Foreigners in Taiwan - 外國人在臺灣
  • Home 首頁
  • Blog 部落格
  • Taiwan FAQ 常見問題
  • Blog Index 部落格指南
  • Maps 地圖
  • About 關於我們
  • Contact Us 聯絡我們
  • Privacy 隱私
  • Home 首頁
  • Blog 部落格
  • Taiwan FAQ 常見問題
  • Blog Index 部落格指南
  • Maps 地圖
  • About 關於我們
  • Contact Us 聯絡我們
  • Privacy 隱私

Blog Posts

Taiwan Banking FAQ 台灣銀行業常見問題

7/31/2023

44 Comments

 

Share

Tweet
Picture
Typical interior of a Taiwan local bank.
Banking in Taiwan as a foreigner can be a frustrating experience, especially with a language barrier and cultural gaps. Banking still is a major pain even for long-time residents. However, we have made this guide to help make banking in Taiwan a little easier, more efficient, and more beneficial, especially for expats new to Taiwan. 

Foreword: The following Q+A is based on personal experience and is for reference only. this is not an exhaustive analysis of Taiwan's banking sector. Each bank has different policies, and the employees in the banks may not even know their own policies for foreigners. 

My Overall Experience Banking as a Foreigner in Taiwan 外國人在台灣使用銀行的個人心得:
My experience banking in Taiwan has been a mixed bag. Besides lots of wait times and loads of paperwork, I have noticed that many banking functions are not available for foreigners, such as buying stocks and bonds, buying gold, and buying mutual funds. 
It took me an entire month to buy mutual funds for my kids. First I went to the bank to ask how to do it. Then they gave me forms to fill out. I filled them out and brought them back to the bank. They said the forms were filled out wrong. I corrected them and went back to the bank. They said because it was Saturday they could not process the account (post office bank) so I had to go back on a weekday. I went back on a weekday. Later, they said that some documents were still not okay. I went back and fixed the documents again. After that, I waited for the mutual fund account to open. Then I had to go back and transfer money into the accounts.
In the end, simply buying mutual funds took me three weeks and six(!!!) trips to the bank, wasting countless hours of my time. I cannot think of a more inefficient process that I have ever been a part of. 
All of this being said, banking in Taiwan still gets the job done most of the time, and foreigners are able to move their money freely because Taiwan does not have foreign exchange controls. 


Opening a Bank Account 開銀行帳戶:

Q: What do I need to open an account? How do I open a bank account in Taiwan?
A: Typically as a foreigner in Taiwan you need to have the following to open a local bank account in Taiwan:
  • An ARC (or employment gold card). 
  • A stamp/seal/chop (印章 Yìnzhāng) with your name on it (you can get one for about 100 NT at any locksmith shop (開鎖店 Kāisuǒ diàn). See the photo below for an example of a locksmith shop in Taiwan. Some banks may let you get away with just using a signature or fingerprint.
  • Your passport
If you have an employer in Taiwan but no ARC yet, you may be able to open an account by apply for an account by using a Taiwan Uniform ID number, which any foreigner can get at the immigration office. You should check with your bank on their requirement. Every bank has a different policy.

Looking for a hotel? Find out where to stay in our Taiwan hotels guide or search for the best hotels in Taiwan here.
Picture
Every locksmith shop (開鎖店 Kāisuǒ diàn, or 鎖印店 suǒìn diàn) in Taiwan will have the logo above: a key and a stamp with the character 印 (Yìn) in red at the bottom of the stamp.
Picture
The front of the shop looks like this. You can make key copies here, make stamps, and they can open any locked doors or replace locks for you. I don't know how much money these people make but these shops are everywhere in Taiwan. 
Picture
At the end of the day, you will want to make a stamp with your name on it for banking purposes. It should be the same name on your ARC. If you have no Chinese name, you can still make a stamp with your English name. But picking a Chinese name and making your own Chinese stamp is much more fun.
You may also need to buy some red ink putty for your chop.

This being said, some banks do allow you to use your handwritten signature instead of a chop. 


Q: What is the banking environment in Taiwan like?
A: Currently the banking sector is very competitive for a small island of only 24 million people. There are a total of 36 local banks, 32 foreign banks, and 3 Mainland Chinese banks. 
All of these banks have a three digit code to differentiate them. 

