How to Transfer Money from Taiwan to the UK in 2025?
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Introduction
Recently, while preparing to move to the UK, I thought it would be a good idea to open accounts with some well-reviewed online banks like Monzo and Revolut. However, after downloading the apps and attempting to apply, I realized it wasn't as straightforward as I thought.
Monzo was a dead end from the start, requiring a UK local address for the application, which I didn't have. Revolut seemed simpler, only needing identification and a visa number, but when I tried to register with my Taiwanese phone number, the verification code never arrived, leaving me unable to proceed.
That's when I discovered Wise, a transfer platform that allows you to open a UK account from Taiwan. You can transfer money from a Taiwanese bank to Wise, and once you're in the UK and have opened a Monzo or Revolut account, you can transfer the money there.
Applying for a Wise Account
For a detailed guide on how to apply for a Wise account, you can refer to the official documentation Wise Account Opening Tutorial. After successfully opening an account, you can set up a GBP account, but you'll need to transfer £20 first to receive your Sort Code and Account Number.
Transferring Money from a Taiwanese Bank to Wise
TL;DR
To make an international transfer from a Taiwanese bank, you usually need to set up the overseas recipient bank account as a designated account. Most banks now offer online services for setting up designated accounts, where you can fill in the recipient's details online and complete the binding through video verification.
However, not all banks' online binding services support accounts in all currencies. For example, with Cathay United Bank and Taishin Bank, if you want to add a GBP recipient account, you still need to visit a branch in person.
Also, the following information is based on my personal experience. The actual details you need to fill in should be based on what's shown in the Wise App!
Cathay United Bank
What to bring?
ID and seal.
Process
The staff will ask you to fill out the Foreign Exchange Transfer Application Form. The information I filled in was basically the account details from the Wise App:
In addition to the fields in the screenshot, you'll also need to sign and date the application form. The staff were very patient, and I ended up rewriting the form three times 😂. After completing the process, the staff informed me that the account would appear in the online banking's designated accounts section in about two working days.
Transfer and Fees
After waiting two working days, the Wise account finally appeared in the online banking's "Designated Accounts" section 🎉. All that was left was to confirm the recipient bank's information was correct before proceeding with the international transfer. Transfers made during the bank's business hours (weekdays 09:00 ~ 15:30) would be received the next day!
As for fees, Cathay United Bank charges NT$300, and Wise charges a service fee of £2.16. Additionally, intermediary banks charge an extra £10. So, regardless of the transfer amount, the total fee per transfer is approximately NT$800 (300 NTD + 12.16 GBP).
Taishin Bank
What to bring?
ID and seal.
Process
The process is similar to Cathay Bank, involving filling out the Foreign Currency Transfer Application Form. After completion, it also takes about two working days for the designated account to appear in Taishin's online banking.
Transfer and Fees
Once the details are confirmed, you can proceed with the transfer. Unlike Cathay United Bank, transfers with Taishin Bank can sometimes be received in less than two hours, with the latest being within a day.
The fees are £11.01 charged by Taishin and a £2.16 service fee by Wise. The total cost is slightly less than Cathay, and the transfer speed is much faster.
Transferring from Wise to Monzo
After finding a rental in the UK, you can apply for a Monzo account. The application process requires identification (such as a passport) and some basic information like address and salary. After completing the application, you'll receive a physical Debit Card in about 1-2 days, and your account will be ready to use.
Transferring from Wise to Monzo is also very intuitive. On the homepage, click "Add Money," select "Wise," enter the amount to transfer, and you'll be redirected to Wise's transfer page. Confirm the details, and the transfer will be successful.
The user experience with Monzo is excellent. It's rare to find online banking software with such a rich interface and features in Taiwan, and I highly recommend it!
Personal Recommendations
Monzo
Primary Use
I've been very satisfied with Monzo's intuitive operation and comprehensive features. Besides having a physical card, it also supports shared accounts, which is a big plus for users like me with partners! Also, using my referral link, you'll get a £20 reward after making any purchase within 30 days of opening your card!
Wise
For Transfers
If you want to transfer money to the UK from Taiwan, Wise is a great option. Besides serving as an intermediary account, if you need to pay rent in advance upon arriving in the UK, you can also transfer the money through Wise.
