How to Open a Bank Account in Taiwan as a Foreigner [2025]

Relocating to a new country often brings a series of tasks, and opening a local bank account is one of the most important.

Whether you're here for work, studies, or to start a business, having a local bank account makes it much easier to receive salaries, pay bills, and send payments. The process of opening an account, however, can be different from what you're used to back home.

In this article, we’ll guide you through everything you need to know about opening a bank account as a non-resident. Here’s what we’ll cover:

✅Documents you need to open an account

✅What to do if you don’t have an ARC yet

✅Steps to open an account in Taiwan

✅Top banks for foreigners.

We will also introduce an alternative solution for businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI) at the end of this article.

Yes, foreigners can open a bank account in Taiwan, but there are certain requirements and processes to follow. While the process is more straightforward for Taiwanese citizens, foreigners need to visit a branch in person to complete the application.

What Do You Need to Open a Bank Account in Taiwan?

While requirements may vary depending on the bank and account type, the following are generally needed.

For Personal Account

• Valid Passport
• Alien Resident Certificate (ARC) or Employment Gold Card
• Stamp/Seal or Signature: Most banks require a seal with your name, but some accept your signature.
• Proof of Residential Address in Taiwan: Such as a utility bill or rental agreement.
• Initial Deposit: Usually around NT$1,000
• Local Phone Number: Required for receiving OTPs (one-time passwords) during the application and for online banking.

For Business Account

• Certificate of business registration
• Tax Identification Number (TIN): Issued by the Taiwanese tax authority.
• Identification documents: For the legal representatives or authorised signatories.
• Company seal and representative’s personal seal
• Proof of address for the company
• An initial deposit: Depending on the bank’s policy

What If I Don’t Have an ARC Yet?

Good news. You can open a savings account at Chunghwa Post (the Taiwanese postal service) without an ARC.

In addition to your passport, you'll need a Record of ID No. in the Republic of China. You can obtain it at your local immigration service station. For assistance, call: 02-2388-9393 or 0800-024-111.

You may also be asked for secondary identification, such as your National Health Insurance card or driver’s licence. Once ready, you must be present at the post office to apply for an account.

Do note that the account is limited to basic banking services. For full banking features, you'll need to open an account with a domestic bank after obtaining your ARC.

5 Steps to Open a Taiwanese Bank Account

Here’s a step-by-step guide to opening a bank account in Taiwan.

Start by deciding which type of account best suits your needs. Common options in Taiwan include:

• Savings Account: Typically used for everyday banking, including deposits, transfers, and ATM card access. It functions similarly to a checking account in the US.
• Deposit Account: Often used for long-term savings with higher interest rates, but with restrictions on withdrawals.
• Checking Account: Primarily used for business or corporate needs, including cheque writing and regular payments.
• Foreign Currency Account: Available at major Taiwanese banks, allowing you to hold and manage funds in various currencies, useful for international transactions.

Next, choose a bank that works for you. Look for things like English support, online banking, ATM access, and branch locations.

Be sure to check key fees such as the monthly fee, transfer fees and ATM fees to understand the cost of having and maintaining the account, so there are no surprises.

Make sure you have all the necessary documents ready before heading to the bank. It's a good idea to call ahead or check the bank’s website to confirm what you'll need for the type of account you’re opening.

Some banks offer an online application form, while others let you download and complete the form before submitting it at the branch.

Schedule an appointment with the bank before your visit. Once you're there, you’ll submit your application and supporting documents for your bank to review.

After submitting your documents, carefully review the terms and conditions of the account.

Once you confirm everything, the bank will ask for an initial deposit, typically around NT$1,000 for personal accounts.

Once your application is approved, you’ll receive your passbook, debit/ATM card, and account details. You’ll also be asked to download the bank’s mobile app and set up online banking for easy account management.

Opening a bank account in Taiwan as a foreigner is easier with these top banks, known for their services and English support.

E.SUN Commercial Bank, founded in 1992, is one of Taiwan's leading private banks. Known for its user-friendly digital banking platform, E.SUN provides a range of banking services, such as savings accounts, loans, credit cards, and multi-currency accounts.

• Total Assets: Over $120 billion
• Branch Network: 139 branches and 13 corporate banking centres.
• ATM: 800+ ATMs; you can find them in most Carrefours nationwide.

Cathay United Bank is part of the Cathay Financial Holding Company, one of Taiwan’s largest financial groups. Established in 1975, the bank offers comprehensive range of financial products, which include savings, current, and multi-currency accounts, as well as loans and credit cards.

• Total Assets: Over $140 billion
• Branch Network: 168 branches
• ATM: 4,700 ATMs nationwide

Founded in 1966, CTBC Bank is one of the largest private banks in Taiwan and a leading player in Asia. It offers a wide range of services, including personal banking, business accounts, credit cards, and investment solutions. CTBC Bank has a solid presence both domestically and internationally, catering well to foreign nationals living and working in Taiwan.

• Total Assets: $215 billion
• Branch Network:  154 branches
• ATM: 6,000+ ATMs nationwide
• Has a presence in 14 countries, including Mainland China, Hong Kong, Japan, Singapore, Indonesia, Thailand, India, Malaysia, Vietnam and the US.

Mega International Commercial Bank, also known as Mega Bank, is a state-owned bank established in 1949. As a major player in Taiwan’s banking sector, it offers a wide variety of services, including personal banking, business banking, and international finance.

• Total Assets: $130+ billion
• Branch Network: 108 branches
• ATM: 373 ATMs

HSBC Taiwan is part of the global HSBC Group, one of the largest and most well-established banking organisations in the world. Operating in Taiwan since 1984, HSBC offers an extensive range of services, from personal and business banking to wealth management and international trade services. Known for its global reach, HSBC is the go-to bank for many foreigners and multinational businesses in Taiwan.

• Total Assets: $3 trillion
• Branch Network: Over 9,000 worldwide, including 26 outlets in Taiwan.
• ATM: 10,000+ ATMs across Taiwan through the FISC network.
• Global presence in 62 countries

For businesses registered in Hong Kong, Singapore and the BVI, we recommend Statrys.

Founded in 2019, Statyrs is a licensed payment service provider in Hong Kong, offering payment solutions tailored to modern businesses.

With Statrys, you can hold and manage funds in 11 currencies, including HKD, SGD, RMB, JPY, USD, EUR, and GBP, in one account number. You can also make local payments in 12 currencies, including TWD, allowing faster payments to suppliers or employees in Taiwan.

You can also:

• Issue multiple payment cards for your team
• Access to FX rate based on mid-market rate with fees as low as 0.1%
• Get personalised support from your account manager via WhatsApp, phone and more.

Below is a summary of Statrys’ services