Foreigner Banking in Taiwan Masterlist

Business Money
81

It’s most certainly BS. I’m a single American, APRC holder, and I have a regular savings, a foreign currency account, an unsecured credit card, and an investment account all with Cathay United.

Yes, there is a shit ton of paperwork because of the American regulations, and the process took a couple of days all together, but it got done.

I just thought, though, that this was 3 years ago. Still, I’m sure it all depends on which branch and even which person you speak with. That’s one of the most frustrating things here in Taiwan, whether it be banking, phone contracts, etc.

82

I opened a Cathay account last week, they didn’t want to let me at first but eventually agreed. Definitely possible.

83

I thought most banks won’t let you go to a branch other than the one closest to your home?

84

How’d you eventually convince them?

85

That seems to be true. I guess I was ranting about the policy/procedure inconsistencies in general among branches and even employees in banks, cell phone companies, and other businesses.

86

I told them my wife had a credit card there, and I only wanted a checking account with a debit card. The clerk went into an office to speak to her manager and when she came out she allowed me to open an account.

87

Thank you so much for the validation of this comment! I’ve just arrived back and am looking to do the same; literally set up a citibank account in the US before leaving for the sole purpose of easily transferring funds back and forth. I’ve got an APRC (through work/non-spousal), so I don’t foresee many roadblocks, but were there any other prerequisites you had to fulfill? Opening deposit amount, other documents (income statements, tax forms, etc), a chop, etc?

88

Look on Google Maps for a highly rated Cathay branch and go to that one with someone who speaks Chinese. It worked for me.

89

Hi Lei
I am thinking of getting a Citibank account also. I noticed that they have several account types. Do you know which allows wire transfers to Taiwan?

Thanks

90

From what acedubs told me, just a basic checking account should be enough, though this would be for the express purpose of being able to transfer USD to TW from a stateside citibank account (and apparently this transaction can only go that 1 direction), so I can’t speak to anything else yet.

1 Like
91

I use the basic savings account in both countries. Like @Lei says it’s one way US->TW only.

1 Like
92

Time to vent out some frustration. I just had a terrible experience at Shin Kong.

93

Simple answer: all and none. They’re all the same really. Cosmetic differences

94

I’d love to hear more!

95

Why are y’all going to these local banks when you have stuff like Standard Chartered and HSBC? Is there any advantage of choosing the others?

96

Because they’re Taiwanese banks with Western branding.

And HSBC has ungodly requirements not fit for mortals or foreigners or both.

97

Yes. Local banks cards are accepted everywhere like 7-11, pxmart etc.

That’s pretty much it :slight_smile:

1 Like
98

At least SC seems to be more foreigner friendly with a functional English app and decent English support both online and at select branches. Sure, it might be Taiwanese bank but at least a little more convenient than the rest.

99

IMO, it’s lipstick on a pig.

image
image1273×487 19.7 KB

Lipstick on a pig.

1 Like
100

Man, mortgages sound painful for foreigners. Long term integration sounds awful in general TBH and an exit plan is always on the back of my mind these days…