Taiwan – Banking

What are the main banks in Taiwan?

Taiwan’s financial landscape is both sophisticated and diverse, offering residents — including those who have moved from abroad — a broad range of institutions through which to manage their money. The territory hosts 36 locally incorporated banks, 32 foreign bank branches, and 3 Mainland Chinese bank operations, making it a notably crowded market for an island of its size.

According to rankings published by the Banking Bureau of the Financial Supervisory Commission, the three largest institutions by total assets are the Bank of Taiwan, CTBC Bank Co., Ltd., and Mega International Commercial Bank. When measured by deposit volume, Chunghwa Post Remittances and Savings Bank leads the field.

The table below provides an overview of Taiwan’s most prominent banking institutions, along with notes relevant to foreign residents and links to official websites. Contact details and service offerings can change, so always verify directly with each bank or through the Financial Supervisory Commission (FSC).

Owing to its network of more than a thousand post offices spread across the island, Chunghwa Post commands the largest share of Taiwan’s deposit market. However, its financial offerings are primarily confined to savings and remittance services, and it does not provide the full spectrum of products you would find at a conventional bank. For those who need comprehensive banking facilities, opening an account with a domestic bank is the more practical choice. Check each institution’s official website for up-to-date branch information and contact details.

Do any major international banks operate in Taiwan?

Expats who are already customers of global banks such as HSBC, Barclays, Citibank, or Standard Chartered may find it reassuring to know that these institutions maintain a presence in Taiwan. That said, the range of retail products and services they provide locally can differ considerably from what they offer in their home markets, so it is worth contacting them directly to understand what is actually available before making any decisions.

For those who value familiarity and international connectivity, banks such as HSBC and Citibank — both of which have branches in Taipei — may offer advantages when linking to overseas accounts or handling multi-currency transactions. This can be particularly useful for expats who routinely send or receive money across borders.

It should be noted, however, that international banks operating in Taiwan often set significantly higher thresholds for account opening. This places them out of reach as everyday current accounts for many newly arrived expats, and makes them more appropriate for individuals with established wealth or those requiring sophisticated cross-border wealth management services.

The table below summarises the key international banks with a known presence in Taiwan. Always confirm current branch locations, service offerings, and account requirements directly with each institution, as these can change over time.

The retail branch availability and account conditions of international banks in Taiwan are subject to change. Readers should verify current information directly with each institution. The FSC maintains a complete and up-to-date list of all licensed foreign bank branches operating in Taiwan at fsc.gov.tw.

Do banks in Taiwan offer accounts or services specifically for expats?

Taiwan does not have a dedicated “expat account” product in the way that some offshore financial centres do, but a number of banks have put in place specialised services and dedicated counters to support foreign residents. The features available to you will generally depend on your residency status and the bank you select.

Institutions such as the Bank of Taiwan, Mega Bank, and Taipei Fubon Bank are frequently chosen by foreign residents, and some maintain international banking desks to guide newcomers through the account-opening process. Heading to a larger branch in a central urban area will generally improve your chances of finding English-speaking staff on hand.

The most common account categories in Taiwan are savings accounts, which serve everyday purposes including deposits, domestic transfers, and ATM card access, and foreign currency accounts, which are available at most major banks and allow customers to hold and transact in a range of international currencies.

Beyond the widely available US dollar, euro, and Japanese yen options, most Taiwanese banks support up to 15 foreign currency denominations in their deposit products. This means that maintaining foreign-currency savings alongside a New Taiwan Dollar account at the same bank is generally straightforward.

Those holding Taiwan’s Employment Gold Card — a combined work permit, residence permit, and re-entry permit designed to attract skilled overseas professionals — have access to more tailored banking pathways. Four state-owned banks have the most experience serving Gold Card holders: the Bank of Taiwan, Mega Bank, Hua Nan Bank, and First Bank, though each still carries out its own internal risk assessment. For the latest information on banking options for Gold Card holders, visit goldcard.nat.gov.tw.

Securing a credit card can be a challenge for expats who have not yet built up a financial track record in Taiwan. Banks such as Taishin Bank and Cathay United Bank may extend credit card facilities to foreign residents, but typically require evidence of a steady income and confirmed residency status. Eligibility criteria vary by institution and residency type, so check directly with each bank for current requirements as of 2025.

What are typical bank opening hours in Taiwan?

Most bank branches in Taiwan are open from 9:00am to 3:30pm, Monday through Friday. Certain branches extend their Saturday hours from 9:00am to 12:30pm, though Sunday openings are essentially non-existent. Branch closures also apply on Taiwan’s national public holidays throughout the year, so it is advisable to plan any branch visits around these in advance.

Many branches offer an appointment booking system, which can meaningfully reduce waiting times — particularly for more involved transactions such as opening a new account or applying for a loan, where walk-in queues can stretch to several hours at busy locations.

