If you’re an Overseas Filipino Worker (OFW) in Taiwan, every peso and every Taiwan dollar counts. Knowing how to check and compare exchange rates can make a big difference in your savings, remittances, and daily expenses.
Here are some practical steps on how to check exchange rates and make the most of your hard-earned money.
Step 1: Know the Official & Market Rates
- Check the Interbank Rate – The “pure” market rate used between banks.
- Trusted Sources – BSP, Taiwan’s Central Bank, XE, OANDA.
- Compare with Retail Rates – Banks and money changers add a margin.
Step 2: Use Reliable Online Tools
- Currency Converter Apps – XE, Wise, RemitFinder with live rates and alerts.
- Remittance Comparison Sites – Compare providers at a glance.
- Bank Websites – CTBC, Mega Bank, and PH banks post daily rates.
Step 3: On-the-Ground Checking in Taiwan
- Bank Counters – Urban branches usually have better rates.
- ATMs – Withdraw TWD with a PH debit card (watch fees).
- Licensed Money Changers – Competitive but verify authorization.
Step 4: Quick Computation Method
- Get the current rate (ex. 1 PHP = 0.57 TWD).
- Multiply your peso amount.
- Deduct fees (₱0.10–₱0.30 per peso, plus charges).
- Compare across providers.
Step 5: OFW-Specific Tips
- Avoid airport exchanges.
- Exchange larger amounts for better deals.
- Watch rate trends before big remittances.
- Keep receipts for disputes and tracking.
Pro Tip: For remittances home, reverse the computation (TWD → PHP) to maximize value.
Why This Matters for OFWs
Every peso you earn in Taiwan carries weight — not just for you, but for the family you support back home. A small difference in exchange rates, even just ₱0.10 per peso, can add up to hundreds or thousands of pesos lost over multiple remittances.
For example, if you’re sending ₱50,000 home, that ₱0.10 difference equals ₱5,000 less in your family’s hands. That’s groceries, tuition, or utility bills. By paying attention to exchange rates, you protect your earnings, maximize your remittances, and ensure that your sacrifices abroad bring the most benefit to your loved ones.
Simply put: monitoring exchange rates isn’t just about numbers. It’s about making sure your hard work translates into real value for the people you care about most.
Frequently Asked Questions
- Can I use GCash or Maya in Taiwan for conversions?
Not directly. You can receive remittances into GCash/Maya, but you’ll need a partner service in Taiwan. - Is it cheaper to withdraw cash using a PH debit card?
Sometimes, but banks charge withdrawal and conversion fees. Compare with remittance rates. - Where are the best rates in Taiwan?
Banks in cities and licensed money changers in areas like Ximending often offer the best rates. - How often do rates change?
They shift daily or hourly. Check multiple times before large exchanges. - Can I lock in a good rate?
Yes. Some digital remittance apps allow rate-locking for a limited time.
Conclusion
Being an OFW in Taiwan means working hard to provide for your family, and every centavo matters. By learning how to check exchange rates through official sources, online tools, and trusted providers, you can avoid losses and make smarter money decisions. Whether you’re sending money home or budgeting for your life in Taiwan, small steps like comparing rates and timing your exchange can lead to big savings. Remember: your earnings abroad should stretch as far as possible — and a little effort in monitoring exchange rates ensures that.