Business Bank Account

Business Entrepreneurship
1

If you are a Sole Proprietor of a small business (online sales), and the visa is a non-issue, what do you do for a bank account for deposits from your website (PayPal, etc.) ? I have noticed that most of the “business” bank accounts require ludicrously high balances to be maintained, and this is really just a side gig to make extra money. Is it possible to just have a personal banking account that gets deposits from PayPal, etc. as long as the income is all claimed at tax time? I know I have talked with a few people who have had some big problems with banks here - I just wanted to know what solutions small business owners have figured out.

Fyi - our income is very small, under 50000 NT per month.

2

E-Sun (玉山銀行) looks half decent. Does anyone have any experience with them? Another thread mentions Megabank as well?

3

You can link PayPal to the bank account in Taiwan with E-Sun only. So you need to convince them to accept you as a new customer.

4

Others have said E. Sun already and as far as I know they are the only bank they allows PayPal connection in Taiwan.

5

I have an E-Sun account linked to my personal paypal email as they are the only bank allowed in Taiwan allowed to connect to paypal. It is very important that your paypal is set up with your exact name on your ID. In my case, I didn’t have the middle name on my ID so it caused quite a delay. Just go there and have them walk you through it and allow a few hours to get through the process. https://www.esunbank.com.tw/bank/digital/ecommerce/cross-border/paypal-english

6

@Aikaili Thank you so much. This is exactly the info I was looking for. How has E-Sun been overall? I also noticed that they also have investments?

7

They are as good as any Taiwanese bank or any bank for that matter. :slight_smile: