Sending business payments from the US to Taiwan
A US company pays a supplier in Taiwan by SWIFT wire, usually in US dollars, to the supplier's foreign currency deposit account at a bank in Taiwan, using its registered English name, account number and the bank's SWIFT code. Taiwanese companies can hold the dollars without converting, and receipts of NT$500,000 or more are declared through their bank. This guide covers the details to collect, the declaration rules, timings, documents and fees.
- A Taiwanese company can hold US dollars in a foreign currency deposit account at a bank in Taiwan without converting them to New Taiwan dollars.
- Invest Taiwan states that foreign exchange receipts, payments or transactions with a value of NT$500,000 or more must be declared, which the recipient does through its bank.
- A single remittance above US$1 million needs supporting documents such as the contract, according to Kaizen CPA's summary of the declaration regulations.
- A company that settles more than US$50 million a year against New Taiwan dollars needs approval from the Central Bank of the Republic of China (Taiwan), applied for through its bank.
- Taipei is 12 hours ahead of New York in the US summer and 13 hours ahead in the US winter, so a wire sent on a New York afternoon is credited on the next Taiwanese business day.
Details to collect from your recipient in Taiwan
Taiwanese exporters usually hold a New Taiwan dollar (NTD) account and a separate foreign currency deposit account at the same bank. Ask for the details of the account that receives US dollars, in writing, on the supplier's letterhead or invoice. SWIFT is the network banks use for cross-border payments, and each bank on it has an 8 or 11 character SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The company's registered English name, exactly as on the bank account | A Chinese name rendered two ways in English is a common cause of delay |
| Beneficiary address | Full street address in Taiwan | Required on SWIFT wires |
| Account number | The foreign currency deposit account for US dollars | A dollar wire to the NTD account is converted on arrival |
| Bank name, branch and SWIFT code | 8 or 11 characters, from the supplier's bank instructions | Routes the wire to the right bank |
| Intermediary bank | The US correspondent the supplier's bank names for dollars, if any | Some US banks ask for it |
| Unified Business Number | The company's registration number from its invoice | Lets you match the bank details to the invoicing company |
| Purpose and reference | Payment for goods or services, with the invoice number | The supplier states the purpose when it declares the receipt |
Field list compiled by the Helm Editorial Team; declaration practice from Invest Taiwan and Kaizen CPA. As published on 29 October 2026.
USD or New Taiwan dollars: what Taiwan's rules say
Taiwan does not stop a company from earning or holding US dollars. Its foreign exchange rules, administered by the Central Bank of the Republic of China (Taiwan), known as the CBC, and applied by authorized banks, focus on declaring receipts and on settlement, which means converting foreign currency into NTD or back. A dollar invoice is therefore normal for Taiwanese exporters, many of which buy components in dollars. The US dollar to New Taiwan dollar page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Declaration | Foreign exchange receipts, payments or transactions of NT$500,000 or more must be declared | The supplier declares your payment through its bank, stating its purpose |
| Large single remittance | A company remitting more than US$1 million in one transaction must provide supporting documents such as the contract | Have the contract ready for large orders |
| Annual settlement limit for companies | More than US$50 million settled a year needs CBC approval through the bank | Applies to converting into NTD, not to dollars kept as dollars |
| Annual settlement limit for individuals | US$5 million a year | Relevant if you pay a sole proprietor |
| Cash at the border | Foreign currency cash above US$10,000 must be declared to customs | Pay by bank transfer, not cash |
Sources: Invest Taiwan, Bravo Taiwan 2024 (page 55); Kaizen CPA, Taiwan foreign exchange control FAQ, citing Articles 2, 5 and 6 of the declaration regulations. As published on 29 October 2026.
For a typical order, the practical effect is paperwork rather than restriction. A supplier that receives a US$40,000 payment declares it with its bank as payment for exported goods. The clearer your payment reference, the faster that step goes. For the supplier's own account options, see USD business accounts in Taiwan.
