What is the cheapest way to send money Taiwan?

The cheapest way to send money to Taiwan depends on the amount you are sending, the speed with which you need it to arrive, and the payment methods available to you. Here are a few options to consider:

1. Bank Transfer: This is often the most cost-effective option for larger amounts of money, especially if you have a bank account in Taiwan or can transfer money internationally at a low cost. However, bank transfers can take several days to process, so they are not suitable for urgent needs.

2. Online Money Transfer Services: Services such as Wise (formerly TransferWise), Remitly, or Paysend often offer competitive exchange rates and low transfer fees. They allow you to send money online and have it delivered to a bank account in Taiwan typically within a few business days.

3. Remittance Services: Traditional remittance services such as Western Union or MoneyGram may be convenient for smaller amounts of money or if you need the funds to arrive quickly. However, they typically have higher fees and less favorable exchange rates compared to online money transfer services.

4. Postal Money Order: This method involves purchasing a money order from a post office or other authorized agent and sending it to the recipient in Taiwan. Postal money orders can be relatively inexpensive, but they may also be slower and less convenient than other methods.

5. Cryptocurrency: If you and the recipient are both comfortable with cryptocurrency, this could be a relatively low-cost option. However, cryptocurrency transactions can be volatile, and there may be fees associated with converting it to fiat currency in Taiwan.

Before choosing a method, compare exchange rates, fees, transfer speeds, and any other relevant factors to find the best option for your specific needs.