How to Transfer Money from Malaysia to Taiwan?

For this post, I will be sharing how to transfer money from Malaysia to Taiwan.

Basically, this post is based on my experience of assisting my sister to transfer her money from Malaysia to Taiwan.

Table of Contents

• Transfer money from Malaysia to Taiwan through Telegraphic Transfer (TT)
  • How to do a Telegraphic Transfer from Malaysia to Taiwan?
  • How much is the fees?
  • How long does the money transfer process?
• Other options to transfer money from Malaysia to Taiwan
  • Wise Money Transfer
  • Maybank Remittance
    • 1. Maybank Foreign Telegraphic Transfer (FTT)
    • 2. Maybank Western Union (WU)
    • 3. Maybank Visa Direct (VD)
• Final thoughts

[Disclaimer: This page may contain affiliate links. I may receive a small commission when you click on those links, but it will not cost your anything extra. I only recommend services I use now, have used in the past, or would use if there was a personal need.]

Transfer money from Malaysia to Taiwan through Telegraphic Transfer (TT)

Recently, when my sister (a Taiwan Permanent Resident (PR)) came back to Malaysia, she closed one of her Malaysian bank accounts. And she wanted to bring back the cash to Taipei.

For this purpose, she has a few options as below:

1. bring the cash by herself back to Taipei.
2. to buy a traveller’s cheque where she can cash the traveller’s cheque in Taipei.
3. to do a Telegraphic Transfer (TT) to her Taiwanese bank account.

My sister chose the third option, which is to do a Telegraphic Transfer to her Taiwanese bank account.

The reasons are:

• it is safer and more convenient for her to do the Telegraphic Transfer compared to bringing the cash with her.
• there is no need for her to declare the cash at the Customs clearance.

How to do a Telegraphic Transfer from Malaysia to Taiwan?

At first, we went to the HSCB bank. But sad to say, since we are not an existing HSBC bank account holder, they can’t help us with the transaction.

So, we went to another nearby bank which is Public Bank.

The customer service officer is very friendly and assisted us throughout the whole process. The form needed to transfer the money is called Remittance Application Form.

The information needed were the beneficiary details and the beneficiary bank account details. I listed down some of the details below:

• the bank name
• bank account number
• the address of the bank
• the exact branch of the beneficiary bank
• the phone number of the beneficiary bank

Of course, the MYR will be converted to New Taiwan Dollar (TWD) according to the exchange rate on that particular day. Also, there was a wire charge or credit transfer of MYR 30.00.

And lastly, there must be a reason for the transaction. I guess it’s for filing and recording purposes.

On a side note, I notice the process is quite similar to withdrawing my Google AdSense earning experience.

How much is the fees?

As mentioned above, my sister paid MYR 30.00 for the wire charges.

Upon receiving the money, my sister and brother in law believe there’re some other charges included. But, they are unsure on the receiving charges because it also involved currency exchange rates.

So, in the end, the total money transfer charges is more than MYR 30.00.

How long does the money transfer process?

In my sister’s case, the money was transferred within one working day. That is quite fast and reliable too.

Other options to transfer money from Malaysia to Taiwan

Here are other options to send money from Malaysia to Taiwan.

Wise Money Transfer

Since 2021, Wise service is made available in Malaysia including Wise money transfer.

Although at the time of writing, the New Taiwan Dollar (TWD) is not available on Wise yet, you can still send USD from your Wise account to a Taiwanese USD account. This means, the recipient might need to have a Foreign Currency Account in Taiwan.

Wise money transfer is a great personal finance tools because it offers low fees with mid-market rate (no markup on currency exchange rate), no registration or subscription fees, and you can check the transfer upfront using the Wise calculator.

In my personal opinion, it could be worth it to have a Foreign Currency Account. Transferring and receiving through Wise can have significant savings over the long term.

You may discover more about it in my Wise money transfer review.

Maybank Remittance

Other than the options above, if you’re a Maybank2U user, you may consider the remittance service provided by Maybank Remittance below:

1. Maybank Foreign Telegraphic Transfer (FTT)

• Transfer Fees RM10
• Transfer Speeds 1 to 3 working days
• Transfer Limit RM49,999
• Availability of services Monday to Friday: 10 am to 6 pm excluding public holidays & FT state holidays
• Payment and Delivery Options Collect at the beneficiary’s bank or respective agent
• Number of countries available 100 countries in 24 currencies
• Lower rate for transfer >RM10,000

2. Maybank Western Union (WU)

• Transfer Fees RM5 to RM452.95
• Transfer Speeds Immediate
• Transfer Limit RM10,000
• Availability of services Available except for maintenance hours: 9.30 pm to 10.15 pm and 12.00 am to12.30 am
• Payment and Delivery Options Collect at any WU partner worldwide
• Transfer to over 200 countries

3. Maybank Visa Direct (VD)

• Transfer fees: RM10 onwards
• Fast Fund: within 30 minutes Non-Fast Fund: within 2 working days
• Transfer limit: RM300 – RM7,500 *Monthly limit is RM50K a month or 8 transactions
• Available except for maintenance hours Payment & Delivery Options: Directly to Visa credit, debit cardholders and prepaid card
• 200 countries excluding Columbia, Cuba, Iran, Israel, USA, Sudan, Syria and Venezuela)

To be on the safe side, do check out the charges involved before making the transfer.

Final thoughts

Overall, my sister and my brother-in-law were quite happy with the speed, the charges involved and the whole process of making the Telegraphic Transfer via Public Bank.

Personally, I believe Wise could be a better option compared to Telegraphic Transfer, especially for long term usage.

Other than the above-mentioned methods, do you know of any other common ways for transferring money from Malaysia to Taiwan or to other countries?

Or do you have personal experience sending money to other countries? How is the process and how much are the charges?

Feel free to share with me.