Since account opening cannot be done remotely at most banks, set aside a full morning or afternoon and aim to arrive during quieter periods. Earlier in the morning and earlier in the working week tend to be less congested than Friday afternoons, for instance.

Online banking is available through most banks, though English-language versions of websites and apps are not universal. While digital platforms are predominantly in Mandarin, they are generally secure and well-suited for routine tasks such as bill payments, transfers, and account management. Taiwan’s ATM network is exceptionally dense — averaging around 165 machines per 100,000 adults, considerably above the global norm — so cash access outside of branch hours is rarely a problem.

What do expats need to know about the banking system in Taiwan?

Taiwan’s banking sector is firmly regulated and in robust financial health. The non-performing loan ratio has stayed below 1 percent since 2010, standing at just 0.15 percent as of December 2024 — a compelling sign of system-wide stability. Capital adequacy ratios are consistently strong, and many of Taiwan’s leading commercial lenders are government-controlled, benefiting from an implicit state backstop. The sector’s capital-adequacy ratio reached 15.07 percent as of December 2024, far exceeding the minimum required under Basel III.

Deposit insurance: The Central Deposit Insurance Corporation (CDIC) exists to safeguard depositors’ interests in licensed financial institutions, uphold credit order, and support the healthy development of the financial sector. In broad terms, its role is comparable to that of deposit protection bodies such as the FSCS in the United Kingdom or the FDIC in the United States, though the specific coverage limits and qualifying account types differ. For the current per-depositor protection amount, consult the CDIC directly, as limits are subject to revision.

Currency and foreign exchange: The New Taiwan Dollar (NTD) operates under a managed float regime. International wire transfers from Taiwan are permitted without restriction — unlike mainland China, Taiwan imposes no foreign exchange controls, though standard banking fees apply. Funds may be freely converted into the major world currencies for overseas remittance; funds retained in Taiwan must be held in currency denominations that local banks support.

Language barrier: Navigating the Taiwanese banking system as a foreign resident can be a frustrating experience, particularly when staff familiarity with policies for non-nationals varies even within the same institution. Choosing a larger city-centre branch and calling ahead to confirm the availability of English-speaking staff can significantly improve the outcome. FSC data for 2024 recorded meaningful growth in the number of banks establishing bilingual service counters, signalling a gradual improvement in accessibility for non-Mandarin speakers.

The chop/seal requirement: One of the more distinctive features of Taiwanese banking is the use of a personal stamp (印章, pronounced “yìnzhāng”) as a legally recognised identifier. In Taiwan, this seal carries the same standing as a handwritten signature and has traditionally been considered more difficult to counterfeit. Name stamps can be obtained from locksmith shops (開鎖店) for around NT$100. Some banks are now willing to accept a conventional signature in lieu of a stamp, but having one prepared before your branch visit is strongly advisable.

Financial inclusion: As of 2024, 93.3 percent of adults in Taiwan held a bank account, and 81.6 percent used digital payment methods — both figures exceeding global averages. Regulatory oversight of Taiwan’s financial system is shared between two bodies: the Financial Supervisory Commission (FSC) and the Central Bank of the Republic of China (Taiwan) (CBC). The FSC’s website can be found at fsc.gov.tw, and the CBC at cbc.gov.tw.

How Do I Open a Bank Account in Taiwan as an Expat?

Foreign nationals can open a bank account in Taiwan, though there are specific requirements to satisfy and steps to follow. While the process is comparatively straightforward for Taiwanese citizens, foreign residents are required to attend a branch in person to complete their application. Plan to set aside at least half a day. The steps below describe the standard process for resident expats; always confirm the precise requirements with your chosen bank before making the trip.