Q: What currency does Taiwan use?
A: Taiwan uses the New Taiwan Dollar (NT, NTD, or TWD). For more information about this currency, check out our very detailed blog here. 

Q: Do I need a bank account to work in Taiwan?
A: Technically your employer can pay you in cash, but most employers will require you to open an account at a certain bank to receive a salary. This means that an expat can open quite a few bank accounts if he/she switches jobs a lot. 

Q: Can foreigners open bank accounts in Taiwan?
A: Yes. However it is a tedious process especially if you are a USA or EU citizen because of extra paperwork. Also some bank tellers do not speak very good English so you may have a rough time opening an account. If you don't speak Chinese, it may be a good idea to bring a Taiwanese friend with you to help with communication.  

Q: Why does Taiwan use chops/stamps/seals?
A: The reason you need a chop is that it acts the same as your personal signature in Taiwan. Taiwanese (and Chinese) people believe that a chop is harder to forge than a signature. It's also much more convenient than handwriting your signature, trust me.

Q: What is the account opening process like in Taiwan?

A: Typically it means you have to go to the bank in person during working hours (between 9 AM and 3 PM on a weekday) and sign some paperwork. If you are American or European, you may need to sign extra paperwork like a W-2 form or a CRS form. This means you might be there for over an hour signing paperwork, especially if the teller is new or does not speak English.
Once you open an account, the bank will usually give you a passbook and an ATM card. Ask for your ATM card to have Visa debit card function, otherwise it will be pretty much useless except for taking out cash from ATMs.

Q: What is a passbook? Why does Taiwan use passbooks?
A: A passbook is a paper book that keeps a record of all your transactions in your bank account. In the olden days before online banking, this was high tech stuff and made bank accounts easier to use in Taiwan. However nowadays with online banking they are quite obsolete. Many people in Taiwan especially elderly people still use them religiously. When you need to make a change to your account, typically you need to bring your passbook and chop/seal/stamp with your name on it. The front of your passbook will have your account information on it, and many people will ask for a copy of the front of your passbook in order for you to pay them.
Picture
Example of a Taiwan passbook and ATM card.
Q: Which banks have English online banking in Taiwan?
A: Most local banks have an English online banking interface, however, some are better looking than others. You may want to Google a few banks to see which ones have the best English website. The best banking interface I have used is from CTBC Bank. Yushan, Fubon, and Cathay also have great apps. 
Most banks will have banking apps in English, but you can search the APP store to see if the bank you want to use has an English APP.

Q: When are banks open in Taiwan?
A: Most all banks are only open Monday to Friday from 9 AM to 3:30 PM. 
The only bank I know of that is open on Saturdays is the Chunghwa Post Office Bank, which is open on Saturday mornings.

Q: What is banking in Taiwan like compared to the USA?
A: I will list of pros and cons of banking in Taiwan as follows:
Pros:
  • Banking fees are minimal (about 5-15 NT per transaction locally for small amounts)
  • There are lots of banks all over the island
  • Taiwan banks do a lot of promotional activities to compete with each other, such as coupons for online shopping, restaurants, etc.
Cons:
  • Opening a bank account takes a really long time as a foreigner
  • In Taiwan they use passbooks and most things are still done with paper and pencil
  • Changing your account or adding extra features also takes a really long time at the bank
  • English capability is limited at banks

Looking for scooter rental in New Taipei? Click here or here to search for options. You can also check out our scooter rental guide here. 
If you are looking for car rentals, you can also search here. You can also check out our car rental guide here. 


Q: What are banking fees like in Taiwan?
A: Transacting small amounts (below 2 million NT) is usually between 5 and 30 NT (15 cents to 1 USD). Local wire transfers below 500 NT should be free. 
If you receive your salary from a certain account, that account may have a special promotion of 10 or so free local transactions from your account. 

Q: Can I wire money overseas from Taiwan? Does Taiwan have foreign exchange controls?
A: You can wire money freely overseas from Taiwan. Unlike China, Taiwan has no foreign exchange controls (but you will have to pay some banking fees).

Q: How much does it cost to remit money to my overseas account?
A: In my experience it cost about $40 ($20 fee from Taiwan and $20 fee from the US) to transfer less than 10,000 USD from a Taiwan bank. For more information on the exact fees, check out this table here.  

Q: What is the best way to avoid banking fees for wiring money internationally to and from Taiwan?
A: Consider using a money institution such as Western Union or Paypal. Some international banks such as HSBC and Citibank may not charge at all for international transfers, but may have other requirements such as a large minimal deposit, etc. 

