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How to send money to Taiwan
Here’s the information you need when you want to send money to Taiwan.
Navigating money transfer services when you want to send money to Taiwan can be frustrating — not to mention expensive — but there are options out there that can keep fees minimal and exchange rates close to market value. Compare your options to find the service that gets you the best deal.
Compare international money transfers to Taiwan
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 Hong Kong 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.
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.
The New Taiwan dollar is popular enough that your Hong Kong 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
- Compare your money transfer options.
- Select Go to Site when you’re ready to start your transfer.
- Create an account with the provider.
- Provide information about recipient and select how much money you want to send.
- 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 $10,000 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 January 7, 2020.
|Bank transfer||Money transfer service|
|Fee||65.00 HKD + additional correspondent bank fees||$0.00|
|Exchange rate||1.00 HKD = 3.46019 TWD||1.00 HKD = 3.556 TWD|
|Transfer speed||2-4 days+||1-2 days|
|Amount received||34,377 TWD||35,506 TWD|
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 1,129 TWD 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.
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 HKD/TWD currency pairing, you’ll get more money when either the HK 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.
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.
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 HK 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 question
What is Taiwan’s money called?
The official currency is called the New Taiwan dollar, 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.
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