Rails and arrival times to Taiwan
A payment from a US account reaches a bank in Taiwan as an international wire. Your bank or provider sends it over SWIFT, and the dollars settle in the United States on Fedwire, the Federal Reserve's system for large-value transfers, through the Taiwanese bank's US correspondent. Fedwire runs from 9:00 p.m. ET on the previous day to 7:00 p.m. ET on weekdays, with a 6:45 p.m. ET deadline for customer transfers.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to a foreign currency account | US dollars, which the supplier may hold | Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour; crediting follows on a Taiwanese business day | Standard route for dollar invoices |
| SWIFT wire in USD to an NTD account | NTD, converted by the supplier's bank | Credited on a Taiwanese business day | The supplier's bank sets the rate |
| Local NTD payout, where available | NTD | Set by the provider and the receiving bank | Confirm the route with your provider before relying on it |
Sources: Federal Reserve Financial Services, Fedwire operating hours; Swift, 22 August 2023. As published on 29 October 2026.
Citi notes that international wires may take up to 5 business days, and that wires over US$10,000 are often reviewed by the sending bank. Most of the time is spent at the banks on either side, so complete details and an early send matter more than the rail.
Documents, screening and why payments to Taiwan are held
The supplier's bank may ask it to state the purpose of a receipt when it declares it, and for a remittance above US$1 million it will want the contract. Give the supplier what it needs in advance: the purchase order or contract number on the payment, and a copy of the remittance confirmation once the wire leaves.
On the US side, sanctions screening applies to every payment: OFAC states that all US persons, including US-incorporated entities and their foreign branches, must comply with its sanctions, so check the payee and its bank against OFAC's lists (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Dollars sent to the NTD account | Converted at the bank's rate | Ask for the foreign currency account number |
| English name differs from the account | Queried or returned | Copy the name from the supplier's bank instructions |
| Large payment without a contract | Held until documents are provided | Send the contract with any payment above US$1 million |
| Purpose unclear | The supplier cannot complete its declaration | State "payment for goods" or the service, with the invoice number |
| Wire sent as SHA | Arrives short of the invoice | Use OUR when the full amount must arrive |
Sources: Invest Taiwan; Kaizen CPA; Helm Editorial Team. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Taiwan
A wire to Taiwan can carry your provider's fee, deductions by intermediary banks and the supplier bank's charge for crediting it. On SHA terms, the intermediary and receiving fees come out of the amount; on OUR terms you pay them, so the invoice is paid in full. Our guide to OUR, SHA and BEN charges sets out what banks publish for each option.
From a Helm account you can send international payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I send a business payment from the US to Taiwan?
Send a SWIFT wire in US dollars to the supplier's foreign currency deposit account at its bank in Taiwan, using its registered English name, the account number and the bank's SWIFT code. Quote the invoice number and the purpose of the payment.
Can a Taiwanese supplier keep US dollars?
Yes. Banks in Taiwan offer foreign currency deposit accounts, and dollars kept as dollars are not settlement, so the annual settlement limits do not apply to the balance itself.
Does my Taiwanese supplier have to declare my payment?
Foreign exchange receipts of NT$500,000 or more must be declared, which the supplier does through its bank. A single remittance above US$1 million also needs supporting documents such as the contract.
How long does a wire to Taiwan take?
The dollars settle in the US on Fedwire and are credited on a Taiwanese business day. Taipei is 12 or 13 hours ahead of New York, so a wire sent on a New York afternoon is usually credited the next Taiwanese business day.
Should I pay a Taiwanese supplier in USD or NTD?
Pay the currency on the invoice. Most exporters invoice in dollars and hold them; an NTD invoice means you carry the exchange rate and your provider converts before sending.
What does Helm charge to send money to Taiwan?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Invest Taiwan: Bravo Taiwan 2024, foreign exchange reporting and settlement
- Kaizen CPA: Frequently asked questions, Taiwan foreign exchange control
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Citi: How long does a wire transfer take?
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.