Send money to Taiwan
Learn how to send money to Taiwan with an international money transfer service.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the UK to Taiwan doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.
Compare services that send money to Taiwan from the UK
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Taiwan. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Case study - Banks versus money transfer companies
Work took David Taan to the UK However, his wife and aging parents continue living in Taiwan. Since they depend on him financially, he has to send them money on a regular basis. Given his income, he figures he send around £1,000 every month.
While David can use the services of his local UK bank to make the transfer, he decides to compare his options using the internet. This is what he finds.
|Exchange rate||£1 GBP = $36.86 TWD||£1 GBP = $37.43 TWD|
|Transfer fee||£7 GBP||Varies on amount being transferred|
|Amount received for £1,000||$36,860 TWD||$37,430 TWD|
|Transfer time||3-5 days||1-2 days|
|Transfer options||Bank account||Bank account|
|Difference of||TWD $570|
By choosing to go with the money transfer company instead of his bank, David ensures that his wife receives some extra money. This is because of the better exchange rate offered by the money transfer company. The fact that his wife gets the money more quickly is an added advantage.
How do I compare transfer companies when sending money to Taiwan?
You’ll want to consider costs, of course. But other factors can also affect your choice.
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Ways to send money to Taiwan from the UK
- Bank transfers. Most major banks offer wire transfers to Taiwan.
- Money transfer providers. Online providers like TransferWise and WorldRemit can help you transfer money quickly and easily. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of £0 fees.
- Transfer companies with cash pickup. Providers like Western Union, MoneyGram and Ria offer quick cash pickup options, but often with high fees.
- PayPal. You can send money abroad using your PayPal account.
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 or spend it as soon as possible. Identify a safe pickup location in advance, and encourage your recipient to take a friend.
How safe is a money transfer?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Follow the money to Taiwan
Whichever method you use, keep a record of the transaction reference number and other details so you can track the transfer and follow up if your recipient has any issues.
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