Send Money to Taiwan

Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Taiwan

Send Money Transfer to Taiwan

Despite territorial claims by China, Taiwan has an independent government and operates a democratic political system. The New Taiwan dollar (TWD) is freely convertible and there are few restrictions on overseas money transfers to Taiwan or indeed money transfers from Taiwan.

Though individuals are free to send money to Taiwan, businesses should be aware of some restrictions for foreign investment, for example, by capping foreign direct investment (FDI) or portfolio investment at various thresholds for high-priority sectors such as telecommunications, utilities and transport.

For simple transfers to Taiwan there are different options available:

Provided the recipient has a bank account in Taiwan a bank transfer will be the easiest method of sending cash.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and are very common in Taiwan. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to Taiwan. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing. You will find that Yen and USD transactions are most common and carry lower fees. It is worth nothing that a number of brokers have minimum transfer values.

Bank Note System
Taiwan's monetary unit, the New Taiwan dollar, uses the currency code TWD and is often abbreviated NT$. The TWD was first issued in 1949 to replace the Old Taiwan dollar at an exchange rate of 40,000 to one TWD, in order end a period of hyperinflation. Coins are minted in values of 50 cents, NT$1, NT$5, NT$10, NT$20 and NT$50. Banknotes are printed in values of NT$100, NT$200, NT$500, NT$1,000 and NT$2,000. Both coins and notes are produced in mainland China.