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Foreigners > Living in Taiwan : Banking

Banking

Opening An Account

You will generally find two types of banks in Taiwan and these are government owned and independent. The government owned banks are usually more tightly regulated and ask you to make some uncomfortable disclosures when opening an account. I recommend going to an independent bank because they are competing against each other to get deposits and are much more willing to help you than the government owned banks. You will be able to open an account at one of these banks with just a passport for identification, a minimum deposit, and a few questions. The most common type of account opened is called a "Demand Deposit" account. This kind of account is similar to a savings account back home, you are not allowed to write checks but you'll get an ATM card with unlimited withdrawals at a minimal fee. The ATM withdrawal fee is free if you go to a branch of your own bank otherwise it is only NT 7 at another bank. Most ATM machines have an English option so don't have to worry about accidenaally transferring all your hard earned money to someone else's account. If you do encounter any problems with a bank when opening an account then simply try another one there are plenty of banks out there that do want your business.

Banking Hours

Taxes

A final note on banking and that is taxes. Of course they don't tax you on any of your principle in your account, just on any interest that you have earned. However they do deduct a whopping 20% of any interest you earn, this is deducted right at the bank so you never see this money. The interest that you earn less the 20% tax is directly deposited to your account. The nice part is that filing of tax return is not needed. Depending on how often you have your interest deposited to your account is when they deduct the tax. If you have a Taiwanese friend that you totally trust you can open an account in their name as they do not get this tax deducted directly like foreigners do, therefore saving you this tax.

Different Banks

Below is a list of some of the larger independent banks. Picking the right bank is totally up to you I prefer to deal with a bank that is confidently located to my home or school. But I have indicated some interest rates paid on savings accounts just incase this is an important factor in making your decision about which bank to deal with.

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