How to send money to Taiwan from Singapore with the best SGD-TWD rate

The exchange rate determines the price you will pay when buying New Taiwan Dollar.

A better exchange rate means more money being sent to Taiwan.

If you are paying for services in New Taiwan Dollar from Singapore, this can make a huge difference.

The current rate between the Singapore Dollar and New Taiwan Dollar is 24.4555, and it fluctuates all the time.

The cost of sending money from Taiwan to Taiwan, is made-up of a combination of fees and exchange rates:

• The Mid-Market and Exchange Rates: The mid-market rate determines a mid-price for buying currency. The current mid-market rate from SGD-TWD is 24.4555 TWD per Singapore Dollar.

• Fees: Outside of exchange rates, you may need to pay a fee to send. OFX currently offers the lowest fees on transfers to Taiwan from Singapore. They charge 0 SGD per transfer. Although this does include large transfers as well, we recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in New Taiwan Dollar is the amount you started with, minus the amount you paid in the exchange and fees.

Here's a tip, if you're making a large transfer, you can also use a forward contract to lock in an agreed exchange rate between Singapore and Taiwan.

Using a bank transfer to send via money transfer company is the payment method that will get you the best price when sending from Singapore to Taiwan.

Here are all the ways to send money from Singapore to Taiwan:

Bank transfers

Bank transfers are often the fastest and cheapest way to send money from Singapore to Taiwan.

Using a money transfer company such as OFX for payments from Singapore to Taiwan, means you can send via a bank transfer and benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money with a debit card from Singapore to Taiwan is easy with .


is a leader in debit card money transfers from Singapore to Taiwan. They are the best option of the 1 transfer companies compared.

Credit cards

When it comes to credit card transfers from Singapore to Taiwan, we recommend comparing your options to get the best deal.

Ensuring you fully understand regulations in Singapore and Taiwan will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for sending money between Singapore and Taiwan.

Some companies offering money transfers between Singapore and Taiwan have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare SGD-TWD rates for your specific transfer amount.

For regular transfers to Taiwan, shopping around each time can make a huge difference.

For sending large amounts of SGD to Taiwan we'd recommend using OFX. They offer a combination of rates and fees when sending from Singapore to Taiwan that is the most competitive, even at larger amounts.

There are different options for receiving New Taiwan Dollar in Taiwan.

The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering transfers from Singapore to Taiwan will offer every method for incoming New Taiwan Dollar, so it’s best to check ahead of time.

Again, a comparison of SGD to TWD providers will tell you if the method for receiving is supported.

One of the most common ways to transfer money from Singapore into Taiwan is by sending directly to a bank account. OFX is the best company for bank transfers between Singapore and Taiwan.

And if you need cash right away, check if cash pickup is an option for transfers between Singapore and Taiwan.

P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience but are better for domestic transfers. For receiving international payments they come with more limitations and higher costs compared to money transfer options like multi-currency accounts.

If using a money transfer company to send New Taiwan Dollars to Taiwan, you will need to verify your ID at the sign up stage.

The documents you need will vary and in some cases you might need more than one.

ID can be verified in Singapore through a government issued ID such as a passport or driver's license.

If the recipient needs an ID to collect money in Taiwan, it will be similar.

Large transactions between Singapore and Taiwan, can be subject to additional checks. This includes proof of funds for anti-money laundering purposes.

One of the reasons OFX has scored so highly for transfers to Taiwan is their easy sign up process in Singapore.

Sending regular, or larger amounts of money between Singapore and Taiwan could mean there are tax declarations to consider.

Some transfers into New Taiwan Dollar may need to be reported to tax authorities in Taiwan, particularly where inheritance or property purchases are involved.

Taiwan has many different tax obligations for residents and non-residents.

When in doubt, please contact a tax professional in Singapore or Taiwan to discuss your personal circumstances. This ensures you are not missing any specific tax needs associated with your transfer.