Taiwan, officially known as the Republic of China, is a small island country located in East Asia. Its banking system is considered to be one of the most advanced in the region, offering a wide range of banking services to both local residents and expatriates. In this article, we will explore the banking system in Taiwan and provide information on how to open a bank account in Taiwan as an expat.
Main Local Banks in Taiwan
There are several local banks in Taiwan that offer a variety of financial services. Some of the main local banks in Taiwan are:
- Bank of Taiwan: https://www.bot.com.tw/
- Mega International Commercial Bank: https://www.megabank.com.tw/
- CTBC Bank: https://www.ctbcbank.com/en/
Major UK and USA Banks in Taiwan
There are several major UK and USA banks that have a presence in Taiwan. Some of these banks are:
- Citibank: https://www.citibank.com.tw/
- HSBC: https://www.hsbc.com.tw/
- Standard Chartered Bank: https://www.sc.com/tw/
Accounts and Services for Expats
Banks in Taiwan offer several accounts and services specifically aimed at expats. Some of these accounts and services are:
- Multi-currency accounts: These accounts allow you to hold and manage multiple currencies, making it easier to transfer money internationally.
- English language services: Many banks in Taiwan offer English language services, making it easier for expats to manage their finances.
- Credit cards: Banks in Taiwan offer a variety of credit cards that come with different benefits such as cashback, reward points, and discounts on travel and dining.
Typical Bank Opening Hours
The typical bank opening hours in Taiwan are from 9:00 am to 3:30 pm, Monday to Friday. Some banks also open on Saturdays from 9:00 am to 11:30 am.
Areas of Concern
There are no major areas of concern for expats regarding the banking system in Taiwan. However, it is important to note that some banks may require you to have a local address or identification card to open an account.
Opening a Bank Account
Opening a bank account in Taiwan as an expat is a straightforward process. Here are the steps you need to follow:
Step 1: Choose a Bank
Research and choose a bank that best suits your needs. Check their website or visit a local branch to learn more about their account options and requirements.
Step 2: Gather Required Documents
Prepare the required documents such as your passport, Alien Resident Card (ARC), and proof of address (such as a utility bill or rental agreement).
Step 3: Visit the Bank
Visit the bank of your choice and bring along the required documents. Meet with a customer service representative who will guide you through the account opening process.
Step 4: Complete the Application Form
Fill out the application form with your personal information and account details. You may also be required to provide information about your employment status and income.
Step 5: Fund Your Account
Deposit funds into your account to activate it. The amount required to open an account varies by bank.
Step 6: Receive Your Account Information
Once your account is activated, the bank will provide you with your account information such as your account number and online banking details.
In conclusion, banking in Taiwan offers a variety of services and accounts that cater to the needs of both locals and expats. Expats looking to open a bank account in Taiwan should research and choose a bank that best suits their needs, gather the required documents, and follow the steps outlined above to complete the account opening process.