If you need to send money to Taiwan then you will find that there are several different options, each with significantly different costs.
Some of these costs are hidden, so it will pay off to do a bit of research into your options before you send money to Taiwan.
Your main choices when considering how to send the new Taiwan dollar to Taiwan are to use a bank, a Money Sending Bureau or a foreign exchange broker.
Using a Money Sending Bureau will be particularly useful if you need to send money to someone in Taiwan who cannot access a bank account.
These small establishments are found on high streets and in shopping malls around the world.
Unfortunately, they tend to be quite poorly regulated and the foreign exchange rates on offer will not be particularly competitive.
On top of this, these bureaus impose per-transfer fees of between ten and 15 per cent each time you make a transaction.
A local bank might offer a slightly cheaper way to send money to Taiwan if you are transferring money to somebody with an account at Citibank Taiwan or the First Commercial Bank, for example.
However, even this method of sending money will see you hit with per-transfer fees, which could soon add up if you move money on a regular basis.
If you want to avoid these charges then it could be worth looking into the third option: using a foreign exchange broker.
Brokers in general will provide you with competitive currency exchange rates but RationalFX can also guarantee you a service with low transfer fees when you send money to Taiwan with us.
Why not open an account online with RationalFX? It's quick, free and easy and will allow you to view and compare the Taiwan dollar exchange rates on offer today.