Q: How do I pay myself from my Paypal account into a Taiwan bank account?
A: Currently the only bank that works with Paypal to pay into your Taiwan bank account is E. Sun Bank. You will have to open an account with E. Sun Bank to access your Paypal funds in Taiwan. 

Q: Can foreigners apply for credit cards in Taiwan?
A: Yes. I have two credit cards. Every bank in Taiwan has a different policy when it comes to credit cards. The first time I asked, a teller told me that foreigners are not allowed to have credit cards. This is simply not true.
You can also book Wifi and SIM cards for Taiwan on Gigago here.  

Q: What benefits do Taiwan credit cards have?
A: Because the banking industry is competitive in Taiwan, there are hundreds of credit cards out there with various benefits. You should get a credit card! Here is why:
  1. Cash back rebates: most cards in Taiwan offer 1-3% cash back on every transaction depending on the card. This is money in your pocket if you can meet the monthly payments. This also means you can use your Taiwan credit card to buy stuff from your home country and get cash back that makes up for forex fees, meaning you do not have to waste your home currency. Do not buy things that you cannot afford, because the interest on credit card payments is really ridiculously high.  
  2. You can build credit with your bank (if you are thinking of taking out a loan with them)
  3. Most credit cards in Taiwan automatically have traveler's insurance covered for flights you purchase with the card (you may need to let the credit card company know in advance)
  4. Most credit cards offer gifts if you spend over a certain amount. For instance I got a free waffle maker and a duffle bag.
  5. Many cards offer free roadside assistance/tow truck if your car breaks down.
  6. Many cards offer free airport parking or discounted taxi trips to the airport. This alone has saved me tons of time and money.

Q: How do I apply for a credit card in Taiwan?
A: Basically there are three ways I have heard to get a credit card in Taiwan:
  1. Through a financial background check. The bank issuing the card will have you sign a form that allows them to check your annual salary with the tax office. This is the easiest way to get a credit card. Stores like Costco and Carrefour will offer these kinds of cards that are easy to get.
  2. Through a tax guarantor. This means that another Taiwanese person will act as your tax/legal guarantor, so if you do not make payments in time they will be responsible. Usually, this would be your spouse or family member. Some banks like Shanghai Bank will require this. 
  3. Through guarantee deposit. Basically, you would deposit the amount of the credit card limit into the bank, which the bank would use as collateral if you do not make payments. Some banks may require this if you do not have a tax guarantor. 
If you are an American or European, expect to also sign a W-2 or other CRS form as part of applying for a credit card.

Q: How do I pay my credit card bill in Taiwan?
A: You can pay your credit card bills usually through a bank account direct deposit/wire transfer or you can pay the bills at any convenience store.

Q: Are there credit scores in Taiwan?
A: No, but there is a credit bureau in Taiwan called JCIC (Joint Credit Information Center), and limited credit history information is available to the general public including alien residents, butpeople do not have credit scores.

Q: How do I check my credit score/credit history in Taiwan?
A: You can personally apply to check your credit scores and history for free every calendar year. 
Banks will look at your past monthly salary amounts or will have you sign a form that allows them to check your annual salary and credit information with the tax office.  
Credit history matters when you try to apply for credit cards or loans from banks in Taiwan, but in practice  doesn’t play as big of a role as in the U.S.

If you need help obtaining a visa to Taiwan, you can use Ivisa.com. 

Taking out a Loan at a Bank (貸款):

