Remote Banking in Taiwan

### Comprehensive Banking Guide for Expats in Taiwan

For expatriates moving to Taiwan, navigating the banking system can be a crucial aspect of settling in the country. Understanding the banking options available, the account opening process, and other essential factors can make managing finances in Taiwan more convenient. Here is a detailed guide on banking for foreigners in Taiwan:

### Banks Accepting Foreigners in Taiwan

Several banks in Taiwan cater to the needs of expatriates and are willing to open accounts for foreigners. Some of the popular banks that accept foreign customers include:

1. Cathay United Bank 2. Chinatrust Commercial Bank 3. E.SUN Bank 4. First Commercial Bank 5. Taiwan Cooperative Bank

### Know Your Customer (KYC) Requirements

When opening a bank account in Taiwan as a foreigner, you will be required to provide certain documents to comply with the Know Your Customer (KYC) regulations. Typically, the following documents are needed:

1. Passport 2. Residence visa 3. Proof of address in Taiwan 4. Income proof or employment contract

### Wise (formerly TransferWise) and Revolut Availability

Both Wise and Revolut are popular digital banking solutions used by expats worldwide for their international money transfer services. Fortunately, both Wise and Revolut are available in Taiwan, allowing expats to transfer money abroad at competitive rates.

### ATM Fees and Multi-Currency Options

ATM fees in Taiwan can vary depending on the bank and the type of account you hold. It is advisable to check with your bank regarding the charges for ATM withdrawals, especially for international transactions.

Several banks in Taiwan offer multi-currency accounts, which can be beneficial for expats who receive income in different currencies. These accounts allow you to hold multiple currencies and make transactions in various currencies without incurring conversion fees.

### Opening a Bank Account in Taiwan

The process of opening a bank account in Taiwan as a foreigner is relatively straightforward. Here is a general outline of the steps involved:

1.

Choose a Bank

Select a bank that meets your requirements and has a branch conveniently located near your residence or workplace. 2.

Visit the Branch

Visit the selected bank branch with all the necessary documents, including your passport, residence visa, and proof of address. 3.

Fill Out Application Form

Complete the account opening application form provided by the bank. 4.

KYC Verification

The bank will verify your identity and review your documents to ensure compliance with KYC regulations. 5.

Initial Deposit

Make the initial deposit required to activate your account. The amount may vary depending on the bank and the type of account you choose.

### Currency Exchange Tips

When exchanging currency in Taiwan, it is advisable to compare rates offered by different banks and currency exchange offices to get the best deal. Additionally, consider the following tips for currency exchange:

1.

Avoid Airport Exchanges

Currency exchange services at airports usually offer less favorable rates compared to banks or exchange offices in the city. 2.

Use ATMs

Using ATMs for currency withdrawal is a convenient option, but be mindful of the fees associated with international transactions. 3.

Consider Online Platforms

Explore online currency exchange platforms for competitive rates and lower fees.

### Tax Residency Clarification

For expats living in Taiwan, understanding tax residency rules is essential to ensure compliance with local tax regulations. In Taiwan, tax residency is typically determined based on the number of days you have spent in the country during a tax year. It is advisable to consult with a tax advisor or the local tax authorities to clarify your tax residency status and obligations.

In conclusion, expatriates moving to Taiwan have a variety of banking options to choose from, with several banks catering to the needs of foreigners. By understanding the account opening process, currency exchange tips, and tax residency rules, expats can effectively manage their finances and navigate the Taiwanese banking system with ease.