Banking in Taiwan
Banking in Taiwan is traditional and paper-based compared to some countries, but functional and secure. Most transactions still require physical branch visits.
Opening a Bank Account
Requirements:
- ARC (Alien Resident Certificate) - most important
- Passport
- Proof of address (utility bill, lease agreement)
- Local phone number (for OTP verification)
- Personal seal/stamp (印章) - can make for ~$3 at any engraving shop
- Minimum deposit: NT$1,000 (~$30)
Without ARC:
- Can open basic savings at Chunghwa Post with passport + "Record of ID No."
- Limited functionality (no debit card, online banking restricted)
Recommended Banks
| Bank | Pros | Cons |
|---|---|---|
| Cathay United | Foreigner-friendly, bilingual services | Fewer branches |
| CTBC Bank | Good service, extensive ATMs | Variable English support |
| E.Sun Bank | Modern, good app | Limited English |
| DBS Bank | Strong English, good e-banking | Fewer branches |
| HSBC | Full English, international | High minimums |
| Chunghwa Post | Opens without ARC | Limited services |
Banking Features
What to expect:
- Physical bankbook (存摺) for transactions
- Debit cards widely accepted
- Online banking available (Chinese-heavy interfaces)
- Mobile payment: LINE Pay, JKoPay, Apple Pay popular
- ATMs everywhere (7-Eleven, FamilyMart)
Challenges:
- In-person visits required for many transactions
- Limited English at smaller branches
- Slow account opening process (1-2 hours)
- Some banks reject applications without clear reason
International Transfers
Sending money out:
- Bank wire transfers (high fees: $20-40)
- Wise (formerly TransferWise) - best rates
- Western Union (convenient, expensive)
Receiving money:
- SWIFT transfers to Taiwan account
- Note: some employers pay via international transfer
Credit Cards
For foreigners:
- Difficult to obtain initially
- Usually requires 6-12 months account history
- Some banks offer secured credit cards
- Debit cards work for most purposes
Tip: Focus on debit card first; credit cards become easier after building history.
Tips for Smooth Banking
- Bring a Chinese speaker to your first bank visit if possible
- Choose a branch near your home (you may need to return)
- Make the seal (印章) before visiting - any engraving shop
- Bring all documents - banks will ask for extras
- Be patient - the process takes 1-2 hours
- Ask about online banking setup during account opening
Pro Tips
- •Get a personal seal (印章) made for ~$3 before visiting the bank
- •Bring a Chinese-speaking friend for smoother experience
- •Cathay United and DBS are most foreigner-friendly
- •Chunghwa Post can open accounts without ARC (limited features)
- •Use Wise for international transfers - much better rates than banks
Have questions about banking in Taiwan?