# CRS form, What it is and why you shouldn't do what the bank says **URL:** \ **Category:** Money\ **Tags:** globalbanking, banking\ **Created:** [June 6, 2022, 5:02pm UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473 "2022-06-06T17:02:07Z")\ **Posts on this page:** 20\ **Page:** 5
**Author:** ![Explant](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/explant/32/130551_2.png) [@Explant](https://tw.forumosa.com/u/Explant)\ **Post date:** [December 30, 2023, 2:53pm UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/83 "2023-12-30T14:53:34Z")
> [@comfy123](#): > > > [@anon24369109](#): > > > > When I was at Taiwan Co Operative bank last week I asked about this CRS. I showed them that on my Australian Bank app I am shown as Non Resident in Australia and shown on my Australian Bank as a Tax Resident of Taiwan. So at least for me if I opened a new account only shown as a tax resident of Taiwan. If you have an account overseas also ask your bank to update your address and phone to your Taiwan details. My bank has. > > The problem is that for APRC holders the banks will try to force you to write the country of nationality as your tax residence. Just write in your Taiwan details. If Taiwan is your tax residency. I also haven’t had this issue (touch wood). BOT, account for a while, 15ish years. Canadian citizen but not a tax resident for many years. Not a resident period, have the lack of health care to prove it. They dont bug me at all. Though, I am not trying to rock the boat either. I wonder if this is more an issue with non government banks? I like government banks. They are old school, which is slow but better 99% of the time. Loans being the real hard one for us non citizens. Sounds messed up. Deny fraudulent requests and absolutely record them whilst telling them it is fraudulent. Be sure to use their names and requests with the relevant information in said audio. One could inform them it would be unfortunate to provide this recording to the officials…but… Don’t expect a loan from said bank in the future. A solid burning of the bridge move though 🙂 I see no reason to really bother with foreign banks here though. I don’t understand the draw, as most (all?) accounts aren’t even connected to their branches abroad. The longer waits in line more than make up for the fraud. ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 30, 2023, 3:08pm UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/84 "2023-12-30T15:08:54Z")
> [@miamidice](#): > > I’ve recently found out that this isn’t just a Taiwan problem. I flew over to Singapore last month to open a bank account there. During the bank opening process, I was asked my UK social security (tax) number This is because you’re not a tax resident of Singapore, otherwise you can open online via Singpass in minutes and not have to fill in CRS. They only ask CRS if you are opening an offshore bank account. Generally they have to be extra cautious if you are opening an offshore bank account. In comparison, Taiwan does not allow those without ARC to open bank accounts, except maybe the post office. “Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country where they hold their accounts and products” [Frequently asked questions | Singapore | Retail Banking and Wealth Management | Common Reporting Standard (CRS) | HSBC](https://www.crs.hsbc.com/en/rbwm/singapore/frequently-asked-questions#:~:text=Under%20the%20CRS%2C%20financial%20institutions,where%20you%20are%20tax%20resident). ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:25am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/85 "2023-12-31T00:25:23Z")
> [@jimbob132](#): > > Taiwan does not allow those without ARC to open bank accounts, except maybe the post office. It does. I checked with the NIA if I could get a tax ID number on my foreign passport if I entered Taiwan on that. As for banks, it’s their policy not a law from Taiwan government if they want to open an account for a non ARC holder. When I went to HSBC in Taichung they were asking me about CRS. I replied I am not tax resident in any other country so it’s not required. After they saw my Australian account showing not tax resident in Australia, not a US Citizen, and Tax Resident of Taiwan CRS was ignored. Same for my HSBC HK account tax resident of Taiwan not HK. Same for online bank account from Canada. Tax resident shows Taiwan. For banks here it is they my overseas accounts show my tax residency as Taiwan. They list my Taiwan address, my Taiwan phone and email. So if your overseas accounts list an overseas address then you get asked for CRS. How many people change their overseas bank account addresses to Taiwan? ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 31, 2023, 12:28am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/86 "2023-12-31T00:28:17Z")
