How to Open a Bank Account in Taiwan

Having a bank account in Taiwan is essential for anyone living there, whether you are a student, an employee, or an entrepreneur setting up a company. 

To manage your finances conveniently and effectively, you'll need a local bank account, which can be used for everything from making everyday purchases to receiving payments in the New Taiwan dollar (NTD). 

If you find yourself lost in a pool of information about opening a bank account in Taiwan, don’t worry. This article will provide a step-by-step guide covering requirements and helpful tips to prepare you for the process. 

If you currently live in Taiwan or are planning to move there, you will need a local bank account to make transactions in NTD. This includes everyday expenses like paying rent, utilities, and groceries. 

Employers in Taiwan typically require you to open an account with a specific bank to receive your salary. Similarly, universities may also ask you to have a local bank account to receive scholarships. 

For entrepreneurs and businesses, having a Taiwanese bank account can streamline receiving payments, paying suppliers, and managing business finances since you won’t have to convert money regularly. 

The primary requirement to open a bank account in Taiwan is that you must be over 20 years of age. While Taiwanese citizenship isn't necessary, foreigners will need to provide additional documentation to open an account.

Here are the information and documents you will need to open a bank account in Taiwan:

• Valid Passport: Your passport must not be expired.
• Valid Visa: A valid visa allowing for an extended stay in Taiwan, such as a work, student, or resident visa. Tourist visas might not be sufficient at some banks. 
• Identification Documents: An Alien Resident Certificate (ARC), a Taiwan Employment Gold Card, or a Taiwan government-issued ID (such as a driver’s license). If you don't have an ARC yet, some banks may accept an ROC Unified Numbering Code as a temporary identification document. 
• Reason for opening a bank account: Such as for employment, studies, or business purposes.
• Taiwan Phone Number: You’ll need a local mobile number to receive OTP (one-time passwords) during the application process or for online banking services. 
• Addition Documents: Some banks may ask for additional supporting documents and information, such as proof of address, proof of university enrollment, tax identification number, and social security number (for US citizens). 

In addition to the supporting documents and information, you should also prepare a minimum deposit for your account. This varies depending on banks, but it is typically around NTD 1,000.

Keep in mind that the required documents and eligibility criteria vary from bank to bank and also depend on the account type you’re opening. For example, if you’re opening a business account, you will also have to provide details about your business, including company registration documents and a company seal (chop). 

Although most banks offer Internet banking services, you will likely have to visit a bank branch in person to open a new account in Taiwan. However, you can choose to open an account with a bank or with the postal savings system. 

The account opening process is different for each bank. However, it should follow these steps:

1. Choose a bank: Research and compare the services of different banks. Consider factors like mobile banking options, account fees, interest rates, and locations. Foreigners are advised to choose international banks with English-speaking staff if they are not fluent in Mandarin. 
2. Gather required documents: Prepare the required documents and information. 
3. Visit the bank: Visit the bank and follow the application process. Some banks require you to make an appointment in advance if you need assistance in English. 
4. Make an initial deposit: Most banks require an initial deposit, typically around NTD 1,000, and may also have ongoing minimum account balance requirements.
5. Wait for approval: Depending on factors like the account type, the bank may approve your application instantly or take some time to review it.

Alternatively, the Chunghwa Post in Taiwan also offers postal savings accounts that function similarly to traditional bank accounts, offering features like deposits, withdrawals, transfers, and Visa debit cards. 

You can open an account at a post office by following these steps:

1. Prepare documents: You’ll need your passport, an ARC or other government-issued ID, and a name stamp or seal in English or Chinese.
2. Visit a post office: Visit any post office branch in Taiwan, ideally the one close to you, as you might have to go back to get your ATM and debit cards.
3. Fill in the forms: You will need to complete an application form and, if applicable, a CRS self-certification form for tax purposes.
4. Submit the application and documents: Submit the form with the supporting documents to the staff member. 
5. Make an initial deposit: Pay the required amount to activate your account, usually around NTD 100 (in cash). 
6. Receive your passbook: You’ll be given a passbook for future transactions.

It’s important to note that Foreigners must apply themselves and cannot authorize others to do so on their behalf.

There are many different banks in Taiwan, each offering products and services catered to various banking needs. 

Let’s look at some of the foreigner-friendly options.

HSBC is an international bank with a global presence in 62 countries and jurisdictions, including Taiwan. It offers a comprehensive range of services, including NTD savings accounts, time deposit accounts, credit cards, and personal loans.

✔️ Extensive global network facilitating convenient international banking and transfers between HSBC accounts worldwide.

✔️ User-friendly online banking platform available in English, simplifying financial management for foreigners.

✖️ High minimum balance requirements, particularly for some accounts like HSBC Advance which require an average monthly balance of NTD 500,000.

E.SUN Bank is one of the leading Taiwanese banks. Headquartered in Taipei, it offers services to individuals, small businesses, and large corporations, including NTD and foreign currency accounts, loans, and insurance products.

✔️ Foreigners can pre-fill the application form online to open accounts at the branch and make an appointment beforehand to ensure English-speaking staff availability and reduce wait times. 

✔️ Supports PayPal withdrawals directly to E.SUN bank accounts in both NTD and USD, simplifying international fund transfers.

✖️ Fees can be high for certain transactions, such as ATM withdrawals outside the E.SUN network or international transfers.

Taipei Fubon Bank is a local bank in Taiwan. Founded in 2005 by a merger between Taipei Bank and Fubon Bank, its services include basic bank accounts, credit cards, and international remittances. Taipei Fubon Bank also has overseas branches in multiple locations, including Hong Kong, Singapore, and Australia, that offer corporate banking services to Taiwanese and Chinese enterprises. 

✔️ Extensive branches and ATMs throughout Taiwan, with several locations offering bilingual services.

✔️ Offers foreign currency deposit (FCD) accounts, which allow you to hold and manage funds in international currencies. 

✖️ The mobile banking app is currently only available in Mandarin. 

While opening a bank account in Taiwan might seem straightforward, foreigners may encounter some challenges. Understanding these potential hurdles can help you prepare for what to expect.

The common challenges include:

• Language barrier: While most banks offer English services at bilingual branches, having a basic understanding of Mandarin or bringing along a Mandarin speaker can be helpful.
• Traditional banking procedures: Opening a bank account in Taiwan often involves several steps and paperwork, which can be time-consuming. Having photocopies of necessary documents can significantly speed up the process.
• Limited bank opening hours: Taiwanese banks are typically open from 9 a.m. to 3.30 p.m., Monday through Friday. 
• Minimum balance requirements: Some banks may require account holders to maintain a minimum account balance for certain account types, which can be inconvenient for those with limited funds.
• Limited account options: Taiwan may have limited bank account options compared to other countries. Options like joint accounts and specific account features such as overdraft protection might be limited or have stricter eligibility criteria.
• Pricing structure: Understanding the fee structure for banking services, such as money transfers, ATM withdrawals, and monthly fees, can be complex and vary between banks. 

Debit card issuance: You typically have to request a debit card separately when opening an account.

Opening a bank account in Taiwan is an important step for anyone planning to stay or live there. While the process may involve some challenges for foreigners, understanding the requirements and preparing for what to expect can significantly streamline it. Remember to compare different banks and check for the latest information to find the best one for your needs.