Q: How do I take out a loan at a bank as a foreigner in Taiwan?
A: Find a good bank (找一個好的銀行): 
Foreigners in Taiwan can take out personal loans and mortgage loans from local banks in Taiwan.
Trying to convince an overseas bank to give you a loan for a house in Taiwan is near impossible, so you will probably have to turn to a local bank. If you already work in Taiwan, which you probably do, you can first turn to the bank that remits your salary every month, because they will have your financial records already. Taiwan does not really have a credit system, they just rely on your salary amount, current debts, and tax returns. But banks can check your credit history through the government. There are high down payment rates in Taiwan which reduce the risk for the banks. Every banks' interest rates and policies for foreigners are different, so you might want to compare banks if you think you are getting a bad deal on a loan. You can see a comparison of loan rates on 591.com. Also, be sure to have the bank run an appraisal of the house you want to buy before you buy it, as well as a plumber or electrocution, this can also serve as a bargaining chip for price negotiations. 
About home loans (房屋貸款):
  • Foreigners can take out loans as long as your country has a reciprocal agreement with Taiwan, and if you can prove your salary. The loan rates are basically the same as locals if you are a Taiwan resident.
  • For houses over 35 years, these usually require a down payment higher than 20%
  • For houses below 35 years, these usually require around a 20% down payment or lower
  • Interest rates for buying your first residential house currently are about 2% and growing. For your second house onwards, the interest rate is about 2.5% or more. 
  • Know the compound interest rate payment on a 30 year loan, you can do a sample loan calculation on 591.com here: https://mortgage.591.com.tw/calculator
  • Sometimes banks will let you take out an additional credit loan if you do not have enough money for the down payment or for renovations, but the interest rates for these loans are a little higher (2.8% - 3%).
  • Sometimes construction companies for new houses will offer a small loan with no interest to be paid back in a short amount of time. 
Certain house types cannot use loans (無法貸款的房屋):
There are certain house types that you cannot take a loan on, which is why they are usually cheaper. Unless you have tons of cash, you won't be able to buy one, so don't bother.

For more information, check out ourbuying a house in Taiwan guide here, or our experience buying a house in Taiwan here. 
​
Q: Can foreigners get loans or mortgages in Taiwan?
A: Yes, foreigners can buy houses and property and also get loans and mortgages from local banks in Taiwan. The banks will first check your money-making ability and check if you owe other outstanding debts. Check with your local bank for their specific requirements. 

Q: What is the normal annual interest rate for mortgages in Taiwan?
A:  The average annual interest rate for mortgages in Taiwan is around 2% and growing.

Q: What is the average down payment on a house in Taiwan?
A: The average down payment is about 25%-30% of the housing price. This is part of why interest rates are so low. 

Need travel insurance? Compare prices on Insubuy here. 

Other Frequently Asked Questions 其他常見問題:

Q: Do Taiwanese people use checks?
A: Checks are almost never used in Taiwan. This is because there is a belief that if someone else gets hold of it they can cash the check themselves (apparently it doesn't matter if the check is addressed to someone else?). 

Q: How do most Taiwanese people transfer money?
A: When sending money to a friend or retailer, a local bank wire transfer is probably the most popular, especially with local hostels and some online retailers. In addition, some elderly people in Taiwan still transfer money using a post office money order or even sending cash through the mail.  There is no equivalent to "venmo" in Taiwan that does not have large service fees. 

Q: Can I invest in mutual funds or stocks in Taiwan as a foreigner?
A: Technically yes, but you may need a tax guarantor. Some banks do not allow this at all. Check with your bank for their policy.

Q: Can I open a shared Taiwan bank account with my spouse?
A: Technically yes but this is quite uncommon in Taiwan. Most accounts are personal accounts. This may mean that you need permission from your spouse for every transaction. Check with your bank on their policy.

Q: Can I open a Taiwan bank account for my child?
A: Yes, however this means you will need your spouses' permission in writing, along with two forms of identification for both of you. Making changes to the account will require the same thing.

Q: How do I make changes to my Taiwan bank account?
A: Usually this means going in person to the bank during working hours and waiting in line. You will need your passbook, personal chop, and ARC to make changes. It also may take a long time especially if the teller cannot speak good English or if you require a special service.

Q: Are Bitcoin and other cryptocurrencies used in Taiwan?
A: Bitcoin and other cryptocurrencies are not popular in Taiwan because they are treated as a product and are subject to 5% VAT per transaction.

Q: Is Apple Pay, Google Pay, Samsung Pay, Line Pay, Wechat Pay, Alipay, etc. accepted in Taiwan?
A: Yes, these are popular payment forms, especially in convenience stores, chain stores, and shopping centers.

Q: What form of payment is normally accepted in Taiwan?
A: In Taiwan, paper bills are king. This is the only kind of payment accepted at night markets and vegetable markets. However more and more stores and restaurants accept credit cards and electronic forms of payment, such as Easy Card and Apple Pay, etc. 

Q: What is it like to open a company bank account in Taiwan?
A: You will need to open a bank account to register a company in Taiwan. This means first registering a "preparatory account" to receive the starting capital amount. After you receive the starting capital, you can complete registration and the preparatory account will be converted into a normal account.
To open an account, as a foreigner you will also need to receive Foreign Investment Approval as explained below.
Also, to comply with anti-money laundering regulations, most all local banks require you to come in person to open a company account.
Check with the bank, every bank has a slightly different policy.

