Transferring money to Taiwan post office bank account... How long does it take??

[BeagleCakes]

I transferred some money to my Taiwan bank account on the 6th of November. Paypal tells me I will be able to see the money in my account on the 18th. Today is the 18th and my account balance stayed the same... Should I be worried? I've heard cases that the money transfer takes up to a month or more.

[PayPal_Conor]

Hi BeagleCakes,

Welcome to the Community Forum,

As this is a UK board, I am not overally experienced with Tawianese accounts but I have done a little research for you

In Tawian it can take 7-9 business days for a withdrawal to reach your bank account.

If my maths are right, that means your funds should be with you by the 19th of November, as weekends are not considered business days.

I hope that helps,

Conor

[daniel76]

Hi, i have the same problem, i transferred on November 1, and still nothing. After contacting the paypal customer support i first got a lot of standart replies ("Just wait, everything's ok" or "how i understand your frustration") or no reply at all (as usual, the paypal customer support is very poor), till yesterday when they told me it has something to do with new taiwanese bank regulations and they will try to fix it. A problem excisting since october 28, they finally told this on November 18. When or How they fix it of course didn't tell, Paypal never gives clear informations. Till it's fixed taiwanese users are only allowed (they actually use the word ALLOWED) to transfer USD, but no TWD (but also thats not for sure!) . How nice they allow me what i can do with my money.

I just can recommend everyone to withdrawal always every penny you receive at paypal at once! It's not a very secure place, you'll never know if you get your money out there or not. They need to ALLOW you.

[BeagleCakes]

Daniel- so you can ONLY withdraw USD to Taiwan bank accounts? And that also means you're going to get a fee deducted from the currency conversion when your USD gets transferred into TWD in your Taiwan bank account?

[daniel76]

Today they finally told: You can NO LONGER transfer NTD to bank accounts. From now only in USD, forever. But, if your excisting bank account doesn;t accept USD you must wait till it gets returned to paypal, and nobody can tell how long this takes.

Here the important part they wrote:

"We regret to inform you that due to regulatory changes relating to the requirements for Foreign Exchange transactions, merchants in Taiwan will no longer be able to withdraw funds from their PayPal Account to their bank account in NT Dollars.  We sincerely regret any inconvenience caused.  Please contact your local bank representative and inform them of this arrangement.  They will be able to advise you on any action, if any, required on your end."

So you need to have a bank account which accepts transfers in foreign currencies. It is a shame that paypal tells this after almost one month (it started on october 28, they didnt give any notification about it; i have now 4 withdrawals pending somewhere). They are still far away from being serious.

[BeagleCakes]

This is ridiculous! So now I have no way to retrieve the money and I have to spend it online?!

[daniel76]

If you have funds in USD you will need to add a bank account in taiwan which can accept USD. Thats what they want now.

they say:

Please verify with your bank if they accept international U.S. Dollar wire transfers.  If not, you will need to add a bank account capable of accepting U.S. Dollar wires.

[BeagleCakes]

And

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@daniel76 wrote:

If you have funds in USD you will need to add a bank account in taiwan which can accept USD. Thats what they want now.

they say:

Please verify with your bank if they accept international U.S. Dollar wire transfers.  If not, you will need to add a bank account capable of accepting U.S. Dollar wires.

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Sooo we need to have a bank in taiwan that accepts USD, then when the USD is in the bank have the bank convert it to NTD so we can use it. Argh, so many steps. Setting up a bank account here takes hours, takes up a person's entire day!

Do you know if you will ever get your already withdrawn money back in your Paypal account? Or Paypal just decided to eat it all up and earn interest from it.

[daniel76]

I'm not sure, but  yesterday they tell they try now to get all transfers from the past weeks through, in NTD, and they should reach within the next days. I hope so. But anything new from now must be in USD.

[BeagleCakes]

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@daniel76 wrote:

I'm not sure, but  yesterday they tell they try now to get all transfers from the past weeks through, in NTD, and they should reach within the next days. I hope so. But anything new from now must be in USD.

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This really **bleep** 😧 I'm trying to wire USD to my USD bank account here in Taiwan and it's been pending for over 24 hours... And for some reason Paypal automatically switched my USD into NTD again so I have no idea why they are doing that when I clicked I wanted to wire in USD....

Now they are changing things when they are the ones telling us we can now only wire USD to USD accounts in Taiwan.