Setting up a bank account is a rite of passage for any new expat, solidifying your residency in your new home country. It’s also one of the things you have to do if you want to get paid, making knowing how to open a bank account in Taiwan a necessity for any international student with a part time job or professional entering the Taiwan job market.
In this article, we’ll cover how to open a bank account in Taiwan, a step-by-step guide on how to open a bank in Taiwan for foreigners, popular banks to consider opening an account with, and FAQs when it comes to banks in Taiwan.
How to Open a Bank Account in Taiwan
The process of opening a bank account in Taiwan is not too dissimilar from any other country, aside from the documents that you’ll need, which include:
Tax Identification Number (TIN)
When filling out the account application form at banks in Taiwan, you will be asked for your TIN (Tax Identification Number) in your home country. For UK nationals, that’s your National Insurance Number; for US nationals, your TIN is the number on your pay slips.
Passport(s)
If you’re a dual citizen of any country, but especially the US, you will need to bring both your passports along when setting up a bank account in Taiwan.
Phone Number
You will need to have a Taiwan phone number to set up a bank account. Ideally, it should be yours.
Alien Resident Certificate (ARC)
Having an ARC in your possession makes the process much smoother, although it does mean that new expats in Taiwan will have to wait to open a bank account in Taiwan while this document is being issued.
Address in Taiwan
In addition to knowing your address in Taiwan (hint: it should be on your ARC), the bank may also ask you for proof of address. Taking a photocopy of your rent lease contract will ensure that you don’t leave the bank empty-handed.
Reason for Opening a Bank Account in Taiwan
Alongside informing the cashier of why you’re at the bank, you will have to let them know why you want to open a bank account in Taiwan. Usually, you’re either opening it for personal use or for work.
Cash Amount of NTD $1000
It sounds obvious, but you’ll need some money to put into your bank account. Banks in Taiwan usually require a minimum of NTD $1000 for your first deposit.
Stamp
Taiwan, like China, uses stamps in lieu of signatures. If you have a Chinese name on your ID, like your ARC, you will need to bring a stamp with you to open a bank account in Taiwan. No stamp, no service, as I unfortunately found out the hard way.
5-Step Guide For Opening a Bank Account in Taiwan
1. Choose Your Bank
There are plenty of banks in Taiwan to choose from, although you can always open multiple bank accounts if you can’t decide.
2. Take Documents to Bank
While you don’t have to make an appointment to open a bank account in Taiwan, you may have to wait quite a while to see the cashier – it really depends on the bank location and time of day. Get your queuing number once you’ve entered the bank by tapping on the screen by the door (this usually looks like a kind of computer by the bank entrance) and wait.
3. Inform Bank of Your Reason For Visit
Tell them your reason for visiting – opening a bank account – and for what purpose – personal or work. After handing them your documents, they will give you a form to fill out. It is at this point that, if you have a Chinese name, you will be asked for your special stamp.
Note: You may need some of the documents to fill out the form, like your ARC for your ARC number, passport number, and address.
4. Deposit NTD $1000
Should everything go smoothly, the rep. will ask you to deposit NTD $1000 – well done, this is your first bank account deposit!
5. Remember Bank Account Details
The rep. will walk you through your bank account details, handing you a passbook and your bank card. Keep this safe. Your passbook is your record of transactions with this bank account, which you will be able to update anytime you visit the bank. At this point, you will also decide on a PIN number to access your bank account for online banking in Taiwan.
How to Open a Bank Account in Taiwan For Work
When it comes to how to opening a bank account in Taiwan for work, the step-by-step process is exactly the same, just with one major catch: after stating that the bank account is for work, the cashier will ask you for the company name and registration number. Make sure that you have this information on you, otherwise you won’t be able to open a bank account.
- Company Name
Make sure this is the official name of the company. If you’re working at a Taiwanese company, their company name may be in Chinese.
- Company Registration Number
Company registration numbers in Taiwan are eight digit numbers and are unique to each company.
- Company Phone Number
While not essential, it’s worth bringing a copy of the company phone number with you just in case the cashier asks for a company contact. They may also try to call the company to confirm your employment. You may also wish to bring a copy of the company address with you should there be a physical office.
What Banks in Taiwan are there?
There are hundreds of banks in Taiwan, so which should you choose to open a bank account with as a foreigner in Taiwan? Consider convenience as your main deciding factor: if the bank isn’t on the high street, it’s not worth it.
Below are some of the most popular banks in Taiwan to consider opening a bank account with and why.
Fubon Bank
Encompassing everything from insurance to banking and basketball, Fubon Bank is a popular and trusted high street bank with a strong online banking presence. As such, it’s one of the best banks to open a bank account with for foreigners in Taiwan.
- English Website: Fubon Bank
Taishin Bank
In addition to being the owners of the popular Taishin Mars basketball team, Taishin Bank is also one of the best banks in Taiwan, having won awards for Best Brand and Best Customer Service in 2023.
- English Website: Taishin Bank
Bank of Taiwan
One of the oldest banks in Taiwan and the first local central bank, the Bank of Taiwan is still a state-owned bank operated by the Taiwanese government. And, like other banks in Taiwan, it has its own basketball team.
- English Website: Bank of Taiwan
CTBC Bank
China Trust Business Bank (CTBC) is the largest bank in Taiwan. A massive conglomerate with insurance services, a Taiwanese baseball team, and a Taiwanese basketball team all under its umbrella, CTBC is a well-trusted and reputable bank to open an account with.
- English Website: CTBC Bank
Cathay United Bank
Cathay United Bank’s CUBE credit card is one of the best credit cards in Taiwan, but that’s not where the greatness stops. Cathay ATMs are also notorious for having some of the lowest cash withdrawal fees for foreigners in Taiwan, often not even charging you a penny (or a dollar, since Taiwan doesn’t have pennies).
- English Website: Cathay United Bank
Chunghwa Post
Yes, even the Taiwan post office has a bank. Officially known as Chunghwa Post Co., Ltd, the Taiwan Post Office is run and operated by the Taiwanese government, making this a safe bet as a bank to open an account with. What’s more, post offices are everywhere, though many close quite early in the afternoon, so you won’t be pushed to find a bank that’s convenient for you.
- English Website: Chunghwa Post
FAQs
🤔 Do I need to speak Chinese to open a bank account in Taiwan?
While not everyone speaks English in Taiwan, many customer service reps at banks will be familiar with English banking terms. If you stroll up asking to open a bank account, chances are someone will understand you. However, for extra clarity, you may want to learn how to say 我想開一個銀行賬戶 (I want to open a bank account).
🤔 Can I open a bank account in Taiwan online?
Some banks in Taiwan do offer online banking services that include setting up bank accounts, however this isn’t recommended for foreigners. For starters, many of these services are in Chinese, making it tricky for foreigners to fully grasp what they’re getting into. Secondly, the majority of banks will require you to set up a bank account in person anyway.
🤔 How do I access online banking in Taiwan?
Online banking in Taiwan is extremely popular, with all major banks having a banking app where you can manage your finances and interact with (AI) customer service. Even debit account holders can get the app, although you’ll only be able to fully appreciate its services when your bank account has been set up.
Please visit the Apple Store, Google Play Store, or bank website of your bank for more information about accessing online banking in Taiwan.
Summary
Banking in Taiwan can be quite a hassle for foreigners if you don’t show up prepared, and if this happens multiple times it can impact your success rates of opening a bank account in Taiwan. Thankfully, with this checklist on what to bring with and detailed guide on what to expect, you can be receiving NTD in no time!