Q: What foreign investment controls are there in Taiwan?
A: Generally there are no foreign investment controls in Taiwan. But the government still must perform a check to see if you have any mainland Chinese investors that own over 25% of the company, in which case there will be much more paperwork and time involved in the company registering process.
Also, to comply with anti-money laundering regulations, you must disclose the register of shareholders for your company. If any shareholder owns 25% or more of the company, they must provide their passport copy to cross-check if they are on an international blacklist. 
Also, it is also much harder to invest from "high risk" countries such as the Middle East, Africa, and countries with a history of terrorism or fraud. People and companies from these countries are subject to further requirements. 

Q: Why are Taiwanese banks so inefficient?
​​A: In short there is over-regulation of too much manual labor involved in the system.
Most people use paper passbooks. Most all forms are signed with paper. The banks close at 3 PM so that the banking employees can enter and finalize the transactions for that day. Many transactions require you to come to the bank in person. Compared to America, banking is painfully slow and inefficient. ​
Also, setting up an account is a slow and tedious process, with lots of red tape and regulatory control. This has been getting increasingly worse with stricter anti-money laundering regulations. 

Do have a different insight or experience to share about banking in Taiwan? Good or bad, please share it in the comments below.

Also, be sure to check out more of our Taiwan FAQs here. 
Share

44 Comments
Jojo
7/12/2020 12:12:20 am

Can i know what bank in Taiwan that can apply credit card?

Reply
Jeff
7/16/2020 12:39:03 am

As a foreigner I had a Taiwan American Express credit card when I lived in Taipei. It was co-branded with Cathay Pacific and I was able to earn several free flights from racking up points based on spending. Perfect if you work for a company and have a lot of business/travel expenses that you get reimbursed for.

Reply
Wally
7/12/2020 04:47:07 am

More inefficient than the United States DMV? That’s hard to believe since inefficiency and being a pita Is basically the policy at the dmv

Reply
Albert
5/13/2021 12:50:15 pm

Nope not as bad as DMVs in the US. But close.

Reply
Lareine
7/19/2020 04:03:09 pm

Hello, do you know which bank is better for an international student? I am staying for around 6 months. Thank you

Reply
Foreigners in Taiwan
4/12/2023 11:04:19 am

There is really no right or wrong answer. Any bank that gets what you need done and is willing to open an account for you is the right bank.

Reply
Wan Yun Lo
5/30/2023 07:24:03 am

Can i get loan

Ocean
10/18/2020 11:05:02 am

I am a foreign working in Taipei contract job , the job payment has deposit to my account but the Taiwan bank ask to pay tax 5% before I can draw the money from account . Is it true ?

Reply
Calvin
10/26/2020 08:58:17 am

Well, I think it supposed to be 6%. But, yes, It is true that you have to pay tax for your salary.

Reply
Ocean
10/26/2020 01:53:28 pm

I know have to pay tax but bank need to release my money so I can pay tax. Bank hold my money ask me to clear tax first then release my account.

W
6/4/2021 05:55:33 pm

That sounds shady.

Reply
Carmie
10/23/2020 08:31:28 pm

Hi admin, I am foreign worker from the Philippines. I will receive US checks every month. I want to ask which is the best bank to open a US dollar account where w I can deposit the US check? How much is the minimum to open the account and is there any fee if I will deposit the checks? Thanks for the reply.

Reply
Foreigners in Taiwan
4/12/2023 11:05:50 am

There is no right or wrong answer. Local banks will always charge a fee for depositing checks and US dollar bills.

Reply
Ling
11/9/2020 07:27:02 pm

What is the limit to remit out of Taiwan in USD

Reply
Foreigners in Taiwan
4/12/2023 11:06:22 am

Please check with your bank. This changes according to each bank's policy.

Reply
unica lim reyes
11/17/2020 12:15:04 pm

can i know if how can i open online banking?

Reply
Foreigners in Taiwan
4/12/2023 11:06:48 am

Please check with your bank. Every bank runs their online banking differently.

