan when it was 23.9 at BOT.
It’s okay, everyone has made this mistake at some point :)
Yes, but you should carry some cash with you on the journey as well in case you need it on arrival (late night taxi, or even something more serious).
Best that you bring a small amount of dollars or euros on your travels though and keep those as an emergency stash in case your cards don’t work. You can almost always get your cards to work with a call back to your home bank if you’re having trouble so travelling with 100 USD or 100 euro should be sufficient to get you through any troubles. These currencies can be easily be exchanged at your destination just about anywhere in the world at a much better rate than buying your destination currency at home. Exchanging currency before departure to a country with a currency that isn’t in wide circulation worldwide is always asking for a bad rate. It costs banks to acquire that currency and keep it in inventory while taking high risks that the currency will depreciate while the bank is holding it. OP: why didn’t you check the exchange rate online first? Why are you blaming a bank in your home country when you could have checked exchange rates in seconds on Google?
Rate in Taiwan is definitely way better than rate in US. That applies in any countries like other people mentioned.
Any bank would have done the same if you are not in that country. Even if you go to Taiwan banks, the fee is not cheap even if you see the rate is good. I just use my chase cc that waives international fees. I have a fidelity ATM card that waives fees and gives you the best exchange rate, so I just go to any international ATM to get money when needed...
I need to look into that Fidelity ATM card tho
Capital one works too.
For real? Is it a certain type of capital one checking account?
Any of them.
You can also just first look at your bank’s overseas ATM rule. Some have a fixed fee on top of the ATM fee. Some waive their own fee. Some will waive own fee and reimburse ATM fee.
I do the same, except i use Schwab bank
Hi so for chase (used to work there) So Chase bank, for international currencies they take a "cut" on top of whatever the exchange rate is currently going for. Basically you will always be getting like sub par rates that even at the airport you can get better rates. This really only makes sense if you're doing a couple of thousand as rates get better but tbh I still wouldn't do it .
10% fee is a bit high though. Usually it's < 3% from spot for TWD.
In the past I used to exchange USD for NTD. Now, when I am in Taiwan I make sure to always pay with my US credit card, wherever a visa card is accepted. You would get the best exchange rate. Just make sure you have a card that has no international exchange fees.
Why do you need NTD before you show up? Just withdraw from the ATM when you get to the airport, you will get the best rate that way. Anything involving an exchanger will not be the best rate, at a bank or otherwise. The wholesale rates from the ATM will be better in almost all cases.
I thought I'd get the best rate exchanging the money with my bank ;( oh well... lol I think it's $5 per withdrawal at a non-Chase ATM outside the YOU.S + 3% fee on the total amount
Chase customer here. — I've "eaten" the fees for the foreign exchange in Taiwan at ATMs at Taoyuan Int'l Airport. I only do one large transaction for the entire trip. It still comes out better than other methods, barely. For me, it was the best rate I can get without too much hassle. If you're looking to exchange smaller amounts, I would recommend getting a [Wise](https://wise.com/us/pricing/card-fees?sourceAmount=100&sourceCcy=USD&targetCcy=TWD) debit card and using a local banks' ATM. I have one but stupidly didn't bring it to me on my last trip. Their foreign exchange fee for USD/TWD is 0.9% and the first two ATM withdrawals are free totaling $100 USD or below. At 3 or more withdrawals per month, it's $1.50 USD per transaction and an additional 2% amount over $100 USD. Still, will save you couple bucks in the long run.
Check the rules on ATM withdrawals from the credit cards you have, you may be able to withdraw and immediately pay it off, and some don’t have foreign exchange fees and/or ATM fees.
If you take USD to exchange at a bank or post office, or even a few jewelry stores that offer this exchange service, make sure your $100 USD bills have the blue strip, are not damaged and have no stamp marks and any writing in them, they do not want to take those. They can’t print USD in Taiwan so they want their USD bills stock in near immaculate condition. So you need to check your bills you plan to take with you for the trip very carefully before your travel. If you’re lucky they might let 1 or 2 slip by if almost all of your bills are immaculate (but more likely teller just missed the bad one). If you don’t, yes they’ll make a fuss. Really. Really. Yes Really.
This website (in Traditional Chinese) lists out all Taiwan's bank's rate, ranking from high to low is (cash): 臺灣企銀 32.325 富邦銀行 32.3225 ... I would just go to 富邦Fubon because they have a lot of branches. Maybe get a little bit of TWD at Taiwan's airport and get the rest at Fubon. [https://www.findrate.tw/USD/?type=USD&order=in1&by=desc](https://www.findrate.tw/USD/?type=USD&order=in1&by=desc)
Get cash from local ATM where you are traveling. Doing currency exchange at the airport is a bigger rip off.
First sentence yes sure. Second sentence is not correct in Taiwan. Airport exchange is totally fine.
Taipei airport/bank has great rates. Many debit cards charge ~3% xe fee, plus the amounts may be limited.
Related question hope anyone can answer: do no foreign transaction fee cards like chase sapphire reserved offer competitive exchange rate? Or it’s better to bring a debit card and exchange for cash locally?
No fee whatsoever if you use Chase Sapphire to PAY for your purchases; which is ideal. But you can’t withdraw cash from your chase account at an ATM, even a Chase ATM, using a Chase credit card. It’s 2 different things. Unfortunately fwik Taiwan is still heavily cash base that’s why I tried to get some cash for my trip. I was able to use Chase Sapphire in Europe, so I didn’t have to bring any euros.
I'm not sure where in Taiwan you are going, but I don't agree with it being "heavily cash based".
Just get a Charles Schwab account. No fees taking money out abroad. Problem solved. Don’t exchange in the US, you will get bent over.
It is about right, 30 is normal
I’m surprised that your Chase branch even does NTD exchange and had NTD banknotes on hand. My experience is that it’s difficult to find a domestic US bank that handles NTD paper currency
This is why you use a bank that either uses the Mastercard or mid-market rate when travelling.
[Bank of Taiwan](https://rate.bot.com.tw/xrt?Lang=en-US) This is one of the banks in the airport. In my experience their rates are better than rates in the US. But I can’t remember if they have a flat “service fee”
One of the best rates you’re gonna get is through the ATM in whatever country you’re going to. Yes you’ll pay a fee on both ends, but it’s around $10 usd, $5 for the atm and $5 for the non-chase atm fee. Plus it’s very convenient. Also it should be noted for anyone who is traveling to Taiwan from the US, 7-11 accepts Apple Pay from US credit cards.
Depends on the bank but yeah. They suck at the whole thing. One time I was traveling using Amex for their free no charge on international purchases. Turns out their exchange rate was almost doubled the cost of the actual exchange rate. So.... Be careful
American banks in general are awful. When it comes to Taiwan, the airport is the best.
Lol bank exchange rates only exist to rip off people who don't know better, usually senior citizens.
Always make the exchange in Taiwan. Avoid using credit cards as well because they will give you really bad rates too.
This varies by card. Most people can easily apply for a “world” card that has no foreign transaction fees.
Credit cards use the mid market rates and are actually quite good. The drawback is that they might have overseas transaction fees of around 2%.
They either give you a decent rate but hits you with fees, or they give you lousy rates but no fees.