1. Obtain your Alien Resident Certificate (ARC)
   The ARC is the principal identification document that most domestic banks require from foreign applicants. If you hold a Gold Card, this serves the same purpose as an ARC. If your ARC has not yet been issued, you can open a basic savings account at Chunghwa Post by presenting a Record of ID No. in the Republic of China, which is obtainable from your local immigration service station.
2. Get a personal name stamp (印章)
   The majority of banks require a personal seal bearing your name, though some will accept a handwritten signature. Even if you do not have a Chinese name, a stamp engraved with your name in the Latin alphabet is perfectly acceptable. Stamps are inexpensive and widely available from locksmith shops across Taiwan — typically costing around NT$100 as of 2025.
3. Choose your bank and account type
   Begin by identifying which type of account fits your needs. The two most common categories are savings accounts for day-to-day transactions including deposits, transfers, and ATM access, and foreign currency accounts for holding and managing funds in multiple currencies. Banks with a reputation for being more accessible to foreign customers include Cathay United Bank, which tends to have relatively relaxed requirements for non-nationals and offers bilingual services.
4. Gather your documents
   You will typically need to bring your ARC, your passport, proof of your residential address in Taiwan, and evidence of employment or the source of your funds. A local Taiwanese phone number is also required for receiving one-time passwords during the application and for subsequent online banking use. Depending on the institution, you may additionally be asked to provide a Tax Identification Number (TIN) issued by the Taiwanese tax authority.
5. Visit the branch in person
   Account opening requires a physical visit to the branch during operating hours — generally between 9:00am and 3:00pm on weekdays. The in-branch process typically lasts between one and three hours. Be prepared for staff to ask about your occupation, your employer, and your reasons for wishing to open an account in Taiwan.
6. Make your initial deposit
   Certain banks require a minimum opening deposit, usually in the range of NT$1,000 to NT$3,000 (roughly USD 30–100) as of 2024/2025. Ongoing account maintenance fees are generally not charged in Taiwan, keeping the long-term cost of holding a standard account low. Confirm the minimum deposit requirement with your chosen bank before your visit, as amounts vary.
7. Receive your passbook and ATM card
   After your account has been opened, the bank will ordinarily provide you with a passbook and an ATM card. It is worth requesting that your ATM card be issued with Visa debit functionality; without this, the card will be restricted to cash withdrawals at ATM machines. Some banks, including the Bank of Taiwan, mail the ATM card to your address within approximately a week of account opening rather than issuing it on the spot.
8. Set up online and mobile banking
   Once your account is active, enrol for online banking through your bank’s website or mobile application. Bear in mind that most banking apps default to Mandarin; choosing a bank with a bilingual digital offering — such as CTBC Bank or E.SUN Bank — will make routine management considerably more convenient. Your local Taiwanese phone number will be needed for SMS-based verification each time you log in.

For authoritative and up-to-date requirements, consult your bank’s official website directly, or refer to the Financial Supervisory Commission (FSC). If you hold an Employment Gold Card, further guidance is available at goldcard.nat.gov.tw.

What banking and payment apps are widely used in Taiwan?

Taiwan’s digital payments environment is vibrant and growing. As of 2024, 81.6 percent of adults used digital payment methods — above the global average. Although cash still represented more than 42 percent of total transaction volume in 2023, the overall trend is unmistakably towards cashless, and most expats living in urban areas will encounter contactless and mobile payment options at the vast majority of shops, restaurants, and online retailers.

Global wallets such as Apple Pay and Samsung Pay function in Taiwan by linking to compatible credit or debit cards, but locally developed platforms dominate the mobile payments scene. LINE Pay and JKOPay are two of the most widely used tools for QR-code and mobile payments, and both extend well beyond simple transactions — users can also send money to contacts, settle utility bills, and purchase event tickets.

LINE Pay, JKOPay, and Taiwan Pay have all established themselves as mainstream everyday payment tools. As of December 2024, JKOPay held approximately 21.6 percent of the electronic payments user base, followed by PXPay Plus at 17.1 percent, EasyCard at 10.9 percent, and E.SUN Bank at 8.8 percent. LINE Pay holds the leading position overall.

The EasyCard is a reloadable contactless smart card used primarily for public transport — including the MRT and buses — as well as for parking, bicycle rental, and payments at convenience stores. First launched in 2002, it has become one of the most practical everyday tools for both local residents and newly arrived expats. EasyCards can be purchased at any MRT station, at convenience stores, and from EasyCard service centres in the main cities. For many new arrivals, obtaining an EasyCard is among the first practical steps they take.

Regarding international fintech services: PayPal is accepted in Taiwan for online transactions, though its functionality may be more limited here than in some other markets. Wise and Revolut have restricted integration with the Taiwanese banking system, which is among the more common challenges flagged by expats using Taiwan’s financial services. The regulatory framework for electronic payments in Taiwan falls under the Electronic Payment Institutions Act (E-payment Act). Overseas fintech providers must comply with Taiwanese anti-money laundering registration requirements before they can offer services locally. Always verify the current availability of any international app in Taiwan directly with the provider before depending on it for day-to-day use.

How can expats manage money between Taiwan and their home country?

Sending money abroad from Taiwan is a generally uncomplicated process. There are no foreign exchange controls in Taiwan — a significant benefit compared with a number of neighbouring countries in the region — so funds can be wired overseas freely. That said, fees do apply, and it is worth taking time to compare rates and charges across the available options.

For conventional bank-to-bank international transfers conducted via the SWIFT network, charges vary from institution to institution. Some international banks, such as HSBC and Citibank, may waive transfer fees but offset this through higher account minimum requirements or other conditions. For Taiwan’s domestic banks, expect both an outward remittance fee on the sending side and a potential intermediary bank charge at the receiving end. Always request a full breakdown of costs before initiating a transfer, and confirm these details directly with your bank as fees are subject to change.

