The 5 Best Banks for Foreigners in Taiwan

You’re thinking of opening a bank account in Taiwan (all the steps are explained in this Poprooms article : https://pop-rooms.com/getting-a-bank-account-in-taiwan-for-foreigners/); but you don’t know which bank to choose ? This article analyzes your interest in opening a bank account as a foreigner in Taiwan; and suggests the 5 best ones to make your decision easier.

WHAT TYPE OF BANK FOR FOREIGNERS ?

What criteria should we use to make this Bank’s choice ? It would be a question of finding a large bank with significant investments in Taiwan and abroad. So we’re leaning more towards international banks : no fees whatever ATM the user chooses; the use of English (bank employees, website and applications); knowledge of regulations for foreigners in the Republic of China (e.g. ARC or ID); a practical application for managing daily expenses; an attractive monthly interest rate; and the ability to transfer money easily.

THE 5 BEST BANK FOR FOREIGNERS IN TAIWAN

Here’s our list of the 5 best banks for foreigners in Taiwan, but don’t hesitate to read the banks’ share policies on their websites to target your own interests. Each bank has its own advantages and disadvantages, such as your individual needs and preferences. You should also be aware of your employer’s requests : they sometimes ask you to use a specific bank to facilitate financial exchanges within the company.

– CTBC Bank for convenience (https://www.ctbcbank.com/twrbo/en_tw/index_en.html)

This is one of Taiwan’s largest private banks. These ATMs are in permanent operation at 7-11, and you have access to an online banking application. If you work for an international company, CTBC Bank offers overseas operations. They have numerous banking services : loans, wealth management, investment services. The diversity of bank accounts available makes it easy for foreigners to find the right one for them.

– Chungwa Post Bank for its knowledge of foreign regulations (https://www.post.gov.tw/post/internet/U_english2/index.jsp?ID=3515040101)

It is a government-funded bank (the national postal service). They promote finance accessibility for all kinds of people, including foreigners. with easy ATM withdrawals or transfers with no time interruptions, and insurance options; you can be confident in their knowledge of your particular situation in Taiwan as a foreigner.

– ESUN Bank for ease of money movement (https://www.esunbank.com/zh-tw/Bank-EN)

Possibility of storing money in your own country (foreign currencies), travel advantages of its cards (if you travel a lot), and the only Taiwanese bank to have partnered with PayPal. You’ll be able to combine your international finances with local Taiwanese ones, and maintain the banking habits you had in your own country.

– Mega Bank for security (https://www.megabank.com.tw/en-us/english/ebank/personal/ebank)

One of Taiwan’s best-known international banks, it’s even possible to have your account application papers in English (which makes your knowledge of this bank’s commitment more secure). They are committed to corporate social responsibility programs. Then, their online banking application gives you complete control over your actions.

– Standard Chartered for investing money (https://www.sc.com/tw/en/)

The monthly interest is based on how much you have in your account, and payments and withdrawals abroad are free of charge. They are involved in community development projects.

FEEDBACK OF A PERSONAL EXPERIENCE

After Finding a job in Taiwan, I headed for a Taiwanese bank (whose name I won’t mention, but which is not on our list above). This bank was linked to the company I was working for (as we mentioned earlier, employers may ask you for a specific bank for currency transfers within the company). So, I had with me all the necessary papers to open a bank account and receive my salary. However, the employers didn’t speak English and wouldn’t accept my ID proof (I didn’t have an ARC or APRC). Communication was difficult, and I was redirected to another bank with the possibility of finding out what is ID from the immigration office. From this experience, here’s what I would like to share with you :

• It’s important to get informed about the bank you choose, by a phone call, reading the website, or finding testimonials on forums for foreigners in Taiwan (blog, Facebook pages…).
• You always have to be prepared for the language barrier. Even if some banks stipulate that they offer customer service in English, it all depends on which bank and which employee we meet on the day. That’s why we need to adapt. Then, see if there’s a possible compromise to facilitate future exchanges with that bank.
• The international banks are the ones advised by the Taiwanese themselves when our immigration papers, our language, or our international finance projects are stipulated to them.