After spending over two years in Taiwan, we fell in love with the country and decided to become permanent residents by acquiring an APRC, Alien Permanent Resident Certificate (Read: How to become a Permanent Resident in Taiwan – A guide to APRC). As Taiwan has become like a second home, we understand the administrative tasks involved can be challenging and time-consuming. Therefore, we’re sharing useful insights to help others navigate these processes more easily.
In this post, we’ll walk you through the steps of opening a bank account in Taiwan as a foreigner.
What are the requirements to open a bank account in Taiwan?
To open a bank account in Taiwan, you will typically need the following documents:
- Your Alien Resident Certificate (ARC)
- Your Passport
- Approximately 1000 NTD (as your initial deposit)
Depending on the bank, you may also be asked to provide additional documents such as:
- A lease agreement to demonstrate proof of residency
- A Taiwan phone number
- For US Citizens: Social Security Number
During the application process, you may be asked a few questions including:
- What is the purpose of opening this account? (e.g., working in Taiwan, paying rent, etc.)
- Who do you work for? (It’s acceptable to state “unemployed” if you’re not currently working)
- Where do you live in Taiwan?
- What is the average amount that you’ll deposit into this account per month?
What to expect when opening a bank account
First and foremost, patience is key when it comes to opening a bank account in Taiwan 🙂
Unlike some other countries where online applications are common, all banks in Taiwan require applicants to present themselves in person at a branch and go through the application process with a bank representative. While this may seem old-fashioned, it’s the standard procedure due to the banking industry in Taiwan sometimes feeling decades behind that of the USA or other developed countries.
Additionally, it’s important to note that joint accounts are not permitted in Taiwan. Each individual must have their own bank account.
What are the best bank to open a bank account with
First of all, you would like to open a bank in the city you are leaving. You might also want to prioritize for a branch that is closer to where you stay.
From our experience we recommend the following two banks
Taipei Fubon Bank
This is the first bank where we opened our account, and we couldn’t be happier with the experience. The staff are incredibly friendly and go out of their way to assist foreigners.
One great feature is their ability to set up two-factor authentication (2FA) using a US phone number, including Google Voice. This is particularly convenient for managing your account online while traveling abroad. Additionally, they offer the convenience of accepting international transfers, and all it takes is a simple phone call to the bank to confirm receipt.
E.SUN Bank
When Mrs. NN needed to open a bank account, we opted for this second bank, which provided swift service in setting up our account. However, unlike our previous bank, they do not offer support for two-factor authentication (2FA) using non-Taiwan phone numbers. This means that if you’re frequently outside of Taiwan and need to wire money, you’ll need an alternative method to authenticate your account for money transfers. For those who spend significant time abroad, we recommend applying with Taipei Fubon Bank instead.
Also, when it come to accepting international transfers, we had to visit the bank in person.
How to transfert money in/out of Taiwan
When it comes to transferring money in and out of Taiwan, we highly recommend using Wise. This platform offers some of the lowest fees in the industry. To get started, you can create an account by signing up here. Additionally, feel free to read our detailed review: “A Reliable & Transparent Money Transfer Service: Wise (formerly TransferWise) Review“
Can Tourists opened a Bank Account in Taiwan?
Opening a bank account in Taiwan typically requires an Alien Resident Certificate (ARC).
Our Bottom Line
Opening a bank account in Taiwan involves gathering necessary documents like your ARC, passport, and an initial deposit, with additional paperwork possibly required depending on the bank. Expect an in-person visit and patience during the application process, as online applications aren’t common. While joint accounts aren’t allowed, options like Taipei Fubon Bank and E.SUN Bank offer excellent services, albeit with some differences in features. For transferring money in and out of Taiwan, Wise is our recommended options for its low fees.
Keep in mind that tourists generally need an ARC to open a bank account in Taiwan and that joint accounts are not common in Taiwan. Hopefully with the right preparation and understanding of the process, opening a bank account in Taiwan should be an easy experience.
What about you? Have you ever opened a bank account overseas or perhaps in Taiwan? Share your experiences with us by leaving a comment in the section below!
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