Reply
Davis
11/27/2020 12:47:21 pm

I have an employer, and an ARC card and of course my US passport. I was turned down at 3 different banks trying to open an account, because my employer does not bank with either of those banks. The bank they use is not in the area. I have to lose money in transfer fees and use my account that is in the US, and there is no branch in all of Taiwan.

Reply
Foreigners in Taiwan
4/12/2023 11:07:48 am

Sad to hear about this. Did you ever find a solution? Most of the larger banks should be willing to open an account.

Reply
F Jordan
1/5/2021 03:52:01 pm

I am disturbed at the casual mention of buying mutual funds in Taiwan. Note that if you are a citizen of the USA (and Britain) that owning a foreign mutual fund not SPECIFICALLY set up for US taxpayers as investors in taxable accounts is going to cause you NO END OF TROUBLE. The reason is that you WILL NOT get the proper tax declaration forms (form 1099) to calculate your US tax return, and then you'll get hit with some really nasty taxes because the IRS treats you as if the foreign investment is a shell corporation set up for the purpose of hiding income and treating it eventually as a capital gain. BEWARE!

Reply
Foreigners in Taiwan
4/12/2023 11:08:43 am

I agree. I can only buy mutual funds because I am buying them in the name of my Taiwanese children and Taiwanese wife.

Reply
Stephen
2/20/2021 09:43:01 pm

Does someone know why Taiwan Citibank doesn’t allow resident of California opening an account?
Long story short, yesterday I opened a Taiwan Citibank account after a lengthy process. This morning, the young lady who helped me called me in panic because 3 different supervisors of hers reprimanded her for letting me, a California resident, open an account. If I don’t canceled the account, then she would be in big trouble. I rushed to the bank because I don’t want her to lose her job. I asked the supervisor why resident of California is not allowed to open an account in Taiwan. All she baffled me was that it is because of CCPA namely California Consumer Privacy Act in effect since 01/01/2020. But she didn’t have an explanation of how CCPA affect their decision.
Does by chance someone here know why?

Reply
Foreigners in Taiwan
4/12/2023 11:09:17 am

No idea. International banks in Taiwan can have some very strict requirements for openeing an account.

Reply
stephanie
3/15/2021 04:25:01 pm

hi! may I ask, is there anyone has tried to open a gold deposit or purchase gold from the banks in Taiwan. Which bank is the suggested one for doing this and is there any special regulation to open this account?
thank you.

Reply
Foreigners in Taiwan
4/12/2023 11:10:00 am

Yes I tried this at CTBC bank and they told me foreigners could not invest in gold. Maybe other banks will allow this, IDK.

Reply
Daihong
6/14/2021 10:21:23 pm

Where can I find a bank to allow a personal loan for foreigners?

Reply
Foreigners in Taiwan
4/12/2023 11:10:15 am

Most banks will allow this.

Reply
Chrisdon
7/24/2021 12:13:43 pm

How many days does it take to remit money internationally from Taiwan

Reply
Foreigners in Taiwan
4/12/2023 11:10:37 am

It can take a few days or up to a week or more.

Reply
john
9/24/2021 04:38:21 pm

I don't know which bank you spoke with, but every bank I went to clearly told me there is no way a foreigner is gonna get a loan, the only chance is if you give a house worth more than the loan they are giving you as a guarantee. mind this is only required for foreigners. also getting a credit card is so difficult for us. the banking system here is the most racist I've seen as of now. 90% of countries would not discriminate as they do here. I even have a company here with a pretty good cash flow, the yearly cash flow is way bigger than the loan needed to buy the building, they say if only the company owner was taiwanese they would very happily loan everything right away, but as the owner if a foreigner (with APRC) they will never give money. way to go taiwan

Reply
Foreigners in Taiwan
4/12/2023 11:11:47 am

Fubon, E. Sun, and Changhua bank were all willing to give me a home loan at decent prices. If you need, I can give you a contact person.

Reply
foreigner
6/7/2023 10:00:53 pm

give me the person contact please

Brett White link
3/31/2022 08:30:29 pm

I very much appreciate it. Thank you for this excellent article. Keep posting!

Reply
Foreigners in Taiwan
4/12/2023 11:12:26 am

Thanks so much for your support!

Reply
Lawrence
5/11/2022 07:43:07 am

Not sure if it was mention in the comments but if not I would like to ask.
I think another big topic comes up is when you open a bank account with US citizen, the bank would ask us to sign a paper to allow banks to sent information to the US government when asked. I think it would be nice to know what happen if we sign it?

