Financial Supervisory Commission, New Taipei City, Taiwan. Photo: Google Maps

Migrant workers will be able to remit money at lower costs to Vietnam, Indonesia, the Philippines and Thailand from almost any convenience store in the country once regulatory changes take effect later this year.

EMQ Taiwan and Welldone Co are expected to launch their remittance programs at President Chain Store Corp, Taiwan FamilyMart Co, Hi-Life International Co and OK Mart by May at the latest under reforms adopted by the Financial Supervisory Commission, Taiwan Times said, quoting Lin Chih-chi, Director-General of the Department of Planning.

“We hope this experiment could serve as a stimulus, encouraging local banks to improve their services and reduce their fees,” Lin said.

The commission said EMQ Taiwan had linked up with Shanghai Commercial and Savings Bank so that workers could remit funds using its ATMs and online banking services. It will serve workers from Vietnam, the Philippines and Indonesia, with a limit of NT$30,000 (US$976) per transfer and NT$70,000 (US$2,276) per day, NT$100,000 (US$3,251) a month and NT$500,000 (US$16,263) a year.

Welldone will handle remittances to these three countries as well as Thailand, using its four local branches. Transfers will be limited to NT$70,000 (US$2,276) a month and NT$360,000 (US$11,710) a year.

For foreign workers, the biggest advantage will be lower costs: handling charges by the two financial companies will range from NT$150 (US$488) to NT$300 ($9.80) per transaction, compared with the standard rate of NT$400 ($13) charged by banks.

As there were 700,000 migrant workers in Taiwan at the end of 2018, it is estimated that the new system could reduce their combined handling fees by NT$70 million ($2.3 million) to NT$175 million ($5.7 million).

The changes are the second part of a “regulatory sandbox” that was given preliminary approval by the commission in December.

Join the Conversation


  1. Howdy! This post couldn’t be written any better! Reading this post reminds me of my old room mate! He always kept chatting about this. I will forward this write-up to him. Pretty sure he will have a good read. Many thanks for sharing!

  2. I do not even know how I ended up here,
    but I thought this post was great. I don’t know who you are but
    certainly you’re going to a famous blogger if you are not
    already 😉 Cheers!

  3. I know this web site presents quality based content and additional
    stuff, is there any other web page which presents these information in quality?

  4. These are genuinely fantastic ideas in regarding
    blogging. You have touched some pleasant factors here. Any
    way keep up wrinting.

  5. Have you ever considered about adding a little bit more than just your articles? I mean, what you say is valuable and everything. However think of if you added some great graphics or videos to give your posts more, “pop”! Your content is excellent but with images and videos, this blog could undeniably be one of the greatest in its field. Superb blog!

  6. The very root of your writing while sounding reasonable at first, did not really sit properly with me after some time. Somewhere within the paragraphs you actually managed to make me a believer but only for a very short while. I still have a problem with your jumps in assumptions and one might do nicely to help fill in those gaps. When you can accomplish that, I could definitely be amazed.

  7. After examine a couple of of the weblog posts on your web site now, and I really like your manner of blogging. I bookmarked it to my bookmark website record and will probably be checking back soon. Pls take a look at my web page as well and let me know what you think.

  8. You’ve made some good points there. I looked on the net for more information about the issue
    and found most individuals will go along with your views
    on this web site.

  9. Superb website you have here but I was wanting to know if you knew of any
    discussion boards that cover the same topics discussed here?
    I’d really like to be a part of community where
    I can get suggestions from other experienced people that share the same interest.
    If you have any suggestions, please let me know.

    Bless you!

  10. I know this if off topic but I’m looking into starting my own blog and was wondering what all is required to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web smart so I’m not 100 certain. Any tips or advice would be greatly appreciated. Many thanks

  11. Unquestionably imagine that which you stated. Your favorite reason seemed to be
    at the web the easiest factor to consider of. I say to you, I definitely get annoyed whilst
    other people think about concerns that they plainly don’t recognize about.
    You controlled to hit the nail upon the top and also outlined out the whole thing without
    having side-effects , other folks could take a signal.

    Will likely be again to get more. Thanks

  12. I blog often and I truly appreciate your information. This great
    article has really peaked my interest. I’m going
    to bookmark your website and keep checking for new details about once a week.
    I opted in for your Feed as well.

  13. Unquestionably consider that that you stated. Your favorite justification seemed to be at the web the simplest factor to understand of. I say to you, I definitely get irked while other people consider worries that they just don’t understand about. You controlled to hit the nail upon the highest and also defined out the whole thing without having side-effects , people can take a signal. Will likely be again to get more. Thank you

  14. I’ll right away seize your rss as I can not in finding your e-mail subscription link or e-newsletter service.
    Do you have any? Please permit me realize so that I may just subscribe.

  15. Hi! This is my first visit to your blog! We are a group of volunteers and starting a new project
    in a community in the same niche. Your blog provided
    us useful information to work on. You have done a marvellous job!

  16. I simply had to thank you very much all over again. I do not know the things that I would’ve made to happen without the entire tips and hints discussed by you relating to this subject. It was before an absolute scary case in my view, nevertheless discovering a new well-written tactic you solved the issue forced me to leap for happiness. Extremely happier for your advice and in addition trust you comprehend what a great job you’re carrying out teaching most people using a web site. I’m certain you haven’t met all of us.

  17. After looking into a number of the blog articles on your website, I
    seriously like your way of writing a blog. I book-marked it to my bookmark
    webpage list and will be checking back soon. Please visit my web site too and let me know how you feel.

  18. This is the right site for anybody who really wants to find
    out about this topic. You realize so much its almost tough to argue with you (not that I
    personally would want to…HaHa). You definitely put a fresh spin on a topic
    that has been discussed for years. Wonderful stuff, just excellent!

  19. Please let me know if you’re looking for a article writer for your weblog. You have some really great articles and I believe I would be a good asset. If you ever want to take some of the load off, I’d love to write some content for your blog in exchange for a link back to mine. Please send me an email if interested. Kudos!

Leave a comment

Your email address will not be published.