I figured I would have to pay high fees to take money out of the ATM while in Taiwan but I didn't expect them to be as high as they have been. The first time I took money out of the ATM was at the Taipei airport when I arrived. A few days later when I checked my bank statement I say I was charge a US $5 ATM fee and another 1% transaction fee, all courtesy of Bank of America. After needing to go to the ATM three times to pay my rent, my deposit on my apartment and to buy food and other necessities I figured I needed a cheaper way to access my money. Taking out more money per withdrawal wasn't an option because I was already taking out my daily max. The next thought that came to me was to find a Bank of America partner bank if Taipei to reduce my fees. As we all know Bank of America has no friends so that was a lost cause. Next, I decided to see what would be involved in opening a local bank account and sending a wire transfer from B of A to a local bank in Taiwan.
I went to three local banks and was told I need to get an ID number from the immigration office in order to do so. I did that. When I came back I was told that the application needed to be complete in Chinese. Given that I couldn't even write my name in Chinese I left and came back another day with a friend who could speak and write for me. It was like being 3 years old all over again. "Mommy, what does that word mean? Cat, you f***ing idiot." After obtaining my account information and ATM card I thought I had my solution around these fees, which amounted to around US $12 for each ATM withdrawal. Later that night I went home and called Bank of America customer service and spoke to who had to have been the dumbest women in the entire building, maybe even in the entire world but I'm trying to be nice :-). I would have been more satisfied if they put the vacuum cleaner on the phone instead of this genius. For every question I asked this woman she gave me three responses that were all different. I had to spend so much time trying to figure out which answer was the correct one. I keep asking her "is that your final answer...Ok, is this your final answer?" After getting off the phone with this person I went online to set up my transfer. I enter the information and placed my transfer. When I received my confirmation I realized that the exchange rate they gave me was awful. It was much worse than the rate I was getting at the ATM. It was so bad that I actually would have saved US $65 by just taking money out of the ATM and paying the ATM fee. Needless to say I will not be doing anymore transfers and have yet to find a good solution to my fee issue. I guess I'll just have to stick with the ATM fees until I leave in June. And yes, I would like fries with that!
I went to three local banks and was told I need to get an ID number from the immigration office in order to do so. I did that. When I came back I was told that the application needed to be complete in Chinese. Given that I couldn't even write my name in Chinese I left and came back another day with a friend who could speak and write for me. It was like being 3 years old all over again. "Mommy, what does that word mean? Cat, you f***ing idiot." After obtaining my account information and ATM card I thought I had my solution around these fees, which amounted to around US $12 for each ATM withdrawal. Later that night I went home and called Bank of America customer service and spoke to who had to have been the dumbest women in the entire building, maybe even in the entire world but I'm trying to be nice :-). I would have been more satisfied if they put the vacuum cleaner on the phone instead of this genius. For every question I asked this woman she gave me three responses that were all different. I had to spend so much time trying to figure out which answer was the correct one. I keep asking her "is that your final answer...Ok, is this your final answer?" After getting off the phone with this person I went online to set up my transfer. I enter the information and placed my transfer. When I received my confirmation I realized that the exchange rate they gave me was awful. It was much worse than the rate I was getting at the ATM. It was so bad that I actually would have saved US $65 by just taking money out of the ATM and paying the ATM fee. Needless to say I will not be doing anymore transfers and have yet to find a good solution to my fee issue. I guess I'll just have to stick with the ATM fees until I leave in June. And yes, I would like fries with that!