Reply
Foreigners in Taiwan
4/12/2023 11:13:36 am

If you sign this, the bank has to disclose the deposit amount if it reaches over a certain threshold to the US government. You should also disclose the bank information on your tax return.

Reply
Wen
10/30/2022 01:53:09 am

I am hoping to get some answers before I take the plunge to retire in Taiwan. I am currently on Social Security and depositing it into an US bank monthly. Is it possible for me to withdraw this fund as living expenses while living in Taiwan? If so, any particular bank I should use to minimize transaction fees, foreign fees, etc?

Thank you so much for your input. Any assistance is greatly appreciated,
Best,

Reply
Foreigners in Taiwan
4/12/2023 11:14:34 am

The best option would be to open an account with an international bank such as CITI, HSBC, DBS, BOA, etc.

Reply
Robert
4/13/2023 08:37:44 pm

As an fyi, I was able to buy silver and gold from a bank alone with an ARC

Reply
H
4/14/2023 07:38:45 am

A chop/seal is no longer required since at least 2020 (or a year or two earlier). Instead you are just asked to sign twice.

Reply
lenny
4/22/2023 08:44:08 am

hi
what bank do I need to have an account that can help me wire money to the Philippines or is it possible to wire money bank to bank?

Reply
Best Debit Cards for Kids link
5/23/2023 06:44:07 pm

For expats in Taiwan who have queries regarding using Taiwanese financial institutions, this post is intended as a FAQ. Financial matters such as account opening, money transfers, credit card applications, and more are discussed in detail. Those who are unfamiliar with the Taiwanese banking system will find this information to be helpful.

Reply

Your comment will be posted after it is approved.


Leave a Reply.

     Author 作家

    We are US Expats that have extensive experience living, working, and travelling in Taiwan. In our day, we had to learn many things about Taiwan the hard way. But we have come to learn that Taiwan is one of the best places in the world for Foreigners to live. ​Our blog does not represent the opinions of every foreigner in Taiwan. We are just trying to help others learn more about this beautiful country.

    ​​我們是在台灣的外國人!我們透過額部落格想要幫助外國人了解台灣生活,旅遊,和商業的環境!我們不代表所有在台灣的外國人, 我們只是想要幫助世界各地的人了解台灣美好的一切! (美國人在管理)

    Archives 檔案

    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    February 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    February 2019
    January 2019
    December 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    December 2015
    November 2015
    October 2015
    June 2015
    May 2015
    December 2014
    November 2014
    October 2014
    September 2014
    June 2014
    May 2014

