Advice on Taiwan Bank Account for EU Citizen Returning to Europe

Business Money
1

Hello Forumosa Community,

I am an EU citizen currently residing in Taiwan and planning to return to Europe some day in the future. I am looking for advice on selecting the most suitable bank account option that would meet my specific financial needs.
I looked at the posts in the forum and in other places online but I have not found a good thread for my need.

Here are some details about my situation:

  • Funds to Convert: I have approximately 1 million NTD that I wish to convert to USD or EUR and then transfer to the EU.
  • Current Financial Products: I currently have a postal account in Taiwan and a Citi credit card.
  • Gold Card Holder: I am a holder of the Taiwan Gold Card, which might provide me with certain banking benefits or options.
  • Bank Preferences: I am considering Mega Bank and Richart due to their USD/EUR account options, but I am open to suggestions.
  • Looking for: I seek a cost-effective banking solution that is friendly to foreigners. Additionally, a good credit card option with cashback rewards would be a significant plus.

Given these requirements, could anyone share their experiences or recommendations on which bank in Taiwan offers the best services for someone in my situation? Specifically, I’m interested in:

  • Low fees for currency conversion and international transfers
  • Favorable exchange rates
  • Reliable online banking services
  • Credit card options with cashback

Any advice, personal experiences, or insights into navigating the banking system in Taiwan as a foreigner would be greatly appreciated. Thank you in advance for your help!

2

Most banks have the same rates and fees. HSBC will offer a better rate for amounts over US$20,000. So at any bank you could ask if they will offer a higher rate. Pretty much all banks offer multi currency accounts in Taiwan.

If sending to EU Country would suggest sending Euro if that’s the currency used where the funds will be sent. Euro is quite cheap compared to a few years ago. One thing with HSBC your credit history with them can be transferred to HSBC in other countries.

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3

I just realized that Richard only allows sending USD on the app. I want to be able to send EUR when I am already abroad. Is that a common problem?

4

Are you wanting to send the whole NT$1 million after you are back in the EU or take out small amounts.

5

Not sure yet. Preferably I would want to be able to send it without having to visit a physical venue.

6

If small amounts just use the ATM card in Europe.

7

So I can use my EUR funds in the account and my debit card to get some of that EUR from the ATM? What are the fees for that?

8

You would need to change funds to NT$ then use the ATM card I believe. You would need to ask a bank if you can withdraw Euro from a Euro account in Taiwan overseas. Same for fees ask the bank.

9

yes, you can. HSBC, DBS allow that.

depending on the type of the account, it can either be free or charged, better to see the fees list on the banks’ websites.

HSBC Premier and DBS treasures offer the multicurrency withdrawal service abroad for free on their side, there might still be service fees imposed by the ATM operator which are impossible to foresee.

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10

Thanks for the answer. What is the difference between DBS and DBS treasures?

any ideas for the choice of the account in general?

11

Treasures is the premier account for DBS, not the basic.

12

They will stop access to many of your account functions on the day your ARC expires. Do not leave money in the account after you leave. It could become very difficult to access unless you came back to Taiwan.

You can keep the account open if you think you will be back but leave just a few hundred ntd in it or whatever.

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13

I probably wouldn’t say “I’d like to apply for a credit card because I’m buggering off back to Europe” either. :sweat_smile:

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