Are you intending to shift to Taiwan or do business there?
One of the foremost kinds of stuff you’ll have to perform is to open bank account in Taiwan. Taiwan has a rich cultural heritage, technological advancements, and a vibrant economy, and has become a popular location for many foreigners.
However, opening a business bank account in Taiwan as a non-resident might not be as easy as it seems. The process can be complicated and come with a cluster of difficulties. From language barriers and documentation requirements to residency status and bank fees, there are various factors to consider. However, with the right knowledge and preparation, it is certainly possible to successfully open bank account in Taiwan and enjoy the benefits of local banking services.
In this article, we will give you in-depth information on how to open bank account in Taiwan as a foreigner. So, let’s dive in and explore the details of opening a business bank account in Taiwan as a foreigner.
Looking to register a business in Taiwan? Read our blog for complete details.
Different types of bank accounts in Taiwan
Eventually, there are numerous forms of bank accounts in Taiwan, including:
- Savings Accounts: A basic account that permits individuals to deposit and withdraw money. Interest rates are typically low, but savings accounts are convenient for everyday banking needs.
- Checking Account: A transactional account that allows individuals to store and withdraw funds, also compose checks and use debit cards for purchases.
- Time Deposit Account: An account that allows individuals to deposit money for a fixed term, ranging from one month to several years. Interest rates are generally greater than savings funds, but funds cannot be accessed until the term is complete.
- Foreign Currency Account: An account that allows individuals to hold and transact in foreign currencies, such as US dollars, euros, or Japanese yen.
- Investment Account: An account that permits individuals to finance shares, bonds, and other monetary goods. Investment accounts typically require a higher minimum deposit and might be liable for huge fees and troubles.
How to open a business bank account in Taiwan?
To open a business bank account in Taiwan, you will need to follow these general steps:
Step 1:- Choose a Bank
Research and choose a bank that best suits your needs, and ensure that it offers services in your preferred language. You might even wish to evaluate elements like ATM locations, online banking services, and fees.
Step 2:- Collect Required Documents
Compile all the essential papers mandated for opening an account. This usually includes your passport, Alien Resident Certificate (ARC), and proof of address, such as a utility bill or rental agreement.
Step 3:- Visit the Bank
Visit your chosen bank branch in person and inform the staff that you want to open an account. You might even have to do a meeting in advance.
Step 4:- Fill out the Application Form
Fill out the bank’s account opening application form, and offer all the mandatory data correctly. You might even have to sign a contract, as per the bank’s rules and regulations.
Step 5:- Submit the Required Documents
Submit all the required documents, including your passport and proof of address, to the bank staff for verification. The bank may also require additional documents, depending on your circumstances.
Step 6:- Deposit Funds
As per the bank’s policies, you might have to make a mandated deposit to start your account. You can deposit funds by cash, check, or wire transfer.
Step 7:- Activate Your Account
Once the bank verifies your documents and your initial deposit is processed, your account will be activated. You may also receive a debit card, chequebook, and online banking credentials at this stage.
Documents Mandated to Open Bank Account In Taiwan
The documents mandated to open a bank account in Taiwan might differ depending on the bank and the sort of account you want to open. Generally, the following documents are required:
- Identification documents: You will need to provide a valid passport, Alien Resident Certificate (ARC), or national identity card to prove your identity.
- Proof of address: You may have to offer an electric bill or another official document that displays your existing address.
- Employment documents: If you are employed, you may need to provide a work permit or a letter from your company outlining the title and pay of your position.
- Financial documents: You may need to provide financial documents, such as bank statements or tax returns to prove your financial status.
- Business documents: If you are opening a business account, you may need to provide business registration documents, such as a business license, articles of incorporation, or partnership agreement.
Which is the best business bank account in Taiwan for foreigners?
The best business bank account in Taiwan for foreigners depends on the preference of an individual. However, some of the best business bank account in Taiwan that are popular among foreigners include:
Cathay United Bank
This bank is known for its excellent customer service, English-speaking staff, and wide range of financial products and services.
Citibank
Citibank is a well-known international bank that has a strong presence in Taiwan. They propose a mixture of banking goods and assistance, and their online banking platform is user-friendly and available in English.
HSBC
HSBC is another international bank with a strong presence in Taiwan. They provide a range of banking services and goods and have English-speaking staff to assist their foreign customers.
Standard Chartered Bank
Standard Chartered Bank is a British international banking and monetary assistance firm that has been operating in Taiwan for over 30 years. They have a distinct form of banking goods and assistance and have a reputation for excellent customer service.
Taipei Fubon Bank
This bank is one of the largest in Taiwan and has a reputation for providing excellent customer service. They provide a range of financial goods and services, and their online banking platform is user-friendly and available in English.
Difficulties When Opening a Bank Account in Taiwan
Opening a bank account in Taiwan can be a straightforward process, but it can also come with its own set of challenges.
These are some of the challenges you can encounter when opening a bank account in Taiwan:
- Language Barrier: Many bank employees in Taiwan speak limited or no English, so communication can be a challenge if you do not speak Mandarin or Taiwanese.
- Minimum Deposit Requirements: Some banks in Taiwan may require a minimum deposit for opening a bank account, which can be difficult for some people.
- Residency Status: Some banks in Taiwan may require a Taiwan resident visa, which can be challenging for foreigners who do not have a visa.
- Bank Fees: Different banks have different fee structures, so it is important to understand the fees that will be charged for various transactions and services.
- Documentation Requirements: Banks in Taiwan may have different documentation requirements depending on the type of account you want to open. It is important to ensure that you possess all the essential papers before you visit the bank.
- Time-Consuming Process: Opening a bank account in Taiwan can be a time-consuming process, especially if you do not have all the necessary documentation.
- Limited Online Services: Some banks in Taiwan may have limited online banking services for foreigners, which can be a challenge for those who prefer to manage their finances online.
Conclusion
Overall, opening a bank account in Taiwan can be a valuable step for foreigners looking to establish themselves in the country and take advantage of the many opportunities the nation has to offer. However, with the proper strategy, the processes can be easier. In a bank in Taiwan, you can open any type of banking account you need, from basic checking to advanced investment accounts.
It is therefore recommended to seek assistance from professionals like OnDemand International when intending to open a bank account in Taiwan.
FAQ’s
No, most banks in Taiwan require you to meet at a branch, personally to start your banking journey.
Some banks in Taiwan may require you to have a local phone number, while others may not. It is adequate to review with the bank instantly to confirm their necessities.
It may be possible to open a bank account in Taiwan without an ARC, but this will depend on the bank’s policies. Few banks might need you to possess an ARC to open an account.
Well, the process of opening a bank account in Taiwan can vary depending on the bank and your individual circumstances. It can take some days to some weeks to complete the process.
Some banks may charge a fee to open a bank account in Taiwan. Additionally, there may be fees associated with maintaining the account, such as monthly service fees or transaction fees.
