You should check with your bank on their requirement. If you have an employer in Taiwan but no ARC yet, you may be able to open an account by apply for an account by using a Taiwan Uniform ID number, which any foreigner can get at the immigration office. Some banks may let you get away with just using a signature or fingerprint. See the photo below for an example of a locksmith shop in Taiwan. A stamp/seal/chop (印章 Yìnzhāng) with your name on it (you can get one for about 100 NT at any locksmith shop (開鎖店 Kāisuǒ diàn).Q: What do I need to open an account? How do I open a bank account in Taiwan?Ī: Typically as a foreigner in Taiwan you need to have the following:
If you don't speak Chinese, it may be a good idea to bring a Taiwanese friend with you to help with communication. Also some bank tellers do not speak very good English so you may have a rough time opening an account. However it is a tedious process especially if you are a USA or EU citizen because of extra paperwork. Q: Can foreigners open bank accounts in Taiwan?Ī: Yes. This means that an expat can open quite a few bank accounts if he/she switches jobs a lot. Q: Do I need a bank account to work in Taiwan?Ī: Technically your employer can pay you in cash, but most employers will require you to open an account at a certain bank to receive salary. For more information about this currency, check out our very detailed blog here. There are a total of 36 local banks, 32 foreign banks, and 3 Mainland Chinese banks.Īll of these banks have a three digit code to differentiate them.Ī: Taiwan uses the New Taiwan Dollar (NT, NTD, or TWD). Q: What is the banking environment in Taiwan like?Ī: Currently the banking sector is very competitive for a small island of only 24 million people.
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