Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Send money to Taiwan
Here’s the information you need when you want to send money to Taiwan from the USA.
Updated . What changed?
The best way to send money to Taiwan involves comparing a range of digital money specialists to find one that fits your needs. CurrencyTransfer is typically cheaper than alternatives like Western Union when it comes to large transfers, though XE also handles large transfers with ease. When you need to send cash, consider MoneyGram — just make sure there are cash pickup locations near your recipient.
Send money to Taiwan with CurrencyTransfer
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
- Get the best foreign exchange rates available from this online marketplace
- Fast 1-2 day delivery to bank accounts
- Price-match guarantee if you find a better price elsewhere
Compare international money transfers
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 the USA 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 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.
The New Taiwan dollar is popular enough that your US 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.
Steps 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 $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 January 7, 2020.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||$30 + additional correspondent bank fees||$8.00||$0.00|
|Exchange rate||1 USD = 27.04 TWD||1 USD = 29.37 TWD||1 USD = 29.92 TWD|
|Transfer speed||2-4 days+||Minutes||1-2 days|
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$6,588 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.
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 USD/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.
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
- Government issued ID. The name on your ID 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.
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 US dollars. 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
Read more on this topic
US remittance statistics We've unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Best ways to send money online Navigate the world of sending money domestically and internationally with our hand-picked list of popular services.
XE vs. OFX money transfers Check out this side-by-side comparison of XE and OFX to find out which provider offers the best value on international money transfers.
Alternatives to InstaReM Find the best alternative websites to InstaReM for online money transfers.
TransferWise account for e-commerce sellers review Receive payments in five local currencies and convert them to dozens of others using one account.
XE vs. Western Union We compare XE's and Western Union’s fees, exchange rates and transfer speeds side by side.
Remitly vs. PayPal Compare a well-known payments giant to the newer Remitly and see which one can give you a better deal.
Remitly vs. TransferWise Remitly and TransferWise’s fees, exchange rates and speeds compared side by side.
Send money to Guinea Compare the services that send money to Guinea. Find out how to get the best value for your money, how long it takes and what to look out for.
Best places to exchange currency in Sydney Your guide to currency exchange services in Sydney, including where to find the best exchange rates and lowest fees.
Ask an Expert