> [@anon24369109](#): > > It does. I checked with the NIA if I could get a tax ID number on my foreign passport if I entered Taiwan on that There’s a bank policy that says if your ARC is expired or you don’t have one, then your foreign currency accounts are all locked. You won’t be allowed to wire in or wire out any money. No online bank access allowed. The thing you can do is use an ATM card to deposit and withdraw TWD that you can’t take off the island. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:29am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/87 "2023-12-31T00:29:39Z")
> [@jimbob132](#): > > There’s a bank policy that says if your ARC is expired or you don’t have one, then your foreign currency accounts are all locked Bank policy not a law. There you have it. So for local currency not an issue? People wire funds in from overseas then credited to local currency. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:30am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/88 "2023-12-31T00:30:39Z")
> [@jimbob132](#): > > The thing you can do is use an ATM card to deposit and withdraw TWD that you can’t take off the island. You can withdraw from a Taiwan ATM overseas as well. For my new HSBC Taiwan card I blocked overseas use. Only going to use the local currency account for that in Taiwan. ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 31, 2023, 12:33am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/89 "2023-12-31T00:33:15Z")
> [@anon24369109](#): > > You can withdraw from a Taiwan ATM overseas as well. No this isn’t allowed. Foreign currency exchange is not allowed if you don’t have a valid ARC. You cannot withdraw foreign currency in an overseas country using a Taiwan debit card if your ARC is expired. ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 31, 2023, 12:34am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/90 "2023-12-31T00:34:06Z")
> [@anon24369109](#): > > People wire funds in from overseas then credited to local currency Wiring money to a Taiwan bank account is not allowed without a valid ARC ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 31, 2023, 12:34am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/91 "2023-12-31T00:34:56Z")
> [@anon24369109](#): > > It does. I checked with the NIA if I could get a tax ID number on my foreign passport if I entered Taiwan on that You have a Taiwan citizenship so you’re not allowed to enter Taiwan on a foreign passport ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:36am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/92 "2023-12-31T00:36:23Z")
> [@jimbob132](#): > > No this isn’t allowed. Foreign currency exchange is not allowed if you don’t have a valid ARC. You cannot withdraw foreign currency in an overseas country using a Taiwan debit card if your ARC is expired. Yeah could be correct. I had a friend living and working here with no ARC. He had a bank account. Anyway he left to finish his degree and I processed his tax return. Tax return deposited to his bank account. I used his ATM card to withdraw the funds and wired it to him. He was back in the USA studying so the money came in handy. I guess you just need someone you trust to help out on those things. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:39am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/93 "2023-12-31T00:39:20Z")
> [@jimbob132](#): > > You have a Taiwan citizenship so you’re not allowed to enter Taiwan on a foreign passport It is allowed for citizens to enter Taiwan on a foreign passport. By doing so, they are then bound by the conditions of a tourist. Cannot work, must leave when tourist visa time expires. Lot’s of Taiwan citizens who moved abroad as children enter Taiwan on foreign passports and are not required to do military service. My son has entered on both his Taiwan and foreign passports. Discussed here > [@Time to visit gov offices and banks and telcos](https://tw.forumosa.com/t/time-to-visit-gov-offices-and-banks-and-telcos/234348/79): > > Can you ask @comfy123 to share with me? And here. Taiwanese citizens can not only enter on a foreign passport they can also have ARC’s, just not APRC’s > [@Who sends their kids to international schools, anyways?](https://tw.forumosa.com/t/who-sends-their-kids-to-international-schools-anyways/232224/177): > > I said a Taiwanese citizen cannot obtain an ARC. Obviously nobody at the border is going to know you are Taiwanese if you enter with a foreign passport as a tourist. ---
