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How to transfer money to Taiwan from Singapore

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

The best way to send money to Taiwan involves comparing a range of digital money specialists to find one that fits your needs. Wise is typically cheaper than alternatives like Western Union when it comes to large transfers, though OFX also handles large transfers with ease. When you need to send cash, consider MoneyGram — but make sure there are cash pickup locations near your recipient.

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

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

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.

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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.

How much does it cost to transfer $2,000 to Taiwan from Singapore

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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What do I need to transfer money from Taiwan online

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

  1. Compare options. Compare your money transfer options and select Go to Site when you’re ready to start your transfer.
  2. 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.
  3. 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.
  4. Confirm transfer details. Double-check your payment method, expected fees and destination.
  5. 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.

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.

Save on your money transfer to Taiwan

Here are some aspects to consider when comparing between money transfer providers:

  • 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.

Taiwan’s exchange rates explained

The exchange rate is how much one country’s currency is worth in another country’s currency. With the SGD/TWD currency pairing, you’ll get more money when either the Singapore 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.

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Updated: 16 Oct 2021 11:18:48 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 a 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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