Compare all the best ways to send money to Taiwan

The exchange rate plays a key role in determining how much TWD your recipient in TW will get.

For example, in the past month average rate for USD to TWD was 32.4592 TWD.

Since USD-TWD exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more TWD.

If you need to make an urgent transfer, we recommend using Wise, which has consistently offered the best rates for New Taiwan Dollar over the past six months.

The most cost-effective way to fund your transfer to Taiwan is through a Bank transfer with Revolut, which is % cheaper than the second-best service.

The way you fund your transfer to Taiwan impacts the cost, speed, and how much TWD the recipient will receive.

Based on our data from the last six months for a $2,000 transfer from the US to Taiwan, the following are your best options:

• Revolut with bank transfer deposit costs $0 and has a 0.12% markup.

• Wise with a debit card deposit costs $17.73 with 0.08% markup.

• Xe with a credit card deposit costs $76.67 with 2.95% added to the TWD exchange rate.

We advise against using Debit card, as they tend to be the most expensive option for TWD transfers.

Credit card transfers may incur cash advance fees and higher interest rates on TWD.

CC deposits also tend to be more expensive. For example, Xe charges $76.67 for credit card deposits, while a bank transfer via Revolut costs $0.

Whenever possible, avoid transfers via the SWIFT network to TW. SWIFT transfers to Taiwan are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much TWD you can send.

The amount you transfer can also affect the fees and the TWD exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Taiwan.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of TWD you can send.

This is why it’s really important to compare your options when transferring money to Taiwan.

The speed of sending New Taiwan Dollar to Taiwan depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $2,000 transfer to Taiwan:

Use Xe for fastest transfers

Of the 9 companies offering TWD transfers, Xe consistently offers the fastest delivery times across all deposit methods, appearing 54 times in our searches over the past 6 months.

For bank account & card deposits use Xe

Xe offers fast and affordable New Taiwan Dollar transfers, with fees of around $0.11 for bank deposits and $Xe for debit card deposits, plus a small 3.17% markup on top of the TWD rate.

For credit card transfers use Xe

Based on our six-month search data, Xe takes up to one day to send TWD via credit card, with a fee of $76.67 and 2.95% markup.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for TWD transfers. Due to intermediary banks on the way to Taiwan, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Taiwan:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our six-month analysis, Wise stood out as the top money transfer company servicing Taiwan, appearing in 99.1% of TWD transfers in our search system.

Mobile apps and e-wallets

Most money transfer services that accept Taiwan offer mobile transfer apps, which often have better deals on TWD exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Taiwan are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring New Taiwan Dollar as cash is almost always instant but requires the recipient to visit a nearby agent in Taiwan to collect the TWD.

Bank wire transfers

You can transfer New Taiwan Dollar via your bank.

We strongly recommend not using your bank to wire TWD directly to Taiwan due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send TWD from there.

There are multiple ways to receive money in Taiwan. Picking the right one can save you on fees and speed up the TWD transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Taiwan, we recommend Revolut. They appeared in 78.8% of TWD searches as the cheapest option for bank transfers to Taiwan.

The card transfer will also land in the recipient’s bank account in Taiwan. Use Wise to deposit with a debit card at just $17.73 per transfer.

Cash pickup and delivery

If the recipient in Taiwan needs TWD urgently or doesn’t have access to a bank account in Taiwan, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive TWD directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Taiwan, New Taiwan Dollar will arrive without any involvement from the recipient.

However, if you're sending TWD as cash or transferring large amounts to Taiwan, the recipient may need the following:

• Government-issued ID: A national ID of Taiwan, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of TWD being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Taiwan, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of New Taiwan Dollar.

There may be tax obligations and government-imposed limits or restrictions on TWD transfers/payments to TW.

Some TWD transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain TWD transfers (especially large sums of New Taiwan Dollar) may need to be reported to the tax authorities in Taiwan or in your country.

When unsure, it’s best to consult with a tax professional in Taiwan or your home country to ensure compliance with the regulations.