Whether you are a citizen, tourist, immigrant, resident, or a foreigner, a Taiwanese bank account is essential to get your financial transactions done on a daily basis. Open bank account in Taiwan involves all the legal documentation and applications to get a working bank account. If you’re a foreigner and would be aspiring to launch a business in Taiwan, read this article to the end to see the steps involved in corporate bank account opening in Taiwan.
Why Need a Bank Account in Taiwan?
Residents, foreign investors, and anyone working in Taiwan may need to open a bank account in other to receive and make payments and carry out other transactions. To set up a business entity in Taiwan will also need to open a corporate bank account.
How Can a Foreigner Open a Taiwanese Bank Account?
Foreigners can open a bank account in almost all Taiwan banks. A foreigner will need to provide certain documents to be approved of a bank account. To be eligible for a bank account in Taiwan, as a foreigner, you must be at least 20 years old and have proof of a residential address in the country. You’ll need an Alien Resident Card (or Taiwan ID) and a valid passport to create a local bank account.
What Do You Need To Have a Taiwanese Bank Account?
To open a bank account in Taiwan, you will need the following documents:
- Reason to open the bank account
- An ARC (alien resident certificate) or a Taiwan ID issued by the Taiwanese government
- A valid passport is required
- Local phone number
- A valid email address; the mailing address should not be a PO box or a hotel address.
- A minimum deposit amount of around NT$1,000 varies from bank to bank.
- Other documents (depends on the reason you provided to the banker)
Which Bank is Best in Taiwan for Foreigners?
There are many banks in Taiwan, with each one having its own unique features. The best bank to open an account with will be one that perfectly suits individual or business needs. The terms and conditions of working with these banks could vary from time to time. The following are some of the most popular choice of banks in Taiwan that supports opening an account for foreigners.
- TAIPEI FUBON BANK – This bank allows you to make deposit with foreign currency
- HUA NAN BANK – They have one of the easiest and smoothest bank account opening processes for business and foreign companies
- CHUNGHWA POST BANK- Foreigners can obtain a visa debit card for their bank account with Chunghwa Post Bank
- CTBC BANK – They have good customer service and supports foreign business account
- DBS BANK – They provide English communication service and good ebanking system
- Barclays, HSBC, Citibank, and Standard Chartered bank are other global banks that can offer international transactions in Taiwan
Opening a Business Bank Account in Taiwan
To successfully incorporate a business in Taiwan, you are required to open a local bank account. A business bank account is the preferred type of account for local and foreign companies looking to do business in Taiwan. Likewise, offshore companies who want to incorporate a representative office in Taiwan and needs banking transactions can also open a business account.
Challenges You May Encounter When Opening a Bank Account in Taiwan
Sometimes a bank may still not grant you your bank account request due to some issues in other to keep up with regulations. Some of the challenges you may face when opening a bank account includes
- Most banks in Taiwan do not have indigenous English speakers, so communication may be a problem without the help of a translator.
- Debit card functionality is also a problem as many functions which are expected to be part of a debit card are not featured in most Taiwanese bank debit cards.
- The banker may refuse if the purpose to which the account is to be opened is not stated clearly
- Setting up online banking is a different thing entirely with most banks in Taiwan and may require additional application.
- Usually, the physical presence of the person opening an account is required. This poses a great difficulty for online account opening.
How Premia TNC Can Help You with Opening A Bank Account In Taiwan
If you need help with the process of setting up a bank account in Taiwan, at Premia TNC, we can help you sort out your banking options and work with you on the account opening process. We are a firm with over 19 years of expertise as an intellectual property representative. We have assisted many people, corporations, and organizations with company incorporation as well as bank account opening in Taiwan.
Frequently Asked Questions about Opening A Bank Account In Taiwan
Can I exchange foreign currency with Taiwan bank accounts?
You can do a foreign currency exchange with a Taiwanese bank account. Most Taiwan banks offer foreign currency exchange at rational rates. So if you are travelling to or out of Taiwan, exchanging currency with your Taiwanese bank account is possible. You can also use your bank branch at the airport and borders for currency exchange.
Who can open a Taiwan bank account?
Anyone above the age of 20 can apply for a bank account. Whether citizens or foreigners, applicants who possess a government-issued passport or verifiable document can open a bank account. Tourists and travellers looking to move into the country are also eligible for a bank account opening in Taiwan.
How to get a Taiwanese credit card?
Getting a credit card in Taiwan is possible through some basic ways.
A financial background check is performed where you will be required to sign a paper allowing the bank issuing the card to check your annual salary with the tax office.
Another method is through the use of a tax guarantor. This means that another Taiwanese individual will act as your tax/legal guarantor, and they will be held liable if you do not make payments on time. This is usually your spouse or a member of your family. Some banks, such as Shanghai Bank, will have special requirements.
The third method is by way of a guaranteed deposit. You would deposit the credit card limit into the bank, which the bank would use as collateral if you did not pay. If you don’t have a tax guarantor, some banks may request this.
