Sending money home is a regular part of our lives as OFWs—but the difference between a smart transfer and a costly one could mean a few days’ worth of groceries for your family. That’s why finding the best way to send money from Taiwan to the Philippines isn’t just about speed—it’s about value.
When I first started working here, I sent my first salary through a bank. The money arrived—but with fees I didn’t expect. Over time, I learned how to compare rates and fees, asked around, and tested different apps. Now, I stick to what works best for me. If you’re new or want to save more from every remittance, keep on reading.
Price Comparison Snapshot (May 2025)
| Method | Transfer Amount | Fee (TWD) | Exchange Rate* (PHP/TWD) | Received Amount (PHP) | Speed |
| Remitly (Express) | TWD 5,000 | 149 | 1.74 | ₱8,705 | Minutes |
| Wise | TWD 5,000 | 102.78 | 1.75 | ₱8,742 | 1–2 hours |
| Instarem | TWD 5,000 | 95 | 1.74 | ₱8,705 | 1–2 days |
| Bank Transfer (Mega Bank) | TWD 5,000 | 400–600 | 1.70 | ₱8,200–₱8,300 | 3–5 days |
| Western Union | TWD 5,000 | 300–500 | 1.71 | ₱8,300–₱8,550 | Within hours |
| Crypto (USDT to PH wallet) | TWD 5,000 | ~30–60 | 1.76 (mid-market) | ₱8,800–₱8,850 | Instant |
* Rates subject to change. Check BSP’s reference rates and app-specific fees before sending.
1. Remittance Apps: Wise, Remitly, Instarem
These apps are built for ease and affordability. You can track your money, get alerts, and choose between speed or savings.
Example Calculations:
- TWD 10,000 via Wise
Fee: TWD 190
Rate: 1.75
PHP received: ₹17,310 - TWD 20,000 via Remitly (Express)
Fee: TWD 299
Rate: 1.74
PHP received: ₹34,801 - TWD 50,000 via Instarem
Fee: TWD 475
Rate: 1.74
PHP received: ₹86,725
2. Bank Transfers from Taiwan Banks
Secure but costly and slow, best for large, one-time transfers.
Estimated Costs:
- Mega Bank: TWD 400 + PHP 150 receiving fee
- CTBC Bank: TWD 500 flat rate
- Taipei Fubon: TWD 350 + exchange margin
Example:
- TWD 10,000
- Fee: TWD 500
- Rate: 1.70
- PHP received: ~₹16,500
Note: Not ideal if you send money frequently or in small amounts.
3. Western Union / MoneyGram
Still reliable, especially when the recipient has no bank account.
- TWD 3,000
- Fee: TWD 400
- Rate: 1.71
- PHP received: ~₱5,130
Note: Some branches allow weekend pickups, which can be a lifesaver.
4. Over-the-Counter Remittance (EEC, LBC, etc.)
Good for those without internet access or bank accounts.
- TWD 5,000 to Palawan Express via EEC
- Fee: TWD 250–400
- PHP received: ~₱8,500
- Processing: Same day to 24 hours
Tip: Confirm with your local agent for exact rates and times.
5. Crypto Transfers (Advanced Option)
If you and your family are familiar with crypto wallets, this is fast and affordable.
- TWD 5,000 buys ~USDT 155
- Sent via Binance or Coins.ph
- PHP received: ~₱8,850
- Network fee: TWD 30–60
Note: Not regulated by the Department of Migrant Workers. Use only if confident.
How to Set Up an Online Remittance Account
- Choose a platform: Remitly, Wise, or Instarem
- Create an account: Sign up with a Taiwan phone number and email
- Verify your ID: Upload your ARC and passport
- Add payment method: Bank card or bank account
- Send money: Enter amount, recipient bank or wallet details
Apps usually notify you once the transfer is received.
Safety Reminders and DMW Compliance
Only use licensed remittance companies recognized by the Department of Migrant Workers. Unofficial agents can:
- Overcharge you with hidden fees
- Delay or fail to deliver the money
- Risk your job if traced back to illegal operations
Frequently Asked Questions
Q: Can I send money to GCash or PayMaya?
A: Yes, apps like Remitly and Instarem allow transfers directly to mobile wallets in the Philippines.
Q: Is there a monthly limit for sending money?
A: Yes, most apps have limits based on verification level. You can raise limits by submitting more documents.
Q: What if the recipient doesn’t have a bank account?
A: Use Western Union, LBC, or EEC for cash pickup options across the Philippines.
Q: How often should I compare rates?
A: Every time you send. Even a 0.02 difference in rate can add up over time.
My Go-To Setup
I use Wise for monthly savings—low fees, fast delivery, and transparent pricing. For emergencies, Remitly Express delivers fast to GCash or bank accounts. I always check rates using the apps or BSP rate checker.
Conclusion
If you’re looking for the lowest fees and transparent rates, Wise and Instarem are great choices. For urgent transfers that need to be picked up in cash, Remitly Express or Western Union are more suitable. If your recipient doesn’t have a bank account, go for over-the-counter options like EEC or LBC. And if you’re tech-savvy and confident using crypto, transferring via USDT can be fast and affordable. The best method depends on your needs, but with the right information, you can make every remittance work harder for your family.
Your remittance is more than just a transaction. It’s a sacrifice. Make every peso count by choosing the right tool—not just the first one you see.