For larger remittances, it is worth noting that in 2024, Taiwan’s Central Bank doubled the annual cumulative remittance ceiling for individuals to USD 10 million, as part of a broader effort to develop Taiwan as a regional asset management centre. While this threshold is well beyond the needs of most individuals, large or repeated transfers may attract scrutiny under anti-money laundering (AML) rules, and banks may ask for supporting documentation explaining the nature and origin of the funds.

The repatriation of capital invested in Taiwan must be reported in advance to the Investment Review Department (IRD) of the Ministry of Economic Affairs, though IRD approval is not required. For private individuals — rather than corporate entities — routine salary remittances and personal savings transfers generally do not require prior authorisation, though retaining clear documentation of the source of funds is a sensible precaution.

For smaller transfers, services such as Wise and Western Union can offer more competitive exchange rates than standard bank wires, though as noted elsewhere, the integration of international fintech platforms within Taiwan’s banking ecosystem is not without limitations. PayPal remains a viable option for online payments. Since the exchange rate applied to any currency conversion is determined by each provider’s market rate, it is worth comparing options before committing to a transfer. For authoritative guidance on foreign exchange regulations and reporting requirements, refer to the Central Bank of the Republic of China (Taiwan) and the Ministry of Finance.

Frequently Asked Questions

Do I need an Alien Resident Certificate (ARC) to open a bank account in Taiwan?

Most domestic banks in Taiwan require a valid ARC as the primary identification document for foreign applicants. If you have not yet received your ARC, you can still open a basic savings account at Chunghwa Post by presenting a Record of ID No. in the Republic of China, which can be obtained from a local immigration service station. This can function as a stopgap while your ARC application is being processed. Always confirm the most current requirements with the institution you intend to use.

Can I open a bank account in Taiwan before I arrive?

Remote or online account opening for new foreign residents is not widely supported at most major Taiwanese banks — you will normally need to attend a branch in person with your documentation. This means you will generally need to be present in the country before you can establish an account. Some banks are beginning to extend digital account services, but availability varies; it is worth checking with individual institutions for the latest options.

What is a personal chop (印章) and do I really need one?

A personal stamp, or chop, carries the same legal standing as a handwritten signature in Taiwan and has traditionally been a standard requirement for banking and other administrative tasks. While some banks will now accept a conventional signature as an alternative, it is prudent to have a stamp made early in your relocation process, as it may also be needed in contexts beyond banking. Stamps cost around NT$100 and are easily made at locksmith shops (開鎖店) throughout Taiwan.

Are deposits in Taiwanese banks protected?

The Central Deposit Insurance Corporation (CDIC) is responsible for protecting depositors’ interests in licensed financial institutions, preserving credit order, and supporting the sound development of Taiwan’s financial sector. In practical terms, it performs a comparable function to schemes such as the FDIC in the United States or the FSCS in the United Kingdom, though coverage amounts and eligible account types are governed by Taiwan’s own rules. For the most current per-depositor protection figures, consult the CDIC directly, as limits can change.

Is digital banking widely available for expats in Taiwan?

Most Taiwanese banks offer mobile apps and online banking platforms, though these predominantly operate in Mandarin rather than English. For expats who are not comfortable reading Chinese, banks such as CTBC, Cathay United Bank, and HSBC Taiwan tend to provide more accessible English-language digital services. FSC data from 2024 documented notable growth in the number of banks launching bilingual service counters, suggesting that the situation for non-Mandarin speakers is gradually improving.

Are there any restrictions on holding foreign-currency accounts in Taiwan?

There are no general restrictions preventing foreign residents from opening foreign-currency accounts in Taiwan. Beyond the most commonly held US dollar, euro, and Japanese yen accounts, most Taiwanese banks support up to 15 different foreign currency denominations. Funds can be freely converted into major global currencies for remittance purposes. The specific currencies and account types available will depend on your chosen institution, so confirm current options directly with your bank.

Can I use international payment apps like Revolut or Wise in Taiwan?

Both Revolut and Wise have limited integration with Taiwan’s banking infrastructure, which means their day-to-day functionality within the country may fall short of what users are accustomed to elsewhere. They can still be useful for sending money internationally. For everyday payments within Taiwan, local platforms such as LINE Pay and JKOPay are far more widely accepted. PayPal is supported for certain online purchases. Before relying on any specific international app, verify its current availability and limitations with the provider directly.

How long does it take to open a bank account in Taiwan?

Expats should budget at least half a day for the account-opening process. Once at the branch, you can typically expect to spend between one and three hours completing formalities. Staff may ask questions about your employment, employer, and reasons for opening an account. To minimise delays, visit during off-peak hours — earlier in the morning and earlier in the week tend to be quieter — and arrive with all your documents prepared: ARC, passport, name stamp, proof of address, and a local phone number. Larger branches in city centres are more likely to have staff capable of assisting in languages other than Mandarin.