Send Money to Taiwan: Best Money Transfer Services | Finder Canada

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Send money to Taiwan

Here’s the information you need when you want to send money to Taiwan from Canada.

The best way to send money to Taiwan involves comparing a range of digital money specialists to find one that fits your needs. OFX is typically cheaper than alternatives like Western Union when it comes to large transfers, though XE also handles large transfers with ease.

Send money to Taiwan with OFX

Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

  • Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
  • A higher exchange rate applies to non-finder customers.
  • Send money in 45 currencies.
Promoted

Compare international money transfers to Taiwan

To see how much your transfer to Taiwan could cost, enter the amount you want to send and select Calculate. To send money with the provider that best fits your needs, choose Go to site.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 22.607 TWD
113,036
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 22.494 TWD
112,130
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What’s the best way to send money to Taiwan?

International money transfers allow you to send money to a recipient in Taiwan by exchanging your money for New Taiwan dollars. There are three main options that you can use, each with their own pros and cons.

The best way to send money to Taiwan from Canada depends on your situation. The main options include:

Money transfer services

These offer some of the most cost-effective transfers as they only trade in foreign currencies. You’ll also have a variety of options for your recipient to get the money, like to a mobile wallet or home delivery.

Cash transfers

Services such as Western Union allow you to send cash transfers for the recipient for immediate pickup. While it’s a fast way to send money, it generally won’t match the rates or fees of dedicated money transfer services.

Banks

The New Taiwan dollar is popular enough that your Canadian bank will probably offer it, at least at their major branches. However, beware of the higher fees and less competitive exchange rates banks offer compared to the other options.

How to send money to Taiwan

  1. Compare your money transfer options.
  2. Select Go to Site when you’re ready to start your transfer.
  3. Create an account with the provider.
  4. Provide information about recipient and select how much money you want to send.
  5. Pay for your transfer.

You should save your tracking number once your transaction is complete. This can help you keep tabs on the progress of your transfer and will help you deal with customer service if there are any problems along the way.

Let’s crunch the numbers: Sending $2,000 to Taiwan

To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates current as of March 4, 2021.

Bank transferCash transferMoney transfer service
Fee$50 + additional correspondent bank fees$8.00$0.00
Exchange rate1 CAD = 20.19 TWD1 CAD = 20.97 TWD1 CAD = 21.54 TWD
Transfer speed2-4 days+Minutes1-2 days
Amount receivedTWD$39,371TWD$41,772TWD$43,080
Overall
  • Slowest and most expensive
  • Fastest
  • Best value

The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with TWD$3,709 more.

But if speed is what’s most important, the cash transfer can’t be beaten for instant transfers. Figuring out the balance between upfront fees and better exchange rates is easy to do with our comparison table above.

Back to top

How do I compare transfer companies?

  • Exchange rates. Compare the exchange rates offered by each provider to see if you can get one that’s close to market value.
  • Transfer fees. Lower fees are generally better, but it may be worth paying a higher fee if it means you get a more optimal exchange rate.
  • Transfer methods. How you place your order matters. Will you need to visit an agent location, or can you complete the transaction from the comfort of your own home?
  • Turnaround time. If your recipient needs their funds quickly, choose a provider that can conduct a same-day cash pickup transfer.
  • Minimum transfer amount. If you only need to send a small amount, make sure the money transfer company doesn’t have a set minimum amount.
  • Pickup methods. Your recipient may have the opportunity to have their funds deposited directly into their bank account or may have to visit an agent location to pick up cash.
  • Customer service. Being able to contact the company you send money through by phone, email or through online support is key if you have problems with your transfer.

Foreign exchange rates explained

The exchange rate is how much one country’s currency is worth in another country’s currency. With the CAD/TWD currency pairing, you’ll get more money when either the US dollar is strong or the New Taiwan dollar is weak.

You’ll also see that the exchange rate you get quoted from money transfer companies differs. Compare what you get quoted with the mid-market rate below, which is what your money is actually worth.

Today’s exchange rate CAD to TWD

1
0
Updated: 09 Apr 2021 19:59:00 UTC

Documentation for sending and receiving money

Keeping track of your receipts isn’t just a good idea, it is typically the only way to transfer money. Different documents are needed to send and receive money:

Documents to send money

  • Recipient’s full name. Make sure the name given matches the name on the ID the recipient will use to pick up the money.
  • Sender’s full name. Many companies require photo ID to send money. Also, the recipient may have to provide your full name to pick up the transfer.
  • Bank account information or cash pickup site. Depending on how you’re sending money, you may have to know the bank account information for your recipient.
  • Tracking number. Almost always located on your receipt, keep it close.

Documents to receive money

  • Government issued ID. The name on your ID must match the name the sender lists.
  • Sender’s name. Some transfers require you to know the contact information of the sender to confirm the transfer.
  • Tracking number. Recipients must present the tracking number when picking up cash from an agent location.

Bottom line

Sending money to Taiwan doesn’t have to be a big headache. In fact, when you compare different money transfer options, you may be able to find a deal that gets your recipient more New Taiwan dollars while costing you less Canadian dollars. And if you aren’t sure what else you need to know, our guide to money transfers can help you navigate the process.

Frequently asked questions

How do you use Xoom in Taiwan?

Xoom does not currently support transfers to Taiwan. However, there are alternative services that do like OFX and XE. Be sure to compare companies before you start your transfer to Taiwan.

What is Taiwan’s money called?

The official currency is called the New Taiwan dollar (TWD, NT$), which replaced the Old Taiwan dollar in 1949. Prior to the Old Taiwan dollar there was the Taiwanese yen, which was in circulation until 1946.

Do any Canadian banks operate in Taiwan?

No, but a major Taiwanese bank — CTBC Bank — has branches in several Canadian cities including Toronto, Vancouver, Richmond and Burnaby. You may be able to wire money from any of these branches to a CIBC bank in Taiwan. However, beware of high fees and poor exchange rates when wiring money internationally through a bank account — consider using an international money transfer instead.

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site