Easy Ways to Send Money to Taiwan

Taiwan

There are multiple options to send money to Taiwan from Canada. Learn how to pick one that suits your needs.

Canada does not recognize Taiwan as an independent nation owing to the Joint Communiqué with the People’s Republic of China (PRC) and its resultant one-China policy. However, despite the absence of an official relationship between the governments of Taipei and Canada, there is a steady growth in trade and cultural links.

There are over 65,000 Taiwanese Canadians living in Canada and over 50,000 Canadians living in Taiwan. With the increase in international trade and immigration between the two countries, there is a great need for affordable and fast money transfer options. There are a few different options that Canadians can use to send money to Taiwan and vice versa, including banks and specialist money transfer companies. Offering different exchange rates, fees and transfer options, it is important to compare companies before sending your money overseas.

Both trade and immigration wise, Taiwan is an important partner for Canada. Total merchandise trade with Taiwan soared to an all-time high, reaching almost $7 billion dollars in 2015. With this increase in trade, there are numerous instances of people wanting to send money to Taiwan from Canada and vice versa. If you wish to send money between the two nations, going through this guide is in your best interest.

Compare Money Transfer Companies Below

Rates last updated February 19th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
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.
TransferWise International Money Transfers
$5
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Exclusive: World First International Money Transfers
USD 1,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
FC Exchange International Money Transfers
FC Exchange International Money Transfers
GBP 1,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.

No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.
HiFX International Money Transfers
$50
2 days
Online, Phone, Agent
Make your first transfer for free

Send money in more than 40 currencies.
XE International Money Transfers
$0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Case study - Banks versus money transfer companies

David Taan has taken a long term contract job in Canada. However, his ageing parents and wife continue living in Taiwan. Since they depend on him financially, he has to send them money on a regular basis. Given his income, he figures he can comfortably send around $1,500 Canadian dollars back home every month.

While David can use the services of his local Canadian bank to go through with the transfer, he decides to compare his options using the Internet upon the suggestion of a co-worker. This is what he finds. Note that most service providers cannot send the money in the local NT currency, so David will face an exchange rate from CAD to USD and his recipient will face another exchange rate to convert the USD to local currency.

Canadian bankMoney transfer service
Exchange rate$1 CAD = $0.745 USD$1 CAD = $0.755 USD
Transfer fee$25$15
Amount received for CAD$1,500$1,117.50 USD$1,132.91 USD
Transfer time3-5 daysMinutes
Transfer optionsBank accountCash pickup
Difference of+$15.41 USD

By choosing to go with the money transfer company instead of his bank, David ensures that his wife receives $15.41 USD extra each month. He will also save $10 Canadian each month on transfer fees. The fact that his wife gets the money sooner with the specialist money transfer company than she would through his bank is an added advantage.

How do I compare transfer companies when transferring and receiving money via Taiwan?

When comparing money transfer companies and banks to send money to Taiwan, you should pay attention to various factors.

  • The monetary aspect. Service providers can lure customers by offering fee-free services and highly competitive exchange rates, but these can be misleading. This is because a large hidden fee might accompany a seemingly great exchange rate, and the reverse can be true as well. To compare your options, simply look at how much money the recipient will receive once the transaction has been sent.
  • Methods to send money. If you wish to send money through a bank, you may be able to do so by visiting a branch, through online banking or over the phone. With specialist money transfer companies, while the online world gives you the most number of options from which to choose, you can also find businesses that let you send money in person and over the phone.
  • Methods to receive money. Your recipient can receive money directly into their Taiwanese bank account. Collecting transferred money by visiting a cash pickup centre is also an option.
  • Transfer options. Is your transfer a one-time affair or do you plan to send money to Taiwan frequently? If you plan to do so regularly, you can benefit by dealing with a company that lets you carry out scheduled transfers. Some let you benefit through fluctuations in exchange rates by offering forward contracts and market orders.
  • Using the same bank. Using a bank’s services for the transfer can work in your favour if you and the recipient have a relationship with the same institution. Benefits can come through reduced fees and quicker processing times. Some Canadian banks may have connections with some Taiwanese banks. Contact your bank to find out more information.
  • Turnaround time. If you’re in a hurry to send money, using the services of a specialist money transfer company that has cash pickup centres in Taiwan might be your best option. This is because transfers to these centres tend to be processed immediately. If you’re sending money to a bank account, the process can take one to ten days, or even more, depending on the service provider you pick.
  • Minimum amounts. Some service providers don’t let you send less than $250 or $1,000 Canadian dollars. Likewise, companies may also set maximum amounts of money that you can send. These tend to be a lot higher, sitting around the $10,000 mark or higher.

How do I send money to Taiwan from Canada?

You can classify your options of service providers into two basic categories including:

  • Banks. Several banks in Canada will let you carry out fund transfers to Taiwanese bank accounts. However, these transfers tend to attract fees that can vary considerably from one bank to the next. You can also consider sending a bank-issued cheque or money order via mail, but keep in mind this is the slowest way to send money overseas.
  • Non-banks. Money transfer companies such as Western Union and MoneyGram let you send money to cash pickup centres across Taiwan. You can also find companies that let you transfer money directly into Taiwanese bank accounts. Using the services of PayPal is another option, provided both you and your recipient have PayPal accounts. There is no fee involved in opening a PayPal account, and the process takes very little time. You should keep in mind that PayPal transfers take a few days to reach your recipients bank account, even though the transaction can be sent and accepted right away.

