Send Money to Taiwan: Easiest Methods and Essential Tips

Thanks to increased internet accessibility, money transfer services have become available worldwide. You can use these platforms to send money to Taiwan from dozens of countries and documents. Let's learn more about MTPs and other available methods to transfer money to this country.

Money Transfer Services

International money transfer platforms, or MTPs, support sending funds to many countries worldwide. Although the list of those that allow moving money to Taiwan is limited, you can still benefit from multiple options.

MTPs have the following benefits:

• Simple. You don't need to be a tech expert. All it takes is a few clicks to send money to Taiwan.

• Fast. Transactions could be finalized in minutes, depending on the money transfer company and payment method selected.

• Affordable. The fees and exchange rates offered are more favorable than in banks, ensuring you save in the money transfers process.

Western Union, OFX, and Xendpay are the top options for sending money to Taiwan. These MTPs are available 24/7, and you can transfer money from their website or tailored mobile apps.

Wire Transfers

A few decades ago, wire transfers were the only option to transfer money internationally. Today, access to these providers for sending money to Taiwan is severely limited.

And even if you find a service, the odds are transaction will take days. Besides, wire transfers are expensive, and you end up paying a fortune above the sent sum. If you have a money transfer platform available in your location, it's a much better alternative to this method.

Bank Account Transfers

This involves interbank transfers, so moving money from one bank to another. But you need to check that your financial institution is willing to send money to Taiwan first. They should have a partnership with CTBC Bank, Taipei Fubon Bank, or another major financial facility in this country.

After bothering to find an available option, you'll find the transfer is expensive and takes days. International money transfer services are faster and more affordable. And many MTPs support depositing funds in a bank account when transferring money to Taiwan.

Challenger Banks

The neo-bank market in Taiwan includes Line Bank, Rakuten Bank, and Next Bank, which is supported by Chunghwa Telecom. But although these financial services focus on digital services, they weren't made for sending money to Taiwan.

Therefore, it's better to go with international money transfer platforms. You know they have the solvency and security mechanisms to process large transactions. MTPs are even more reputable than challenger banks because they've been in business longer.

Mobile Apps and Payment Services

Google Android Pay and Apple Pay are both available in Taiwan. You can use these for domestic transfers and when paying with stores.

But when it comes to international transactions, you should stick to money transfer providers. They specialize in that transaction type and make sending money to Taiwan a breeze.

PayPal

PayPal is an electronic payment service available in 170+ countries worldwide. It only works with a single bank in Taiwan, which can be important for the receiver.

The transactions are fast and simple, but high fees and unfavorable exchange rates are a huge problem. It's why international money transfer platforms are more popular among users. They can be equally fast while providing lower fees.

Money Transfers to a Pick-up Location

These include sending money from an agent's location. It requires having the desired service in your area. Western Union is available in more than 200 countries. You can use their website to order a transaction and then go to the nearby store to deposit the money and finalize it.

Stores often have unfavorable exchange rates compared to online sending money platforms. There's also the risk factor of carrying the cash with you, so online MTPs are a safer option.

What Do You Need to Send Money to Taiwan?

You might need to prepare the following to finalize the transaction to Taiwan successfully:

• Valid ID. Most international money transfer operators require uploading a copy of a valid ID with a photo to verify your identity.

• The sum sent plus any fees applied. You need to have the total amount available to finalize the transaction.

• Supporting documents. These prove how you got the money but are usually necessary only for large transactions.

• Recipient's information. Apart from their name and address, you need to specify the delivery method.

There aren't many options to receive money in Taiwan, but the basic choices are there – location pick-up and bank deposits. Here is a quick overview to have more info before suggesting an option to the receiver!

Location Pick-Up

The most common option to receive money in Taiwan is cash delivery to the agent's location. Many MTPs have financial institutions and agents available throughout the area.

The receiver heads to the nearby agent and provides the necessary documents to collect the money. However, they'll need to collect the entire sum at once, which makes this a risky option for large amounts.

Direct Bank Deposits

The receiver will need to have an account in the Taiwanese bank partnered with your chosen money transfer company. If any additional documents or checks are necessary, the bank will contact them.

Otherwise, the receiver should have the funds available without any involvement and within the promised delivery time. They can collect the money in the bank or by using an ATM.

What Do You Need to Receive Money in Taiwan?

The receiver might require the following documents to collect money in Taiwan:

• Valid identification. They don't have to be a resident, but the ID must contain a photo, and the document mustn't be passed the expiration date.

• Sender details. Some platforms will require providing basic info, such as the sender's name and country.

• Transaction number. As the sender, you might need to deliver this to the receiver to provide the number when collecting the money.

Western Union has 67 pick-up locations in Taiwan, ensuring a convenient cash collection for the receiver. As for the sender, you'll benefit from the new customer offers but also the loyalty program set by the platform. You earn points with every transfer, and you use them to activate discounts and other benefits.

Advantages

• A single transaction up to USD 5,000

• Even bank account transfers shouldn't take more than a day

• Fast and reliable app for sending on the move

Disadvantages

• No option to send TWD

• A hefty fee when paying cash in-store

3 Steps to Start Using the Provider

1. Head to Western Union's website.

2. Enter the desired amount and transfer options.

3. Finalize the transaction.

Best Alternatives

• MoneyGram, PayPal, OFX

OFX works with reputable banks in Taiwan, such as the Cathay United Bank, Bank SinoPac, and Taipei Fubon Bank. It supports personal and business transfers, although the delivery times are usually 2-4 working days. The market rate visible on the site isn't the rate offered to customers, and you need to register to see it.