    Categories
    ​類目

    All
    Aboriginal Culture 原住民文化
    Alishan 阿里山
    Amusement Parks 娛樂園
    Aquariums 海洋館
    Art 藝術
    Basic Info 基本資訊
    Beaches 海灘
    Blogroll 部落格名單
    Bridges 橋梁
    Buddhism 佛教
    Buddhism 佛教
    Business 商業
    Business 商業
    Camping 露營
    Car Driving Test 考汽車駕照
    Car Rental 租氣車
    Caves 山洞
    Changhua 彰化
    Chiayi 嘉義
    Children Activities 小孩活動
    Chinese Film 中文電影
    Chinese Language 中文
    Chinese Language 中文
    Chinese Literature 中文文學
    Chinese Literature 中文文學
    Chinese Pollution 中國污染
    City Parks 都市公園
    Click Bait 點擊誘餌
    Coal Mining 煤礦
    Confucius Temples 孔廟
    Cycling 騎腳踏車
    Cycling 騎腳踏車
    Daily Life 日常生活
    Daoism 道教
    Disaster Tourism 災害旅遊
    Diving 潛水
    Driving In Taiwan 開車
    Drone Flying 飛空拍機
    East Rift Valley 花東縱谷
    East Taiwan 東部
    Ershui 二水
    Events 活動
    Festivals 節日
    Fish Foot Massage 溫泉魚
    Floral Sea 花海
    Food
    Food 食物
    Forts 堡壘
    Fruit 水果
    Geography 地理
    Geography 地理
    Geology 地質
    Golf 高爾夫球
    Green Energy 綠色能源
    Growing Bananas 種香蕉日記
    Guest Blog Posts 客人部落格
    Hakka Culture 客家文化
    Hiking
    Hiking 爬山
    Historical Buildings 歷史建築
    Historical Buildings 歷史建築
    Hot Springs 溫泉
    Hot Springs 溫泉
    Hsinchu 新竹
    Hualien 花蓮
    Immigration/Visa 移民/簽證
    Japanese Era 日治時期
    Jiaoxi 礁溪
    Kaohsiung 高雄
    Keelung 基隆
    Kenting 墾丁
    Kinmen 金門
    Lakes And Reservoirs 湖及水庫
    Lighthouses 燈塔
    Longdong 龍洞
    Lukang 鹿港
    Luodong Night Market 羅東夜市
    Maolin 茂林
    Matsu Islands 馬祖列島
    Miaoli 苗栗
    Migrant Workers 外籍勞動
    Monkeys 猴子
    Monkeys 猴子
    Mountain Biking 越野
    Mountain Biking 越野
    Museums 博物館
    Nangang 南港
    Nantou 南投
    National Forest Recreation Areas 國家森林游樂區
    National Palace Museum 故宮
    National Parks 國家公園
    Natural Scenery 自然風景
    New Taipei 新北市
    Night Market 夜市
    Northern Coast 北海岸
    Not Taiwan 台灣以外的地方
    Nuclear Power 核能
    Nuclear Power 核能
    Offroading 越野
    Old City Gates 古城門
    Old Streets 老街
    Old Trails 古道
    Orchid Island (Lanyu 蘭嶼)
    Outer Islands 外島
    Paragliding 跳傘
    Pathos And Logos 情與理
    Penghu Islands 澎湖群島
    Pingtung 屏東
    Pingxi Railway 平息火車綫
    Politics 政治
    Politics 政治
    Qing Dynasty Era 清朝時代
    Railways 鐵路
    Recreational Farms 休閑農場
    River Tracing 朔溪
    Rock Climbing 攀岩
    Sailing 帆船
    Sand Dunes 沙丘
    Scooter Driving Test 考機車駕照
    Scooter Rental 租機車
    Seafood Markets 海鮮市場
    Shiding 石碇
    Shilin Night Market 士林夜市
    Shopping 購物
    Sicao Green Tunnel 四草綠色隧道
    Smokestacks 烟囪
    Snorkeling 浮潛
    Snorkeling 浮潛
    Starting A Taiwan Business 創業
    Starting A Taiwan Business 創業
    Sun Moon Lake 日月潭
    Sun Moon Lake 日月潭
    Surfing 3490928010
    Surfing 冲浪
    Taichung 臺中
    Tainan 台南
    Taipei 101
    Taipei 101 101
    Taipei 101 2148821271 101
    Taipei 2148821271
    Taipei-2148821271
    Taipei Zoo 台北動物園
    Taipei 臺北
    Taipei 臺北
    Taitung 臺東
    Taiwanese Spouse 台灣配偶
    Taiwan FAQ 臺灣常見問題
    Taiwan History 台灣的歷史
    Taiwan History 台灣的歷史
    Taiwan's Economy 台灣經濟
    Taiwan's Economy 台灣經濟
    Taiwan Temples 臺灣的廟
    Tamsui 淡水
    Taoyuan 桃園
    Taroko Gorge 太魯閣
    Tax 稅
    Thailand 泰國
    Top 10 前十名
    Top 10 前十名
    Top 5 前5名
    Transportation 交通
    Tsai Yingwen 蔡英文
    Turtle Island 龜山島
    Turtle Island 龜山島
    Typhoons 颱風
    Ultimate Guide 極限指南
    Urbex 城市探險
    Waterfalls 瀑布
    Weather 天氣
    White Terror 白色恐怖
    Wildlife 野生動物
    Women In Chinese Society 女士們在中國社會
    Working In Taiwan 在台灣工作
    Working In Taiwan 在台灣工作
    Wulai Hot Springs 烏來溫泉
    Xiaoliuqiu 小琉球
    Xitou 溪頭
    Xitou 溪頭
    Xizhi 汐止
    Yangmingshan 陽明山
    Yilan 宜蘭
    Yunlin 雲林
    Yushan (Jade Mt.) 玉山
    Zhongtaishan 中台山
    Zoos 動物園

    RSS Feed


Klook.com

View deals on Tripadvisor




Save on your hotel - hotelscombined.com

Looking for a hotel? Find out where to stay in our Taiwan hotels guide or search for the best hotel deals in Taiwan here.

Follow us on social media:


Follow @foreignersinTW