In order to send a SWIFT payment to THAIWAN it is highly recommended to meet the following recommendations:
Overview:
Information provided by the Beneficiary: The remitter should obtain all required bank information from the Beneficiary, including SWIFT BIC, account number, and beneficiary bank address. For additional information, please refer to the Central Bank of Taiwan's website at www.cbc.gov.tw.
Country Requirements/Restrictions:
For TWD FX inward remittance, offshore remitters are not required to provide a reason for payment or purpose code. However, the beneficiary must complete remittance declaration forms and provide supporting documentation (if applicable) to explain the reason for payment. On average, for TWD FX inward remittance to JPM Taipei Branch clients, the documentation process may take 2-3 days to complete. For TWD FX inward remittance to non-JPM Taipei Branch clients, incoming payments should always be a fixed TWD amount so that the payment can align to any required supporting documentation. The documentation process may take 10-15 days to complete subject to processing time from the beneficiary bank.
No FX against TWD transactions can be executed until FX reporting information/documentation is in place. The beneficiary must fill out the required documentation with their local bank by value date to receive credit into the account. If documents are not filled out, the exact payment amount and value date cannot be guaranteed.
For tax payments, supporting document (i.e. tax bill) from offshore remitter is an acceptable alternative document.
FX conversion against TWD amounts exceeding USD 1,000,000 (equivalent) requires a transaction declaration form and additional supporting documents. For inward remittance to non-JPM Taipei Branch clients, in addition to transaction declaration form and additional supporting documents, Inward Remittance Form is also required from beneficiaries.
FX conversion against TWD amounts equal or exceeding TWD 500,000 and below USD 1,000,000 (equivalent) require a transaction declaration form. For inward remittance to non-JPM Taipei Branch clients, in addition to the transaction declaration form, Inward Remittance Form is also required from beneficiaries.
FX conversion against TWD amounts below TWD 500,000 require the beneficiary to advise on the nature of the transaction. No declaration form is required. For inward remittance to non-JPM Taipei Branch clients, Inward Remittance Form is required.
Payment Formatting Rules for TWD: Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and full address of the ordering customer, including country, city, road/street, building No. and door number (where applicable). Insufficient ordering customer information or use of initials can delay receipt of funds by the beneficiary.
Beneficiary Customer (SWIFT MT103 F59): Include account number, full name (no initials), and address (street address, city, country). Insufficient ordering customer information or use of initials may delay receipt of funds by the beneficiary. No specific beneficiary account number requirements exist.
Beneficiary Bank (SWIFT MT103 F57): Include local clearing code, SWIFT BIC with branch identifier, full name and address of the beneficiary bank. For local TWD clearing, there is a specific seven-digit local clearing code required for routing payments to the beneficiary bank and should always be provided. (NNNBBBB, NNN = bank code, BBBB = branch code). For example, seven-digit local clearing code of JPMorgan Taipei Branch is 0760018. This can be provided in the below format in F57A
/0760018
CHASTWTX
SWIFT BIC is 8 or 11 alphanumeric characters: xxxxTWxx or xxxxTWxxxxx.
There are no specific bank clearing codes for cross-border non-TWD payments into Taiwan. SWIFT BIC is key to routing payments to the beneficiary bank and should always be provided.
Reason for Payment (SWIFT MT103 F70): Required for TWD FX or foreign-currency payments from Taiwan accounts. Payments from offshore remitters do not require reason for payment or purpose code as this will be collected from Beneficiary Bank who contacts the Beneficiary to provide. Provide a reason for the payment (rent, salary, medical expenses, office expenses, etc.). This field is required for FX conversion against TWD amounts below TWD 500,000. For foreign inward remittances without FX against TWD, the beneficiary must advise on the nature of the transaction via telephone or mail. For TWD FX inward remittance, incoming payments should always be a fixed TWD amount so that the payment can align to any required supporting documentation.
For the following financial institutions in THAIWAN you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.
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