BBVATWTP

Payment Instructions

General instructions for international payments to banks in THAIWAN:

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:

• Payment Restrictions: Taiwan FX markets are regulated. TWD can only be converted in-country. Non-resident entities must be approved by qualified foreign institutional investors (QFII) to access the onshore market without special regulatory approval. Non-resident entities are not allowed to hold TWD.
• USD (or other available foreign currencies) can be converted in-country for local delivery, but FX documentation and bank regulatory reporting are required.
• For individual residents: There are restrictions for sales and purchase of foreign currency against TWD. The maximum cumulative sales or purchases per year is USD 5,000,000 equivalent, unless specifically authorized for other direct capital investments where there is no limit.
• For commercial and individual non-residents: Limits are defined in the rules regarding foreign institutional investors or other legislation for foreign exchange against TWD movement in and out. For non-securities investment purposes, TWD transactions are not allowed.
• For commercial residents: There are no exchange limits for sales or purchases of foreign currency against TWD relating to trade products or labor. For funds transfers and direct capital investments, the maximum cumulative sale or purchase of foreign currency per year for a legal entity is USD 50,000,000 equivalent (except for specifically authorized direct capital investments, where there is no limit).
• In addition to transaction level thresholds, there is a TWD FX maximum limit of USD 50 million (equivalent) per annum for corporations. Items exempt from this limit are payments with special approval from the government (e.g., capital injection, etc.).
• For FX conversion against TWD equal to or exceeding USD 20,000,000, banks in Taiwan need to provide prior notice to the Central Bank and seek verbal guidance to proceed with TWD FX payments. To comply with the Central Bank’s guidance, onshore and offshore remitters should split TWD FX payments when equal to or exceeding USD 20,000,000.

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.

IBAN: No

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of BANCO BILBAO VIZCAYA ARGENTARIA S.A, TAIPEI BRANCH for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from BANCO BILBAO VIZCAYA ARGENTARIA S.A, TAIPEI BRANCH, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Related SWIFT-codes

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.