How to send money from Hong Kong to Taiwan: Fees and methods

Key takeaways:

• Businesses and individuals in Hong Kong can send money to Taiwan by bank telegraphic transfer, third-party payment platforms, or one-stop financial platforms. Each comes with different fee structures and transfer speeds.

• Taiwan's foreign exchange controls mean you must declare the purpose of your transfer, and some banks require the amount to be a whole number.

• Airwallex offers FX rates from as low as 0.2% above the interbank rate, and supports batch payments to multiple recipients from Taiwan.

Transferring funds to Taiwan is primarily conducted through traditional bank telegraphic transfers (T/T), third-party payment platforms, or specialised financial and remittance services like Airwallex. To ensure a smooth transaction, businesses must provide the payee's full name, bank account number, SWIFT code, and purpose of the transfer.

This article explores the primary methods for transferring funds to Taiwan, comparing their costs and timelines. It also highlights how Airwallex, an all-in-one financial platform, empowers businesses to save on costs and manage international payments seamlessly.

How to send money from Hong Kong to Taiwan: Three common methods

There are three main international payment methods for sending money from Hong Kong to Taiwan. Bank telegraphic transfers are the traditional option. Third-party payment platforms like PayPal give you another option for smaller transfers, though they aren't always set up for business payments. Financial platforms like Airwallex combine competitive exchange rates with features built for businesses making regular international payments.

The right choice depends on your situation. If you're making a one-off personal transfer, a third-party platform might be convenient enough. But if your business regularly pays overseas suppliers and contractors in Taiwan, the exchange rate markup tends to become the bigger cost driver over time. That's where one-stop financial platforms have a clear edge.

Traditional bank telegraphic transfers: The higher-cost option

A telegraphic transfer (T/T) is a direct bank-to-bank payment instruction. To start a telegraphic transfer, you'll need the recipient's SWIFT code, which is a unique identifier for their bank. You can usually choose whether the fees are paid by you, the recipient, or shared. Even so, overall costs, including foreign transaction fees, still tend to be higher than on one-stop financial platforms because of the FX markup banks add on top of the mid-market rate.

Third-party payment platforms: Less suitable for B2B scenarios

Third-party platforms like PayPal are designed mainly for online payments and collections, rather than large business-to-business transfers. PayPal can transfer money internationally, but exchange rates and fees vary, so it's worth checking the total cost before you send. For businesses making frequent or large payments to Taiwan, these platforms are generally less cost-effective than one-stop financial platforms.

Which method is the cheapest for sending money from Hong Kong to Taiwan?

The total cost of a transfer has two parts: the transfer fee itself and the FX markup. Banks charge both, a fixed fee plus a markup on the exchange rate. That markup is the difference between the rate you see on a currency converter, the mid-market rate, and the rate your bank gives you.

For businesses making regular payments, the FX markup is usually the bigger cost driver. If you're converting a large sum, even a small percentage difference in the exchange rate adds up across multiple transactions. Airwallex applies an FX margin from as low as +0.2% above the interbank rate, which can cut your conversion costs by up to 80% compared to traditional bank rates.

Requirements and documents for transferring money to Taiwan

Many Hong Kong businesses pay suppliers from Taiwan for supply chain management, procurement, and technical support. To initiate a transfer, businesses must provide the following documents:

• Payee details: Full legal name (must match the bank’s records), address and contact telephone number.

• Bank details: Receiving bank name, address, branch code and SWIFT code.

• Account number: Taiwan bank account numbers are typically 10 to 14 digits.

• Purpose of transfer: Taiwan has stricter foreign exchange controls, so you must state the purpose of the transfer (e.g. trade in goods, service fees), and the transfer amount must not include decimals.

In addition, intermediary or receiving banks may ask the payee to provide supporting documents to comply with foreign exchange regulations and local banking requirements. Having all information and documents ready helps speed up the process and reduces the risk of the transfer being delayed or returned.

Verification requirements for business accounts

Companies using a business account for remittances must meet the verification standards of the bank or platform. This requires submitting a certificate of incorporation, business registration certificate, and personal identification for responsible individuals. For larger transfers, some banks may request additional documents to confirm the source and purpose of the funds.

How to transfer money to Taiwan with Airwallex

Airwallex is a comprehensive financial platform offering businesses a suite of solutions, including Global Accounts, FX, and international transfer services. Opening a Business Account is simple, with no account opening fees. Businesses can submit company details and verification documents online or through the Airwallex WebApp, completing the process in minutes and receiving approval within 48 hours. Once set up, users gain access to FX & Transfers, supporting over 90 currencies and enabling payments to more than 200 countries and regions, including Taiwan, where transfers are completed in as quickly as one business day.

The steps are as follows:

1. Log in to Airwallex WebApp

2. Fill in the payment currency, transfer amount, and recipient amount 

3. The system automatically calculates the exchange rate and any applicable fees

4. Once the above steps are completed, funds can arrive in as little as one business day

Streamline transfers to Taiwan with Airwallex

Through Airwallex, businesses can transfer funds to Taiwan in 22 supported currencies, including HKD, USD, EUR, and AUD.  The platform delivers significantly faster transfers than traditional bank wires. Its low FX margin, starting at 0.2% above interbank rates, further saves up to 80% on FX fees.

For businesses with frequent payments to Taiwan, such as payroll or supplier settlements, Airwallex’s batch payment feature simplifies the process. This time-saving tool minimises errors, requires no coding, and enables payments to up to 1,000 recipients across borders in a single transaction.

Open an Airwallex Business Account today.

Frequently asked questions

1. What are the advantages of using Airwallex to send money to Taiwan?

Airwallex offers three key benefits for transfers to Taiwan: transparent pricing (FX margins from as low as +0.2% on the interbank rate), fewer hidden fees, and enterprise-grade features such as APIs, batch payments and automated reconciliation. This makes it particularly suitable for businesses that need to pay suppliers from Taiwan regularly.

2. Are there any special restrictions when sending money to Taiwan?

Under local banking and FX regulations, transfer amounts to Taiwan are generally expected to be whole numbers (no decimal places). In addition, the beneficiary may be required to declare the nature of the funds to their bank (for example, payment for goods or services) in order for the bank to complete the FX settlement.

3. How can I get the best HKD to TWD exchange rate?

Banks typically add a margin of around 1% to 3% on top of the mid-market rate. Airwallex uses transparent pricing, with FX margins from as low as +0.2% above the interbank rate, which is especially cost-effective for traders and businesses that make frequent purchases in Taiwan.

4. Can I use Zelle or PayPal to send money from Hong Kong to Taiwan?

Zelle won't work for this corridor because it requires US bank accounts for both sender and recipient. PayPal can transfer money internationally, but exchange rates and fees vary by transaction, so check the total cost before you send. For regular business payments, a specialist platform like Airwallex typically offers better rates and more control.