12/22 Hi guys, I'm going to be visiting Taiwan next week. What's the best
way to exchange USD for Taiwan dollars? My guess is to buy AmEx
travelers checks (as an AmEx cardholder) in cash at an AmEx office, and
exchange the checks for NT$ at an AmEx office (for free) in Taiwan.
Is changing U.S. dollars in cash at the CKS airport for NT$ that much
worse? Thanks.
\_ before you leave airport, use your ATM card and withdraw local
currency. I do this all the time everywhere I go.
\_ AAA sells travellers' checks to members without fees.
\_ Yeah, I was looking at that. I even have a AAA-branded credit
card I can charge it to (no cash advance fee for travellers
checks). I'm just wondering what the fee is to cash them at
CKS airport I guess. My friend from Taiwan also says, "People
in Taiwan only know AmEx travellers checks", although the bank
and airport booth people probably know know Visa checks.
You buy Visa checks at AAA offices I believe.
\_ Are you sure AAA sells Visa checks? I remember last
time I bought traveler's check at AAA it was AmEx. This
was about 2 years ago, so things may have changed. As
changing money at CKS, I did it last time I was there.
However, I don't remember what rate "premium/fee" was.
\_ Not sure, but they only mention the Visa stuff on AAA web
pages now. The AmEx web page still mentions AAA though.
\_ This is true for Europe; that ATMs are usually your best deal in
terms of exchange rates. I tend to stay awake from Trav Chqs or
money changers. See if your ATM card has a Visa/Mastercard logo on
it, and you would only be charged the standard 1% foreign
transaction fee. Most ATMs in Europe and Singapore (don't know
about Taiwan) do not charge cash advance fee like in the U.S., so
you would only pay your home bank for doing business with other
ATMs. And if you carry certain balance with your bank (Citibank
comes to mind), they waive all ATM fees when you use other bank's
ATMs. If you bank with BofA, for example, they have affiliate banks
worldwide so that you won't get charged. Ask them for a list.
\_ If you do decide to go with the ATM route, make sure the ATMs
at your destination will accept your PIN. The last time I
travelled internationally, I found that a lot of ATMs,
particularly in airports, would only work with 4-digit PINs.
It took me a while to find a bank whose ATMs would work with
my longer PIN. -gm
\_ Oh, also remmeber a lot of non-US ATMs do not have alphas
on it, so if you're used to memorizing 4-alpha, get used
to memorizing the digits instead. |