When you first realise that you need to transfer money to Taiwan, the options available can seem overwhelming.
But don't be put off! There are some hidden charges involved in transferring money internationally, so you will save money by spending a little time researching the best way for you to transfer money to Taiwan.
There are three main options available to you; but which one you pick will depend on who you need to send money to and how often you need to do so.
If you need to transfer money to a bank account in Taiwan, perhaps with the Land Bank of Taiwan or the Taichung Bank, your local high street bank might be a good place to start when researching your options.
The branch should be able to set up a transfer within one meeting or phone call and you can rest assured that the establishment is well-regulated.
However, there are some extra costs involved in moving money this way, not least of which are the per-transfer fees regularly imposed by the banks.
If you need to transfer money to Taiwan on a regular basis, these fees could add up to make this method prohibitively expensive for you.
Alternatively, you might want to enquire with a Money Sending Bureau about how to transfer money to Taiwan with them. These are small establishments on high streets around the world and they can usually organise a transfer to Taiwan, even if the recipient doesn't have a bank account.
But with average transfer fees of between ten and 15 per cent, it is perfectly possible that his isn't the best way for you to transfer money to Taiwan either.
Finally, there is the possibility of using a foreign exchange broker, such as RationalFX. We have some of the most competitive currency exchange rates on the market. But on top of this it is worth considering the fact that we do not charge high per-transfer fees on our transactions to Taiwan.