How do I receive money from Taiwan in Canada?

When receiving money from Taiwan in Canada, you get to choose from two basic options.

  • Banks. You can receive funds directly in your Canadian bank account, provided it accepts international electronic debits. Check with your bank to make sure you can receive money from Taiwan. The sender can initiate the process using a Taiwanese bank or a specialist money transfer company. Receiving a money order or cheque via mail is also an option, but will take a long time.
  • Non-banks. If you’re in a hurry, or if you wish to collect cash from a physical location, you can use the services of a money transfer company such as Western Union or MoneyGram. Both have a considerable presence across Canada. PayPal also allows transfers from Taiwan to Canada. While the transfer of funds between two PayPal accounts happens almost instantly, withdrawing the money into your Canadian bank account can take a few days.

Emergency cash transfers in Taiwan

If you find yourself in Taiwan without your wallet or purse, start by reporting your debit and credit cards as lost or stolen. Afterwards, you can assess your options for receiving emergency cash in Taiwan.

  • Money transfer. Getting a friend or family member to send you some money using the services of a specialist money transfer company can give you access to essential funds in no time. If this is possible, identify a suitable cash pickup centre in Taiwan before organizing the money transfer.
  • Credit card cash advance. If you have an existing American Express, Visa or MasterCard credit card, you can think about getting an emergency cash advance.If you qualify, you can collect cash by visiting a local participating financial institution.
  • Travel insurance. With the right kind of travel insurance, you can get emergency money to deal with lost and misplaced baggage, unexpected medical expenses as well as flight delays and cancellations. You will likely need a police report to help you receive the money in a timely manner.

Western Union / MoneyGram branches in Taiwan

Western Union and MoneyGram have a number of cash pickup centres in various locations across Taiwan. To collect money from any of these centres, you must present an acceptable form of ID, such as your passport or driver’s license. With transfers that involve large sums, you may want to call ahead to confirm availability of the funds. Here are some cash pickup centres in Taiwan.

Western Union

Taipei
  • Business Department
    No 2 Sec5 Sinyi Road
    Taipei City
    +886-2-87869788
    Open 9am to 3:30pm, Monday to Friday, closed on Saturday and Sunday
  • Ta Chong Bank
    No 2 Sec 5 Xinyi District
    Taipei
    +886-7-96519886
    Open 9am to 3:30pm, Monday to Friday, closed on Saturday and Sunday
Kaohsiung
  • Dachang Branch
    No 111 1 Dachang 2nd Rd Sanmin District
    Kaohsiung City
    +886-7-3814488
    Open 9am to 3:30pm, Monday to Friday, closed on Saturday and Sunday
  • King’s Town Bank
    176 Jhongshan N. Rd.
    Gangshan Township
    Kaohsiung
    +886-7-6241766
    Open 8:30am to 3:30pm, Monday to Friday, closed on Saturday and Sunday

MoneyGram

Taipei
  • KGI Bank
    5 Fl No. 45 Shifu Rd.
    Taipei City
    +886-2-81018177
    Open 9am to 3:30pm, Monday to Friday, 8am to 6pm, Saturday and Sunday
  • KGI Bank
    224 Sec. 3 Nangang Rd.
    Taipei
    +886-2-23263735
    Open 9am to 3:30pm, Monday to Friday, 8am to 6pm, Saturday and Sunday
Kaohsiung
  • STI Company Ltd
    No. 405 Bade 1st Rd. Xinxing District
    Kaohsiung
    +886-2-72366615
    Open 8am to 11pm, Monday to Sunday
  • KGI Bank
    165 3 Poai Road
    Kaohsiung
    +886-2-23263735
    Open 9am to 3:30pm, Monday to Friday, 8am to 6pm, Saturday and Sunday

Tips for picking up cash in Taiwan

Taiwan has typically low levels of crime, which include instances of petty crime. The Government of Canada recommend that you take normal precautions when travelling to Taiwan. When you’re collecting money from a cash pickup centre, keep an eye out for suspicious activity, as you normally would in Canada or any other country in the world.

While there have been reports of assaults on passengers by taxi drivers, this mode of transport is generally safe in Taiwan. However, it is best that you use radio taxis or taxis booked through your hotel or via the Internet.

Demonstrations and protests take place in Taiwan occasionally. While they are usually peaceful, they can turn violent, so it is best that you steer clear of such gatherings.

What are the steps to send money to Taiwan?

This will depend on the method you choose. You can check out the steps below on how to send money to a bank account or to a cash pickup centre via a specialist money transfer service.

  1. To a bank account. You’ll have to provide the recipient’s name and bank account details. If you’re sending money through a service provider other than your own bank, you’ll have to provide details of your bank account, debit card or credit card. You should get a reference number upon initiating the transfer, which you can use to track its progress.
  2. To a cash pickup centre. Provide the recipient’s name and the desired cash pickup centre location. If you’re not paying using cash, you’ll have to provide your bank account, debit card or credit card details. When you initiate the transfer, you should receive a reference number. Your recipient will need this number to collect the transferred money.
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