Transferring funds to Taiwan: fees, methods, and processing times

Hong Kong ranks as Taiwan’s fifth-largest trading partner, with bilateral trade soaring to nearly US$55 billion (over HK$420 billion) in 2024. Taiwan’s key exports to Hong Kong include semiconductors, LCD components, and electronic parts. For Hong Kong businesses importing these goods, mastering the remittance process – understanding fees, transfer timelines, and cost-efficient methods – can significantly enhance cross-border cash flow and operational efficiency.

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 wire transfer: Businesses can initiate wire transfers online or in person, directing funds to a Taiwanese bank account via the SWIFT network. This method is secure and trusted, ideal for high-value transactions. However, it usually involves higher fees with transfer times ranging from 1–5 business days.

• Third-party payments platforms: Platforms like PayPal and Stripe are suitable for individuals or small merchants handling lower-value transactions. However, for larger transfers, these platforms often impose transaction limits – especially for users who haven’t verified their identity and bank account. Additionally, exchange rates are typically less favourable, and extra fees may apply.

• All-in-one financial platform: Airwallex provides multi-currency accounts with no hidden fees, charging only FX fees starting at 0.2% above the interbank rate. With over 95% of transfers processed via local channels, SWIFT fees are eliminated. This makes Airwallex a highly cost-effective solution for SMEs managing cross-border payments.

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 recipient’s full name as it appears on bank records, the recipient’s account number, the receiving bank’s name and address, the SWIFT Code, and, if applicable, details of any intermediary banks involved.

Some banks may also request a clear explanation of the remittance purpose, such as trade-in goods, investment, or other commercial activities. Adhering to regulatory requirements can accelerate approval.

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.

Recipient details for remittances

All remittances typically require the recipient’s address, contact number, bank name, branch code, account number, and the purpose of the remittance. Per Taiwan’s local practice, transfer amounts must exclude decimals. Intermediary or recipient banks may request additional documents to comply with foreign exchange controls and local regulations. Providing complete and accurate information helps prevent delays or rejections.

Comparing methods for transferring funds to Taiwan: fees, processing times, and exchange rates

After collecting the required information and documents, businesses should evaluate three critical factors when selecting a remittance method: handling fees, processing times, and exchange rates.

As noted earlier, traditional banks typically charge fixed handling fees plus intermediary bank fees for telegraphic transfers and offer less competitive exchange rates. While fees can sometimes be split between sender and recipient, and banks may offer various remittance plans, these costs can significantly erode a company’s profit margins. This impact is especially pronounced for high-value transactions or businesses frequently transferring funds to Taiwan.

In contrast, Airwallex provides international transfers with no hidden fees and FX margins as low as 0.2% above the interbank rate, enabling businesses to save up to 80% on currency conversion costs. Additionally, Airwallex processes payments mostly through local channels, bypassing the SWIFT network. This allows 95% of funds to arrive within one business day, compared to traditional banks, which may take one to five business days to complete a transfer. Traditional banks also enforce daily cut-off times, which can hinder urgent payments and potentially strain supplier relationships if delays occur.

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 or monthly 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 60 currencies and enabling payments to more than 150 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 60 currencies, including HKD, USD, EUR, and AUD, etc. The platform delivers significantly faster transfers than traditional bank wires, with over 95% of transactions arriving on the same day. Its low FX margin, starting at 0.2% above interbank rates, further reduces costs.

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.