Advantages

• Favorable exchange rates

• 24/7 customer support and helpful FAQ

• Pick from 50+ available currencies

Disadvantages

• The minimum transfer requirement is USD 1,000

• No credit card and cash deposit options

3 Steps to Start Using the Provider

1. Visit the OFX website.

2. Pick the desired currency and amount to transfer.

3. Register an account to finalize the transaction.

Best Alternatives

• PayPal, MoneyGram, Xendpay

Xendpay uses an interesting "pay what you want model" for the first GBP 2,000 you transfer to Taiwan as an individual (GBP 4,000 for businesses). Although the fees could be 0%, they leave you with an option to tip the platform. You can choose to send USD, GBP, and EUR to Taiwan, but the receiving currency must be USD.

Advantages

• A simple and user-friendly interface

• Authorized by the FCA

• App for sending money on the go

Disadvantages

• No option to transfer TWD

• It's necessary to register to see the exact fees

3 Steps to Start Using the Provider

1. Head to the Xendpay page to send money to Taiwan.

2. Enter the desired currency and amount.

3. Sign up and finalize the transaction.

Best Alternatives

• OFX, Western Union, PayPal

Although not many services support sending funds to Taiwan, you can choose money transfer platforms that process transactions in minutes. Here are the MTPs to choose from if you want the money you send to be available on the same day!

The fastest platforms finalize most transfers in minutes, and the transaction takes over 24 hours only on rare occasions. However, you might need to choose a specific payment method for a fast transfer. Debit and credit cards are the fastest options, while you should avoid bank transfers.

Money transfer platforms profit from offering lower exchange rates than the mid-market level. Some add transaction fees, while others don't include extra charges. Here are the top platforms to select for cheap transactions in Taiwan!

International money transfer services often welcome new users with a free initial transfer. Some platforms even give up on transfer fees up to a certain amount. Many services offer a loyalty program with saving benefits for frequent clients.

Acquiring a license to do business in Taiwan legally is a necessity. That's why Moneyzine first checks relevant licenses for international money transfers. Apart from that, here are the MTPs that include additional safety features when sending money to Taiwan!

Using secure connections ensures clients' financial and personal data stays safe when you transfer money internationally. Many money transfer companies keep clients' money in separate accounts from the one used to run the platform. Reliable support, especially a fraud hotline if you notice something weird, can make a service more trustworthy.

Mobile applications specialize in sending money on the go. Most MTPs have app variations for Android and iOS. The trick is to find fast and reliable software you can rely on to work smoothly. And here are the top apps to send money to Taiwan!

The best apps to send money to Taiwan don't take up much space on your device. They have fast loading times and a user-friendly interface. Thanks to that, you can finalize a transaction in minutes. Although it's not common, some platforms might offer special benefits for app users when sending money with mobile devices.

The two main authorities to note in Taiwan include:

• Financial Supervisory Commission. FSC is important for international money transfer platforms since it regulates their services. The Financial Examination Bureau, which is FSC's department, audits and inspects all financial institutions.

• Central Bank of the Republic of China (Taiwan). It regulates credit and monetary policies, issues currency, and manages foreign exchange reserve ratios.

It's worth noting all services mentioned on this page have a valid FSC license to do business in Taiwan.

If you transfer up to USD 100,000 to Taiwan, the local institutions should finalize the transfer automatically. But for higher transfers, it's necessary to report them to the Central Bank and get approval. The approval might involve providing supporting documents on how you got it and what the receiver plans to do with the money.

International money transfer companies might impose limits per transaction, day, or month. For example, OFX has a minimum of USD 1,000 required, while Western Union puts the maximum sum per transaction at USD 5,000.

If you pick TWD as the receiving currency, you'll have to monitor the exchange rates. Money transfer services put customer exchange rates lower than the market ones to earn in the money transfers process.

And that's not the only fee since some MTPs also include transfer fees. The financial institutions in Taiwan might also have processing charges. You need to consider all these to calculate the final transfer cost.

Individuals working abroad often send money to family and friends in Taiwan. It's often for basic necessities, but it could be for education or as a birthday or another gift type.

Money transfers sent by individuals are an entirely different category from business transactions. If you are paying as a business or sending money for a service or product you got, the process is different. You need to have a registered business account, and different fees might apply such as transfer fees.

The two critical factors are business licenses and security features. All international transfer operators mentioned by Moneyzine must have a valid certificate from FSC and other worldwide financial regulatory bodies.

Maintaining a secure connection with encrypted transactions and other security layers contributes to the provider's reputation. It helps to review its history and see if the service had any previous data breaches.

The sender doesn't have any taxes to pay to the Taiwanese government. However, check the local regulations to see if you have any fees for sending money to this country.

As for the receivers, those who are residents of Taiwan or have spent more than 183 days in the country during the tax year are subject to the Income Basic Tax. Foreign-sourced income is only taxed by IBT if the receiver gets more than TWD1 million and they already have a basic income of over TWD 6.7 million.