What's the best way to convert TWD to Pounds?

Business Money
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1

I’ve heard a few ideas of conversion, but I don’t really like the cost of the service fee, I’m hoping to find something cheaper.

Here are the ideas that have been suggested to me:

  • withdrawing money from a UK cash machine with a Taiwanese bank card

  • converting the money at a Taiwanese post office into a cheque for GBP and posting that to the UK

  • Paypal

These seem to have a 1.5% fee and I don’t know if I’ll get ripped off with the conversion rate. Any ideas or information would be appreciated!

I need euros as well, so any ideas for that are also good.

2

I can’t follow whether you’re in Taiwan or the UK.

Anyway, I’m in Taiwan and I get my Taiwanese bank to send TWD to my British bank account. I can’t remember what the charges are, which suggests they are low enough not to be a concern.

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I’m in Taiwan at the moment.

Thanks for the advice. I tried that from my UK account to my European bank account and I got a higher than normal charge.

Do you have a special bank account?

4

Last time I sent some money to my UK account from Taiwan, the fee was around 500NT. Took 5 working days to clear. Almost every bank in Taiwan would be the same I think.
You could buy traveler’s cheques and post them over to the UK (DHL/UPS would probably be better for guaranteed delivery at the moment. But I think you can only get them in US$.
Paypal - you’re only allowed about 1000 pounds I think as a basic user.

5

Same.
PayPal NO
After advice on this forum , you have UK address? open account with Starling Bank, fantastic give them a try.
Can’t find the link.

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That’s not too bad if that is for a large amount.
I’ll look into the cheques, thanks :grinning:

7

I do.
I checked out the page and it looks like you can only convert pounds to other currencies. How do I change TWD to pounds with it?

8

I’d be happy to swap you some GBP transferred to a UK bank account for some TWD cash, if we can backdate the exchange rate a couple of weeks. :sweat_smile:

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Lol :joy: thanks for the offer but I’ll pass.

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Normal account with CTBC.

11

Any bank in Taiwan should be able to open a multi-currency account for you. You can then use the app to convert from TWD into GBP at any time you think the exchange rate is good.

Once you have the GBP in your multi-currency account, you can transfer them to your bank in the UK.

In general, transfers are cheaper online as opposed to in-person at the bank, but you will have to go to the bank first to set up the UK account as a designated account, before being able to transfer online.

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Depends on how much you’re sending. If small amounts, I’d just do it the easiest way. Send the TWD to your UK bank, and let them handle the exchange.

I used OFX regularly up until a couple of years ago. Pretty good service.
When I looked into it, they gave the best rates. It might be different now, but worth a look.
If you’re exchanging a large amount and don’t like OFX, don’t send TWD to the UK. Change the TWD to GBP in Taiwan, then send the pounds. Do it all online. You will certainly get a better rate this way.