# ‘Online’ Bank’s xenophobic reasoning for denying "foreigners" the ability to open an account online **URL:** \ **Category:** Discrimination in Taiwan\ **Tags:** banking\ **Created:** [August 18, 2022, 5:14pm UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991 "2022-08-18T17:14:12Z")\ **Posts on this page:** 14\ **Page:** 47
**Author:** ![qwert\_zuiop](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/qwert_zuiop/32/87708_2.png) [@qwert\_zuiop](https://tw.forumosa.com/u/qwert_zuiop)\ **Post date:** [June 13, 2024, 8:42am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1103 "2024-06-13T08:42:27Z")
> [@jimbob132](#): > > Though 1.225% is pretty bad. Why not just park it at IBKR (4.83%) or Coinbase Singapore (5.15%) which are real time with no time restrictions 1.225% is the rate for NTD deposits. I doubt that IBKR pays that much on NTD deposits - if you deposit USD, you’ll also have an additional exchange rate risk. ---
**Author:** ![Mataiou](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/mataiou/32/178744_2.png) [@Mataiou](https://tw.forumosa.com/u/Mataiou)\ **Post date:** [June 13, 2024, 9:08am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1104 "2024-06-13T09:08:44Z")
> [@jimbob132](#): > > I have a personal banker at HSBC and Hua Nan. they r useless tools. even more useless than branch tellers. glorified shopping assistants ---
**Author:** ![Niurou](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/n/0ea827/32.png) [@Niurou](https://tw.forumosa.com/u/Niurou)\ **Post date:** [June 13, 2024, 6:07pm UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1105 "2024-06-13T18:07:33Z")
> [@jimbob132](#): > > Both HSBC Shilin and another downtown branch said it’s their bank policy to not allow US or Canadian nationality from opening investment or fixed term deposit accounts. So much for the ‘World’s local bank’ advertisement. They let me open a fixed deposit but not an investment account ---
**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:** [June 13, 2024, 7:21pm UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1106 "2024-06-13T19:21:27Z")
> [@Niurou](#): > > So much for the ‘World’s local bank’ advertisement. I said something similar in a complaint to Standard Chartered about a co-promotion with LINE Bank that excludes foreigners lol. Their website has a load of marketing gumph about how they’re a global bank that holds diversity, inclusion, fairness, equality, human rights, and lifting banking participation among their “core values”, so I asked them how it’s possible for them to exclude foreigners living in Taiwan without contradicting those. :whistle: ---
**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:** [November 25, 2024, 10:21am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1107 "2024-11-25T10:21:50Z")
> [@Andrew](#): > > What they’re going to do is make an exception for me, manually bind my Richart account to JKOPay within the next several days, and then give me 3% cashback for JKOPay purchases, along with a NT$300 FamilyMart voucher (I don’t really care about that, but I couldn’t be bothered fighting it if they really want to give it to me). The promotion I was complaining about will continue to be inaccessible to other foreigners, and other foreigners won’t be able to link their Richart accounts to JKOPay etc. > > I made it clear in both my e-mail two weeks ago and the phone call today that, while I appreciate they’re now making some kind of effort, I don’t consider any of this a satisfactory solution and the reason I complained is that I think they should be fixing this for all of the foreigners living here, rather than implementing a workaround for the one or two foreigners who complain, if they complain. I asked about their timeline for fixing the above issues and providing a more inclusive service, and the answer was rather vague – along the lines of “maybe in 2024”. I’m glad I complained about this Richart/JKOPay stuff lol. It’s now almost a year later, and JKO is still giving me bonus JKO coins/points each month even though I think the original promotion ended in the summer: ![Screenshot_20241125-180447](https://forumosauploads-12829.kxcdn.com/original/3X/3/b/3bb23c9831d363d82b6e756746cb1f62ee590085.jpeg) ![Screenshot_20241125-180222](https://forumosauploads-12829.kxcdn.com/original/3X/6/7/6795a4a98c9e8fd97829c361a3baceeb7b504f3e.jpeg) I don’t really understand the amounts — they seem a bit erratic and sometimes more than 3%, considering that I only usually spend maybe NT$1000–2000 a month through JKOPay. I’m not sure why I got 150 coins this month, when I only spent NT$2288 in October. 🤷‍♂️ I sometimes use it to pay utilities bills too, but I’m guessing they’re not included in the cashback promotion (or shouldn’t be — at the beginning they were calculating this manually to shut me up, so maybe they’re just doing it differently each time). ---
