How Easy It Is To Get a Bank Account In Taiwan

Setting up a bank account in Taiwan is pretty easy comparing to getting a visa or ARC. What you’ll need to bring to your bank is your passport and ARC. You will just need to tell the bank teller what you need and she/he will assist you with the paperwork.

So what do you need to tell the bank teller?

Most banks will have someone who speaks and want to speak English so you don’t need to worry about language. Most contracts also have an English version. What you need to tell the bank teller is that you want a “Demand Deposit” account. This will not allow you to write any checks but give you access to unlimited ATM withdrawals in Taiwan. It will cost you NT$7 for every withdrawal.

But which bank?

For Demand Deposit account, there is practically almost no difference with all the major banks. You will automatically get taxed 20% for your interest earnings. E.g. You have NT$100,000 in your bank and the interest rate is 1%. You would’ve earned NT$1000 in interest. The government will automatically take NT$200 (20% of your NT$1000) from your account. No paperwork will be needed.

So what should I look for?

Your primary concern should be number and location of offices for your bank. You should look for a bank that is near your home, workplace, school or places you regularly frequent.

Oh and, almost universally,  banks closes at 3:30 PM in Taiwan. So go early if you want to run your errands!

If you need assistance travelling in Taiwan, take a look at our exclusive Tofu Daily CONCIERGE service here.

Leave a Reply

Your email address will not be published. Required fields are marked *