Navigating money transfer services when you want to send money to Taiwan can be frustrating — not to mention expensive — but there are options out there that can keep fees minimal and exchange rates close to market value. Compare your options to find the service that gets you the best deal.
Send money to Taiwan with OFX
OFX (Ozforex) International Money Transfers
Large range of currencies
Online and phone transfers
Regular payments available
Send money to Taiwan with OFX
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Select Go to Site when you're ready to start your transfer.
Create an account with the provider.
Provide information about recipient and select how much money you want to send.
Pay for your transfer.
You should save your tracking number once your transaction is complete. This can help you keep tabs on the progress of your transfer and will help you deal with customer service if there are any problems along the way.
What's the best way to send money to Taiwan?
International money transfers allow you to send money to a recipient in Taiwan by exchanging your money for New Taiwan dollars. There are three main options that you can use, each with their own pros and cons.
The best way to send money to Taiwan from Australia depends on your situation. The main options include:
Money transfer services
These offer some of the most cost-effective transfers as they only trade in foreign currencies. You'll also have a variety of options for your recipient to get the money, like to a mobile wallet or home delivery.
Services such as Western Union allow you to send cash transfers for immediate pick-up by the recipient. While it's a fast way to send money, it generally won't match the rates or fees of dedicated money transfer services.
The New Taiwan dollar is popular enough that your Australian banks may offer it, at least at their major branches. However, beware of the higher fees and less competitive exchange rates banks offer compared to the other options.
Let's crunch the numbers: Sending $1,500 to Taiwan
To put this into perspective, let's see what a transfer with each of these options looks like. This table uses real fees and exchange rates current as of January 7, 2020.
Money transfer service
$1 = NT$22.27
$1 = NT$22.99
Slowest and most expensive
The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with TWD$1,525 more. Figuring out the balance between upfront fees and better exchange rates is easy to do with our comparison table above.
Exchange rates. Compare the exchange rates offered by each provider to see if you can get one that's close to market value.
Transfer fees. Lower fees are generally better, but it may be worth paying a higher fee if it means you get a more optimal exchange rate.
Transfer methods. How you place your order matters. Will you need to visit an agent location, or can you complete the transaction from the comfort of your own home?
Turnaround time. If your recipient needs their funds quickly, choose a provider that can conduct a same-day cash pickup transfer.
Minimum transfer amount. If you only need to send a small amount, make sure the money transfer company doesn't have a set minimum amount.
Pickup methods. Your recipient may have the opportunity to have their funds deposited directly into their bank account or may have to visit an agent location to pick up cash.
Customer service. Being able to contact the company you send money through by phone, email or through online support is key if you have problems with your transfer.
Foreign exchange rates explained
The exchange rate is how much one country's currency is worth in another country's currency. With the AUD/TWD currency pairing, you'll get more money when either the Australian dollar is strong or the New Taiwan dollar is weak.
You'll also see that the exchange rate you get quoted from money transfer companies differs. Compare what you get quoted with the mid-market rate below, which is what your money is actually worth.
Keeping track of your receipts isn't just a good idea, it is often required. Different documents are needed to send and receive money:
Documents to send money
Recipient's full name. Make sure the name given matches the name on the ID the recipient will use to pick up the money.
Sender's full name. Many companies require photo ID to send money. Also, the recipient may have to provide your full name to pick up the transfer.
Bank account information or cash pickupsite. Depending on how you're sending money, you may have to know the bank account information for your recipient.
Tracking number. This is almost always located on your receipt. Do not lose it.
Documents to receive money
Government issued ID. The name on your ID must match the name given by the sender.
Sender's name. Some transfers require you to know the contact information of the sender to confirm the transfer.
Tracking number. Recipients must present the tracking number when picking up cash from an agent location.
Sending money to Taiwan doesn't have to be a big headache. In fact, when you compare different money transfer options, you may be able to find a deal that gets your recipient more New Taiwan dollars while costing you less Australian dollars. And if you aren't sure what else you need to know, our guide to money transfers can help you navigate the process.
Cash pickup locations in Taiwan
KGI Bank - Taipei - ZHONGXIAO Address: No. 270 Sec 4 Zhongxiao E. Road, Taipei 10694 Hours: 8:00 AM – 6:00 PM Phone: +866-2-23263735
KGI Bank - Taipei - SONGSHAN Address: No. 132 Xinyi District Songsan Road, Taipei, 11090 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
KGI Bank - Taipei - BANKING BUSINESS DEP Address: No. 125 Sec 5 Nanjing E. Road, Taipei, 10504 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
Yuanta Bank - Business Department Address: No 2 Sec5 Sinyi Road Taipei City, Taipei City 110 Hours: 9:00 AM – 3:30 PM Phone: +886-2-87869788
Yuanta Bank World Trade Center Branch Address: 1f No 123 Sec 2 Keelung Rd Xinyi Dist Taipei City, Taipei City 110 Hours: 9:00 AM - 3:30 PM Phone: +886-2-87869788
Yuanta Bank Sinyi Branch Address: No 236 1 Sec 4 Sinyi Rd Da An Dist Taipei City, Taipei City 106 Hours: 9:00 AM - 5:30 PM Phone: +886-2-27032569
STI Company LTD - #T38 Address: No 405 Bade 1st Road Xinxing District, Kaohsiung, 80050 Hours: 8:00AM – 11:00 PM Phone: +886-7-2366615
KGI Bank - KAOHSIUNG - KAOHSIUNG Address: No 80 Lingya District Siwei 3rd Road, Kaohsiung, 80250 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
KGI Bank - KAOHSIUNG - ZUOYING Address: No 368 Zuoying District Boai 2nd Road, Kaohsiung, 80147 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
Yuanta Bank Dachang Branch Address: 1f No 501 Juemin Rd Sanmin Dist Kaohsiung City, Kaohsiung City 807 Hours: 9:00 AM - 3:30 PM Phone: +886-7-3814488
Yuanta Bank Mingcheng Branch Address: No 111 1dachang 2nd Rd Sanmin District Kaohsiung City, Kaohsiung City 813 Hours: 9:00 AM - 3:30 PM Phone: +886-7-5567188
Yuanta Bank Kaofong Branch Address: 1f No 342 Zhongshan W Rd Fengshan Dist Kaohsiung City, Kaohsiung City 830 Hours: 9:00 AM – 3:30 PM Phone: +886-7-7403699
KGI Bank - TAICHUNG - TAICHUNG Address: No 220 Sec 2 West District Taiwan Blvd, Taichung, 4035404 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
KGI Bank - TAICHUNG - CHIKUANG Address: No 99 Sec 1 Taiwan Blvd, Taichung, 40046 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
KGI Bank - TAICHUNG - FENGYUAN Address: No 329 Fengyuan District Zhongshan Road, Taichung, 4204100 Hours: 8:00 AM – 6:00 PM Phone: +886-2-23263735
Yuanta Bank - Taichung Branch Address: 1f.,no.200,chun Ming Rd., North Dist., Taichung, 40466 Hours: 9:00 AM – 3:30 PM Phone: +886-4-23293511
Yuanta Bank Chongde Branch Address: No 46 Sec 2 Chongde Rd Beitun Dist Taichung City, Taichung City 406 Hours: 9:00 AM - 5:30 PM Phone: +886-4-22329961
Yuanta Bank - North Taiching Branch Address: 1 2f No 57 Sec2chongde Road Taichung City, Taichung City 406 Hours: 9:00 AM - 3:30 PM Phone: +886-4-22328800
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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