TWD – New Taiwan Dollar
TWD is considered to be a restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of Taiwan. Moreover, TWD payments to beneficiaries holding accounts with Chunghwa Post are not supported.
In some cases or for trades greater than TWD 500.000, the beneficiaries might be required to sign documents to authorise the release of funds. This emphasises the importance of adding the beneficiary’s telephone numbers/contact details in the remittance information.
Besides this limitation, this currency is considered to be complex (multiple information to be provided and complex processing).
- Currency Guidelines
Besides the standard information, the full name (written out in full, without initials, abbreviations or acronyms) and the physical full address of the beneficiary are mandatory.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
It is mandatory to provide the beneficiary’s telephone number/contact details in the remittance information.
This currency does not allow decimal places.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
- Additional information
• Available charge options: OUR/SHA/BEN
• Additional information:
According to the central bank: “Since July 1987, the CBC has actively deregulated the foreign exchange controls on capital movements. Currently, capital movements are completely liberalised.
1. Cash flows not involving the conversion of New Taiwan dollars are completely liberalised.
2. Cash flows involving the conversion of New Taiwan dollars:
A. Inward and outward remittances related to foreign trades in goods are completely liberalised.
B. Inward and outward remittances related to services are completely liberalised.
C. Direct investments and portfolio investments approved by the competent authorities are also completely liberalised.
D. Other regulations:
- Total annual remittance not exceeding USD 5 million by a natural person, and total annual remittance not exceeding USD 50 million by a juridical person may proceed directly through authorised banks. Total remittance exceeding the said amounts requires CBC’ prior approval.
- A single remittance not exceeding USD 100,000 by a non-resident may proceed directly through authorised banks. Otherwise CBC’ prior approval is required.
3. In short, there are effectively no foreign exchange restrictions in Taiwan now.”
For more information, please see the exchange control regulations in Taiwan: http://www.cbc.gov.tw/ct.asp?xItem=857&CtNode=481&mp=2
• Central bank of Taiwan: http://www.cbc.gov.tw/mp2.html