Taiwan Bank Account Opening is essential for all the financial needs of a Taiwan company. Generally, there are two kinds of banks in Taiwan, namely, the government owned and independent. The government owned are tightly regulated; while the independents are Taiwan's free marketeers, each competing against the other to get deposits and very accommodating.
I. Requirements on Bank Account Opening in Taiwan
If you are going to open an account in Taiwan, please note that the typical minimum amount required to open a bank account at local banks is NTD$1,000. Chinatrust requires a minimum deposit of NTD 10,000. Citibank requires that the holder maintain an average monthly balance of NTD 25,000, otherwise an account management fee of NTD500 per month is incurred. HSBC requires a minimum balance of NTD 3 million, otherwise an account management fee of NTD 1,000 per month is incurred.
Foreign nationals that wish to open an NT dollar bank account in Taiwan must be at least 20 years old, and should have a fixed place of residence. Interested parties should bring original copies of the following documents in person to process their applications.
II. Banking Hours
Generally speaking, banking hours are from 9:00 a.m. to 3:30 p.m. Monday to Friday, they are not open on Saturdays. The employees usually work until 5:30 p.m., so you can still make inquires by phone.
III. Taxes-interest
The banks in Taiwan don't take taxes from your principal, just from your interest. So, if you've had an average of NT$100,00 in the bank, and the interest is 1.5%, you would have gotten NT$1500 (100,000 x .015). So you've just earned NT$1500 interest! They'll only take tax from the interest you've gotten, and the tax rate is 20%. You earned NT$1500. 20% of that NT$1500 is NT$300. So the only money you would pay is NT$300. And, its really easy. No filing, no paperwork. They just figure it out and deduct it automatically once a year.
IV. List of banks in Taiwan
Each bank will have different interest rates, charges and minimum amounts required for opening and maintaining an account. Here are some of the major Taiwanese banks:
Central Bank of China
Bank of Taiwan
Mega International Commercial Bank
Chinatrust Commercial Bank
Industrial Bank of Taiwan
Shanghai Commercial and Savings Bank
Taishin International Bank
Taiwan Cooperative Bank
Union Bank of Taiwan
Hua Nan Bank
Taipei Fubon Bank
Cathay United Bank
Bank Sinopac
First Commercial Bank
V. Banking FAQ
1. Who can open a bank account in Taiwan?
It used to be anyone holding a valid passport with more than 100NT dollars can open a bank account in Taiwan. Now, as far as we know, you must have an ARC or other resident card. Some banks will be flexible on this policy.
2. Where can a foreigner open a bank account in Taiwan?
Almost all banks in Taiwan allow foreigners to open savings accounts.
3. Can I send money to my home country?
Yes. You can wire money from Taiwan to almost any country. You can transfer the funds in your chosen currency whether it be Taiwanese dollars or American dollars to your account in your home country or to any beneficiary you state on the form.
4. Is there an ATM card?
Once you have opened an account at your preferred bank, you will be issued with an ATM card. You can use this card to withdraw money with from any ATM machine. You should ask for a Plus or Cirrus symbol on your card, so that you can access your Taiwanese funds from outside the country.
Contact Us
If you have further inquiries, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Shenzhen hotline at 86-755-82143422 or Hong Kong hotline at 852-27826888, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020,Dongmen Rd South, Luohu, Shenzhen, China.
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