How to send money to Taiwan

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

Updated . What changed?

Fact checked

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

Data indicated here is updated regularly
Name Product Minimum Transfer Transfer Time Transfer Fee
TransferWise - Ireland
EUR 1
1-2 days
Varies
Azimo - Ireland
GBP 10
Instant
Varies
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
XE Money Transfers - Ireland
EUR 1
Same day
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
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Compare up to 4 providers

Steps 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 the 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.

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. Services may also offer to send US dollars in place of New Taiwan dollars, which is also widely accepted. 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 Ireland depends on your situation. The main options include:

Blue icon representing money transfers Image: Infogram

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.

Picture not described: BlueCoinsCashIcon_Infogram_94x62.png Image: Infogram

Cash transfers

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

Picture not described: BlueBankIcon_Infogram_62x56.png Image: Infogram

Banks

The New Taiwan dollar is popular enough that your bank might offer it. However, beware of the higher fees and less competitive exchange rates banks offer compared to the other options.

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 8 May 2020 and uses US dollars instead of New Taiwan dollars.

Bank transfer Cash transfer Money transfer service
Fee €20 + additional correspondent bank fees €1.90 €11.61
Exchange rate 1 EUR = 1.02 USD 1 EUR = 1.04 USD 1 EUR = 1.08 USD
Transfer speed 2-4 days+ Minutes 1-3 days
Amount received US$2,019 US$2,077 US$2,154
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 around US$70 more. However, 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.

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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 EUR/TWD currency pairing, you’ll get more money when either the euro is strong or the New Taiwan dollar is weak. You may also want to check the EUR/USD currency pairing if TWD is not offered.

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.

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0
Updated: 23 Nov 2020 16:09:33 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 your transfer. 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. This is almost always located on your receipt, do not lose it.

Documents to receive money

  • Photo ID. The name on your ID, such as a driver’s licence or passport, must match the name given by the sender.
  • 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 fewer euros. And if you aren’t sure what else you need to know, our guide to money transfers can help you navigate the process.

Cash pickup locations in Taiwan

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