Sending money online to Taiwan is easy and simple. Just like most other countries in Asia, there are many great options available to you if you need to send cash to Taiwan, . Regardless of whether you’re looking for speed, cost, ease of use, or any combination of the three, you’ll find what you need.
The current exchange rate for the New Taiwan Dollar (TWD) is 27.963204 TWD per American Dollar (USD) as of the time this was written. The TWD reached a high of 28.1437 TWD per USD and a low of 27.9632 TWD per USD during the last 90 days. The 90-day average exchange rate for the TWD was 28.0225 TWD per USD.
The TWD had an average volatility rate of 0.12% against the USD for the last 90 days. This is a low volatility rate, and the TWD has been stable for a very long time now. You can reasonably expect only minor fluctuations to continue going forward, barring any unforeseen circumstances.
The fastest way to send cash to Taiwan is through MoneyGram. With MoneyGram, you can expect your money to reach its Taiwanese destination in a matter of minutes, or in some cases hours. MoneyGram is generally great for speed, and they offer decent rates as well.
The cheapest way to send currencies to Taiwan is through OFX. With OFX, you generally pay very low rates, and this is particularly true when you send larger volumes at once. OFX doesn’t charge upfront, stated fees, but they instead charge small conversion fees based on the amount of money being sent. If you send a minimal amount of money through an OFX transaction, you’ll pay low rates. If you send a lot of money at once through OFX (especially USD$1000+), then you can rest assured you’re getting the best possible rates by a larger margin.
The only catch with OFX is that they have a minimum transfer size requirement which is much larger than those set by other money transfer services. This shouldn’t be a huge problem most of the time, but if you can’t abide by the minimum transfer size requirement, TransferWise offers great rates and could serve as a replacement to OFX.
The easiest way to send currencies online to Taiwan is through TransferWise. TransferWise is a peer-to-peer money transfer system that makes transferring currencies to Taiwan very easy. Once you set up your account, you just need to follow their simple process whenever you need to send money:
1) Tap in the amount of money to be sent
2) Tap in the destination for the money
3) Pay TransferWise for the transaction
4) Wait a day or two for your money to reach its Taiwanese destination
The overall best way to send cash online to Taiwan is through OFX. OFX is great because they offer the best rates available while also making the money transfer process relatively easy. The company focuses on international currency conversion, but also sends money at great rates. With OFX, you can expect the best rates and good service on a regular basis. The waiting times aren’t too bad either, at just one day or two before your money reaches its Taiwanese destination.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com