Can foreigners open a bank account in Taiwan?
Yes, but you need an ARC (Alien Resident Certificate). Without an ARC, most banks will not open an account for you. A few banks may accept passport-only accounts with very limited functionality.
What documents do I need?
| Document | Required? |
|---|---|
| ARC (Alien Resident Certificate) | Yes |
| Passport | Yes |
| Second form of ID (driver's license, student ID) | Sometimes |
| Proof of address (utility bill or rental contract) | Sometimes |
| Initial deposit | Yes (NT$100-1,000) |
| Company chop or employment letter | For payroll accounts |
Which banks are foreigner-friendly?
| Bank | English Service | Online Banking (English) | Notes |
|---|---|---|---|
| CTBC (中國信託) | Good | Yes | Most expat-friendly |
| E.SUN (玉山銀行) | Good | Yes | Good mobile app |
| Cathay United (國泰世華) | Fair | Partial | Large ATM network |
| Taipei Fubon (台北富邦) | Fair | Partial | — |
| Post Office (中華郵政) | Basic | No | Lowest fees, everywhere |
Step-by-step process
- Choose a bank — CTBC or E.SUN recommended for English support
- Visit a branch in person (no online account opening for foreigners)
- Bring all documents — ARC, passport, initial deposit
- Fill out forms — staff will assist, takes 30-60 minutes
- Set up online banking — ask staff to help activate
- Receive debit card — usually same day or mailed within a week
What kind of accounts can I open?
- Savings account (台幣存款): For daily use, NT$ only
- Foreign currency account (外幣帳戶): For USD, JPY, EUR, etc.
- Digital/Online savings (數位帳戶): Higher interest rates
Can I send money internationally?
Yes, through bank wire transfers. You'll need:
- Recipient's bank details (SWIFT code, account number)
- Purpose of remittance
- Some banks have annual limits for foreigners
Tip: Services like Wise or Western Union may offer better exchange rates for smaller amounts.
Common issues
- Branch-specific: Some branches are more experienced with foreign customers than others. Main branches in Taipei are usually best.
- Chinese-only forms: Some paperwork is only in Chinese. Bring a Chinese-speaking friend if your bank doesn't have English-speaking staff.
- Chop vs signature: Taiwan banks traditionally use personal stamps (chops). As a foreigner, you can usually use your signature instead.
- Phone number required: You need a Taiwan phone number for SMS verification.
Tips for expats
- Open your account ASAP after getting your ARC
- Ask for internet banking and mobile app setup at the same time
- Get a debit card with international withdrawal capability
- Consider opening a foreign currency account if you receive income in USD
- Keep your ARC updated — expired ARC = frozen account