**Author:** ![Andrew](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/andrew/32/179806_2.png) [@Andrew](https://tw.forumosa.com/u/Andrew)\ **Post date:** [December 31, 2023, 12:42am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/94 "2023-12-31T00:42:00Z")
> [@anon24369109](#): > > So if your overseas accounts list an overseas address then you get asked for CRS. > > How many people change their overseas bank account addresses to Taiwan? I don’t see why they’d be showing them their foreign accounts at all. Not really any of their business, and you’re the only person I’ve read of doing that (which seems to be more about bragging about credit limits or winding them up or something…). I suppose it might have value as supporting evidence in an argument about where one’s tax residency is and how Taiwanese banks should be treating foreigners/dual citizens/people with overseas accounts, but still… none of their business. ---
**Author:** ![jimbob132](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/85e7bf/32.png) [@jimbob132](https://tw.forumosa.com/u/jimbob132)\ **Post date:** [December 31, 2023, 12:47am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/95 "2023-12-31T00:47:10Z")
> [@anon24369109](#): > > > [@jimbob132](#): > > > > No this isn’t allowed. Foreign currency exchange is not allowed if you don’t have a valid ARC. You cannot withdraw foreign currency in an overseas country using a Taiwan debit card if your ARC is expired. > > Yeah could be correct. I had a friend living and working here with no ARC. He had a bank account. Anyway he left to finish his degree and I processed his tax return. Tax return deposited to his bank account. I used his ATM card to withdraw the funds and wired it to him. He was back in the USA studying so the money came in handy. I guess you just need someone you trust to help out on those things I’m just going off some recent experiences like this one: [Cannot get an online banking account if ARC expires in less than a year](https://tw.forumosa.com/t/cannot-get-an-online-banking-account-if-arc-expires-in-less-than-a-year/216192) > [@anon24369109](#): > > It is allowed for citizens to enter Taiwan on a foreign passport. By doing so, they are then bound by the conditions of a tourist. Cannot work, must leave when tourist visa time expires. Lot’s of Taiwan citizens who moved abroad as children enter Taiwan on foreign passports and are not required to do military service. My son has entered on both his Taiwan and foreign passports. Are we talking about a regular Taiwan citizen with household registration, or a non resident national without household registration? ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:54am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/96 "2023-12-31T00:54:43Z")
> [@Andrew](#): > > I don’t see why they’d be showing them their foreign accounts at all. Not really any of their business, and you’re the only person I’ve read of doing that (which seems to be more about bragging about credit limits or winding them up or something…). Nothing to to do with credit limits. They are not asking what credit cards I have from overseas. I am not born here. I am asked do I have accounts overseas. A quite normal question under the CRS and KYC It’s normal for people from overseas to have bank accounts overseas. Some people leave a country and do not change their tax status as non resident. Then this is why they are tax residents of other countries not just Taiwan. When I left Australia I declared to the ATO Australian Tax Office I would no longer be a tax resident. I had to advise my bank I would be a non tax resident. This is important as non resident account holders a taxed a fixed 10% on income earned from interest payments from a bank. You are not taxed at the same income as tax residents. As a non tax resident if I have a client pay to my Australian account I do not have to declare the income or pay tax on it. The same for my other overseas accounts. If you are a tax resident of another country you have to declare that. If not then show them you are not. It is part of their obligation to know. It has to do with money laundering crackdowns. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 12:55am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/97 "2023-12-31T00:55:12Z")
> [@jimbob132](#): > > Are we talking about a regular Taiwan citizen with household registration, or a non resident national without household registration? Both. Taiwanese even with HHR and ID or NWOHR can enter Taiwan on a foreign passport. They can also apply for JFRV. It’s common knowledge. Steve Chen, founder of you tube born in Taiwan. ROC Citizen. First recipient of a Gold Card. > **[First Employment Gold Card issued to YouTube co-founder | Taiwan News |...](https://www.taiwannews.com.tw/en/news/3381178)** > > The Employment Gold Card is a 4-in-1 personal employment pass combining work permit, resident visa, alien resident certificate (ARC), and re-entry permit.After the legislation for attracting foreign talent to work and live in Taiwan went into force... ---
