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International wire transfer baws: help/advice needed

Posted on 9/19/18 at 3:32 pm
Posted by bamarep
Member since Nov 2013
51794 posts
Posted on 9/19/18 at 3:32 pm
I am trying to wire money to a company in Taiwan via First Commercial Bank. I use a small, local bank that requires an intermediary bank in the US to route to the bank in Taiwan. The intermediary bank keeps returning my transfer because I’m an individual and not a business.

What are my options? All of the banks I’ve found that don’t require an intermediary also require me to have an account with them. Western Union does direct to bank transfers, but not in Taiwan.

Help a brotha out!

Posted by Shepherd88
Member since Dec 2013
4579 posts
Posted on 9/19/18 at 3:37 pm to
Bitcoin?
Posted by bamarep
Member since Nov 2013
51794 posts
Posted on 9/19/18 at 4:14 pm to
Not sure that would be an option.
Posted by Cowbells
USA
Member since Aug 2012
538 posts
Posted on 9/19/18 at 4:26 pm to
Try transferwise
Posted by bamarep
Member since Nov 2013
51794 posts
Posted on 9/19/18 at 4:29 pm to
Thank you. I'm gonna check it out.
Posted by bamarep
Member since Nov 2013
51794 posts
Posted on 9/19/18 at 5:22 pm to
Transferwise doesn't wire to Taiwan.

Posted by AugustaTiger
Augusta, Georgia
Member since Dec 2017
743 posts
Posted on 9/19/18 at 9:04 pm to
Use your brokerage account to send the wire.
Posted by eng08
Member since Jan 2013
5997 posts
Posted on 9/20/18 at 8:50 am to
Or open an account to do the wire.

I had to train gulf coast bank to do my wires to Europe correctly back in the day.

Then I set up a business Acct with an ex-import /exchange type company and it was much much easier.
Posted by LigerFan
Member since Jan 2014
2711 posts
Posted on 9/20/18 at 9:19 am to
quote:

I had to train gulf coast bank to do my wires to Europe correctly back in the day.


Thanks for that, now they are fairly seemless when I do international wires through them.
Posted by Lima Whiskey
Member since Apr 2013
19100 posts
Posted on 9/20/18 at 11:47 am to
I get free wire transfers, but I’ve found it easier to use Western Union.

I always get language issues, working with foreign banks.
Posted by mrgreenpants
paisaland
Member since Mar 2018
1421 posts
Posted on 9/20/18 at 2:19 pm to
quote:

Use your brokerage account to send the wire.


i know at least with colombia...transferring via brokerages are the simplest and most cost affective method to comply with the strict anti-laundering laws.
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