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How to send money to Taiwan

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

Navigating money transfer services when you want to send money to Taiwan may 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.

Send money to Taiwan with OFX

Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

  • Better exchange rates than those offered by banks
  • Lower fees than those charged by banks and other services (free when you transfer over SGD 10,000)
  • Quick turnaround time
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Compare money transfer services to Taiwan

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to transfer money to Taiwan online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Taiwanese bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Taiwan. Some money transfer providers send a text or email when your transfer is complete.

What’s the best way to send money to Taiwan?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Taiwan. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.

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.

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Banks

The New Taiwan dollar (TWD) is popular enough that most banks in Singapore will probably 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 20 April 2021.

Digital money transfer serviceBank transfer
Fee$0$0
Exchange rate1 SGD = 20.8399 TWD1 SGD = 20.8855 TWD
Transfer speed1-2 day1-2 days
Amount receivedTWD 41,679TWD 41,771
Verdict
  • Fastest
  • Best value

In this case, the bank transfer option ends up sending slightly more money to your recipient in Taiwan due to its favourable exchange rate.

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How to get the most out of your money transfer to Taiwan

Weigh costs and fees against convenience to best compare money transfer providers that send to Taiwan. Consider:

  • Exchange rates. The SGD-TWD relationship fluctuates often, so using a service that allows you to lock in exchange prices may help you save money down the line if the TWD rises against the Singapore dollar.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger SGD-TWD exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of TWD you’re sending to Taiwan.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Taiwan.
  • Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
  • Transfer methods. Whether you want money sent to a Taiwanese bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer

When urgency trumps cost to get your money to Taiwan quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to Taiwan without a bank account

Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

Taiwan’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Taiwan’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

You can check out how the New Taiwan Dollar has been trading against the Singapore dollar in this historical rate chart.

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Updated: 11 May 2021 16:43:43 UTC

Documents needed for transferring money to and from Taiwan

To send money to Taiwan from Singapore, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Taiwan may be different by company.

Documents to send money from Singapore

To send money from Singapore to Taiwan, you’ll need documentation and details that include:

  • Identification. Most services require your NRIC, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheque.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Taiwanese bank account and routing number.

Documents to receive money in Taiwan

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A Taiwan Passport, Taiwan ID, or similar official ID may be required to pick up your transfer.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

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 less Singapore dollars. And if you aren’t sure what else you need to know, our guide to money transfers can help you navigate the process.

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