**Author:** ![Andrew](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/andrew/32/179806_2.png) [@Andrew](https://tw.forumosa.com/u/Andrew)\ **Post date:** [December 31, 2023, 12:55am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/98 "2023-12-31T00:55:41Z")
> [@jimbob132](#): > > In comparison, Taiwan does not allow those without ARC to open bank accounts, except maybe the post office. I think you _can_, but aside from the post office like you said it’s been a massive pain since like 2017/18. I wasn’t able to do it around that time despite a few attempts, and I heard the same from multiple others. @justintaiwan said he’d been able to though (after some arguing). Still, not so easy. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 1:02am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/99 "2023-12-31T01:02:41Z")
Yes you can. The problem is that bank staff think you are not allowed to. Just like having a drivers license without an ARC. Same as foreigners could not own property in Taiwan or get a credit card or bank loan or car loan. I got them all in the 1990’s on an ARC. No APRC or JFRC back then. They claim under the law you can’t. Ask them to show you the law and they cannot as it is allowed. Then they come back with bank policy. Just like that Kimmy from DBS Chiayi telling me I cannot open an investment account because Singapore law and Taiwan Law says people with multiple citizenships can’t have accounts in Taiwan. He just made up his own shit to prevent me opening an account. I asked him if I cannot have local accounts why is he telling me to open an account with a local bank? lol ---
**Author:** ![Andrew](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/andrew/32/179806_2.png) [@Andrew](https://tw.forumosa.com/u/Andrew)\ **Post date:** [December 31, 2023, 1:02am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/100 "2023-12-31T01:02:45Z")
> [@anon24369109](#): > > I am not born here. I am asked do I have accounts overseas. A quite normal question under the CRS and KYC Never once been asked at the 5 banks I have accounts with, and wouldn’t consider it any of their business. > [@anon24369109](#): > > If you are a tax resident of another country you have to declare that. Yeah, obviously. I didn’t say anything about tax residency. I said it’s none of their business what bank accounts I have. I’m still not tax resident in the UK and don’t need to show them a list of my UK accounts to prove that. ---
**Author:** ![anon24369109](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/a/3be4f8/32.png) [@anon24369109](https://tw.forumosa.com/u/anon24369109)\ **Post date:** [December 31, 2023, 1:06am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/101 "2023-12-31T01:06:16Z")
> [@Andrew](#): > > Yeah, obviously. I didn’t say anything about tax residency. I said it’s none of their business what bank accounts I have. I’m still not tax resident in the UK and don’t need to show them a list of my UK accounts to prove that. I just use my information to show I am not tax resident overseas. All this does is verify to bank staff I am not tax resident overseas so therefor do not need CRS. I did not give them my account information. So yes I have accounts overseas. They list me as being non tax resident. All they are shown is my being a tax resident of Taiwan. They do not see my overseas account balances or account numbers. Only with HSBC TW do I list the HSBC HK account as you have to do that to use the global banking feature. This is all they see ![NAB NON RESIDENT](https://forumosauploads-12829.kxcdn.com/original/3X/5/a/5ae9b749d956eb3eb944f0b267dc534157f8ac16.jpeg) ---
**Author:** ![justintaiwan](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/j/7ea924/32.png) [@justintaiwan](https://tw.forumosa.com/u/justintaiwan)\ **Post date:** [December 31, 2023, 2:54am UTC](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473/102 "2023-12-31T02:54:30Z")
> [@jimbob132](#): > > In comparison, Taiwan does not allow those without ARC to open bank accounts, except maybe the post office Not true. You can open an account and every bank without an ARC. I opened one at post office, E Sun and another I can’t remember. > [@Andrew](#): > > @justintaiwan said he’d been able to though (after some arguing Yes, because I don’t let desk warmers push me around. I don’t take no for an answer when I _know_ the answer is yes. Look at every single bank’s website, Chinese version, and they all list the requirements for a foreigner to open an account as, Passport, uniform ID number, proof of address. [Previous page](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473.md?page=4) [Next page](https://tw.forumosa.com/t/crs-form-what-it-is-and-why-you-shouldnt-do-what-the-bank-says/220473.md?page=6)