Here’s the information you need when you want to send money to Taiwan.
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Compare international money transfers to Taiwan
How do international money transfers work?
International money transfers allow you to send money to a recipient in Taiwan by exchanging your money for new Taiwan dollars. This can be done by banks and independent money transfer companies, and most give you multiple ways to pay for your transfer: by check, cash, card and direct debits from your bank account. Your recipient can choose to have their directly deposited into their bank account or pick it up at an agent location.
Banks vs. money transfer companiesWork took David Taan to the US while his wife and aging parents continue living in Taiwan. Since they depend on him financially, he sends them $1,500 on a regular basis.
While David can use the services of his local bank to make the transfer, he decides to compare his other options.
|Bank||Money transfer service|
|Exchange rate||1 USD = 28.69 TWD||1 USD = 30.05 TWD|
|Amount received for $1,500||43,035 TWD||45,075 TWD|
|Transfer time||3 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
By choosing to go with the money transfer company instead of his bank, David ensures that his wife and parents receive extra money to help cover their living expenses. It doesn’t hurt that the transfer is faster, either.
How do I compare transfer companies when sending money to Taiwan?
- Exchange rates. Compare the exchange rates offered by each provider to see if you can get one that’s close to market value.
- 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.
Foreign exchange rates explainedExchange rate determines how much one country’s currency is worth when converted to the currency of another country. A stronger currency will yield more when exchanged for a weaker currency, which gives you an advantage when sending money to Taiwan. This is because the new Taiwan dollar is weak compared to the US dollar. As of September 2018, it traded for about 30.48 TWD per 1 USD.
Ways to send money to Taiwan
- Bank transfers. Most major banks offer wire transfers to Taiwan.
- Money transfer providers. Many money transfer providers can send money to Taiwan, which can be picked up as cash or deposited into a bank account.
- PayPal. You can send money to Taiwan using your PayPal account as long as your recipient also has one.
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.
Picking up cash at a money transfer branch
If you send money for pickup at a money transfer location, share the transaction reference number with your recipient. The recipient will also need a photo ID and may want to call ahead to confirm operating hours and availability of the cash.
Taiwan’s crime rate is relatively low, but anyone picking up a large amount of cash anywhere should keep it out of sight, be aware of their surroundings and deposit their funds as soon as possible. Identify a safe pickup location in advance, and encourage your recipient to take a friend.
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.