How to send money to Taiwan
Here’s the information you need when you want to send money to Taiwan from the Philippines.
Updated . What changed?
Taiwan remains in the top 15 destination countries for Filipinos seeking work outside the country. The Department of Foreign affairs estimated about 115,000 overseas Filipino workers based in Taiwan. Whether you have a Taiwan-based friend or loved one, or you’re a Taiwanese national living in the Philippines, you’d want to find the best way to send money through.
Compare your options for transferring funds to Taiwan from the Philippines
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.
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 Philippines 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 Philippine bank will likely 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.
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 11 May 2020.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||The equivalent of US$30 + additional correspondent bank fees||₱400||$0|
|Exchange rate||1 PHP = 0.5835 TWD||1 PHP = 0.5871 TWD||1 PHP = 0.5934 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$985 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 PHP/TWD currency pairing, you’ll get more money when either the Philippine peso 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 Philippine peso. And if you aren’t sure what else you need to know, our guide to money transfers can help you navigate the process.