How to transfer funds to Taiwan? A guide to fees, methods and exchange rates

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.

Three common methods for transferring funds from Hong Kong to Taiwan

Hong Kong businesses typically transfer funds to Taiwan through three main channels:

Traditional bank telegraphic transfers typically involve a fixed fee plus charges from intermediary or correspondent banks, and their FX rates are often marked up. You can choose whether fees are paid by the sender, the recipient, or shared, but overall costs still tend to be high. By contrast, Airwallex applies an FX margin from as low as +0.2% on the interbank rate, helping businesses cut conversion costs by up to 80%.

Documents required for transferring funds to Taiwan

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

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

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

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

4. 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.

Transferring funds 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 over 90 currencies, including HKD, USD, EUR, and AUD, etc. 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 Taiwanese suppliers 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.