So it seems like, unless you’re working here and are required to have an account by the company that pays you, the banking would mostly be a convenience to not have to withdraw cash via your foreign bank’s debit card every time (instead doing lump sum wires to the domestic bank, and then whatever the answer to my previous question about credit cards two posts up) - or is there some other benefit to having a local bank account while living here?
Also, are the accounts free, or is there a monthly fee?
“Cash only” works for most foreigners that stay here for a year or so. Once your life becomes more integrated with the local lifestyle you will want to make local bank transfers to pay for stuff like office rent, b&b down payments, etc. If you keep using cash you will have to go to the recipient’s bank and deposit it into their account in those situations, which gets old pretty quick.
Accounts are free and usually require a 1000 TWD initial deposit to open the account.
These days you usually get a Visa card that works as debit card (even online) and ATM card, 2in1.
Just to clarify my atm card has no visa or mastercard logo
Most decent restaurants take foreign credit cards, but many 711s family mart etc. only seem to accept a local credit card.
Try HSBC, went there a few months ago and they seemed to be super helpful in opening accounts, applying credit cards etc.
I don’t want to derail my own thread, but a weird tip is that 7/11 doesn’t accept my foreign credit card directly, but it does accept it through Apple Pay. Doesn’t work at Family Mart.
Interesting - what bank was this at?
Mega, Cathay United, HSBC. Probably more. Shop around a bit.
I’ve got quite a few cards in my name without guarantors or deposits. You sometimes need to be pushy and speak to managers to make it happen. (Be a Karen)
Others like Citi, China trust, Cathay, E. sun etc tend to be more foreign friendly. I would avoid opening accounts with stuffy old government banks though imo
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Yes, paperwork for an American is a problem for most banks, went to help someone (an North American) when I saw the paperwork me or the bank does not understand even when translated bank staff does not know what is that (as well as me !), I can understand why bank staff would try avoid it
I dont blame tw , its all on usa obama bullshit
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I sympathize with the banks here and all of the US required paperwork they have to deal with.
Some additional information…
The FBAR was devised as part of the Bank Secrecy Act of 1970…While the FBAR was previously ignored by individuals with foreign-held assets, the United States government has stepped up efforts to investigate and prosecute individuals who fail to comply with the reporting requirements.
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My understanding is that the extra questions us citizens get is due to fatca, which in fact was legislated 2010.
The reason why they legislated fatca though was that overseas Americans were flouting us law en masse
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Yes, this is true. I didn’t catch Rzarobbie’s reference to FATCA above.
I’m not sure it was primarily directed at overseas Americans, just Americans in general who were hiding assets offshore. But it’s certainly a thorn in our sides when trying to find a bank that is willing to deal with the hassle.
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