Find out which money transfer service lets you save when sending money to Taiwan from the Philippines.
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.
There are options out there that can keep fees minimal and exchange rates close to market value. We’ve assembled a list of these services so you can easily compare the most inexpensive way to send money from the Philippines to Taiwan.
Compare your options for transferring funds to Taiwan from the Philippines
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Ways to send money to Taiwan
There are generally three different transfer methods:
- Money transfer services. These offer some of the most cost-effective transfers as they only trade in foreign currencies.
- Philippine banks. The New Taiwan dollar (TWD) is one of the most popular currencies so it’s safe to assume that any major bank will offer it. If you’re an account holder with Citibank or Wells Fargo, these two banks have branches in the Philippines. Check out their locations online on their respective websites.
- Cash transfers. Services such as Western Union and MoneyGram allow you to send cash transfers for immediate collection 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.
Banks versus money transfer companies
For example, Chen travels to the Philippines for work purposes, leaving his family in Taiwan. He needs to send money to his family but discovers that bank transfer fees are high and the exchange rates are not competitive.
The following table compares rates from one of the Philippines big banks with a real money transfer as of December 2017.
|Bank||Money Transfer Service|
|Exchange rate||1.70 PHP for 1 TWD||1.66 PHP for 1 TWD|
|Transfer fee||10 USD or 296.65 TWD||10 USD or 296.65 TWD|
|Transfer speed||1 to 2 days||Same day|
|Transfer options||Philippine bank account to Taiwanese bank account||Pick up from agent|
|TWD received for PHP850||500||512.05|
|Difference in funds received||+12.05 TWD|
What’s the difference? Chen has an excess of 12.05TWD if he chooses to send via money transfer. Note, this sample is fictional.
How do I compare transfer companies when sending money to Taiwan?
Comparing money transfer providers and banks could save you money, when you consider the following:
- Competitive exchange rates. Small differences in the exchange rate can have a big impact when transferring large amounts of money.
- Minimal fees. Fees may vary depending on the institution and the currency involved.
- A range of transfer methods. Both banks and transfer companies offer online transfers using a bank account or credit card. However, some may advise you to visit an agent and start the transfer in person.
- Convenient pick-up methods. Whether it’s a personal or business transfer, it’s important to consider the circumstance of your primary recipient.
- Reliable customer service. The accessibility of a customer service representative is also worth considering in the event that something goes wrong.
What are the steps to send money to Taiwan?
The steps in sending money to Taiwan depend on the method you choose.
- To a bank account. You’ll have to provide the recipient’s name and bank account details. If you’re sending money through a service provider other than your own bank, you’ll have to provide details of your bank account, debit card or credit card. You should get a reference number upon initiating the transfer, which you can use to track its progress.
- To a cash pickup centre. Provide the recipient’s name and a desired cash pickup centre. If you are sending money via MoneyGram or Western Union, know that they only accept cash transfers through their agent locations in the Philippines. When you initiate the transfer you should get a reference number. The recipient would need this to collect the transferred money.
What documentation do I need?
A bank to bank transfer is ideal if you’re regularly sending money to Taiwan to cover bills and investments. However, if you need to send money quickly, it’s worth considering a cash transfer agency and making note of the following:
- The recipient’s full name. The beneficiary of a cash transfer will need to show photo identification, so make sure the name on the order is the same as on the ID.
- Your full name. As an additional security measure the agent may ask for the full name of the sender, be sure that the recipient knows your complete name.
- Your recipient’s contact information and bank details. Both the sender and the recipient must have each other’s address and contact details.
- The tracking number. Keep the tracking number given to you upon sending the transfer, as the recipient must provide this to the agent before the cash can be released.
Save all paperwork in case there’s a problem with the transfer. It serves as proof that the money was sent and will make it easier to recover.
Emergency cash transfers in Taiwan
If you find yourself in Taiwan without your wallet, start by reporting your debit and credit cards as lost or stolen. Then, you can think about getting emergency money in different ways.
- Money transfer. Getting a friend or family member to send you some money using the services of a money transfer company can give you access to required funds in no time. If this is possible, identity a suitable cash pickup centre first.
- Credit card cash advance. If you have an existing American Express, Visa or Mastercard credit card you can think about getting an emergency cash advance.If you qualify, you can collect cash by visiting a local participating financial institution.
- Travel insurance. With the right kind of travel insurance, you can get emergency money to deal with lost and misplaced baggage, unexpected medical expenses as well as flight delays and cancellations.
Cash pick up locations in Taiwan
Tips for picking up cash in Taiwan
Taiwan has typically low levels of crime, which include instances of petty crime. When you’re collecting money from a cash pickup centre, keep an eye out for suspicious activity, as you normally would.
While there have been reports of assault on passengers by taxi drivers, this mode of transport is generally safe in Taiwan. However, it is best that you use radio taxis or taxis booked through your hotel or via the Internet.
Demonstrations and protests take place in Taiwan occasionally. While they are usually peaceful, they can turn violent, so it is best that you steer clear of such gatherings.