**Author:** ![8888](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/8/db5fbb/32.png) [@8888](https://tw.forumosa.com/u/8888)\ **Post date:** [November 30, 2024, 4:44am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1108 "2024-11-30T04:44:04Z")
> [@silly.putty](#): > > Why would you ever buy high MER mutual funds. I can buy ETF for a flat 3$ and that’s all I need. > > [國泰綜合證券｜美股選國泰，每股都划算](https://istockapp.cathaysec.com.tw/Marketing/usstock) > > ![image](https://forumosauploads-12829.kxcdn.com/original/3X/8/8/88c38c009db0001f663aa0d1e75aa4fa6508a238.png) > > Never had anyone tell me here that I’m not allowed to access some investment product or another, although I haven’t tried them all. > > > [@jimbob132](#): > > > > Though 1.225% is pretty bad. Why not just park it at IBKR (4.83%) or Coinbase Singapore (5.15%) which are real time with no time restrictions > > That’s just a small amount I keep here so bank account isn’t empty. So Cathay ETF is $3USD on any amount. Do they charge in or outbound wire fees? Maintenance fees? Are gains above 6.7M subject to AMT? US ETF also has 30% withholding tax on divvy right? ---
**Author:** ![silly.putty](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/silly.putty/32/39_2.png) [@silly.putty](https://tw.forumosa.com/u/silly.putty)\ **Post date:** [November 30, 2024, 5:58am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1109 "2024-11-30T05:58:40Z")
> So Cathay ETF is $3USD on any amount. Yes. > Do they charge in or outbound wire fees? Maintenance fees? Not that I noticed. > Are gains above 6.7M subject to AMT? It’s only a gain if you sell, and I don’t plan to anytime soon. > US ETF also has 30% withholding tax on divvy right? Based on the only dividend payout I got so far, yes. ---
**Author:** ![qwert\_zuiop](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/qwert_zuiop/32/87708_2.png) [@qwert\_zuiop](https://tw.forumosa.com/u/qwert_zuiop)\ **Post date:** [June 25, 2025, 3:45am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1110 "2025-06-25T03:45:31Z")
> **[Taiwan outperforms global averages in financial inclusion: FSC - Focus Taiwan](https://focustaiwan.tw/business/202506250006)** > > Taiwan has outperformed global averages in multiple financial inclusion categories, according to a report released Monday by the Financial Supervisory Commission (FSC). > Taiwan has outperformed global averages in multiple financial inclusion categories, according to a report released Monday by the Financial Supervisory Commission (FSC). Good news - banking in Taiwan is very inclusive! :whistle: ---
**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:** [June 25, 2025, 3:57am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1111 "2025-06-25T03:57:10Z")
FSC gave themselves a report card ---
**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:** [June 25, 2025, 4:02am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1112 "2025-06-25T04:02:39Z")
> according to a report released Monday by the Financial Supervisory Commission (FSC). > > Financial inclusion, also known as inclusive finance, is a concept adopted by the United Nations in the 2000s that refers to ensuring that all members of society have equal access to responsible and sustainable financial services. > > Though it covers the availability of services for the general population, it also is aimed at making sure more vulnerable members of society, including the elderly, people with disabilities, and lower income households, have equal access to financial services. > Among the FSC’s metrics for disadvantaged groups were statistics for microinsurance and small-amount whole life insurance, both products available to people with low incomes. Anyone want to take a bet as to whether the FSC calculated financial inclusion solely based on Taiwanese citizens? :whistle: ---
**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:** [June 25, 2025, 4:04am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1113 "2025-06-25T04:04:14Z")
Meanwhile, Chunghwa Post saw the news and decided to do its bit to fight back against financial inclusion: ![image_2025-06-25_120305963](https://forumosauploads-12829.kxcdn.com/original/3X/2/d/2d12e435acba64a7ee472c554e316ff43e2b034a.png) ---
**Author:** ![qwert\_zuiop](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/qwert_zuiop/32/87708_2.png) [@qwert\_zuiop](https://tw.forumosa.com/u/qwert_zuiop)\ **Post date:** [June 25, 2025, 5:10am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1114 "2025-06-25T05:10:58Z")
> [@Andrew](#): > > Anyone want to take a bet as to whether the FSC calculated financial inclusion solely based on Taiwanese citizens? :whistle: You might be onto something 🤫 According to the article: > Though it covers the availability of services for the general population, it also is aimed at making sure more vulnerable members of society, including the elderly, people with disabilities, and lower income households, have equal access to financial services. Probably foreigners don’t count as “vulnerable members of society”, so they do not matter for this kind of survey. And then they mostly look at number of ATMs, number of bank accounts. And for some reason, number of whole-life insurance policies 🤷‍♂️ > The share of adults with a bank account in Taiwan stands at 93.3 percent, and 81.6 percent use digital payments – both notably higher than the global averages of 76.2 percent and 64 percent, respectively > > Among the FSC’s metrics for disadvantaged groups were statistics for microinsurance and small-amount whole life insurance, both products available to people with low incomes ---
**Author:** ![foc](https://forumosa-12829.kxcdn.com/letter_avatar_proxy/v4/letter/f/6f9a4e/32.png) [@foc](https://tw.forumosa.com/u/foc)\ **Post date:** [June 25, 2025, 7:34am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1115 "2025-06-25T07:34:34Z")
This is the sort of thing that we can hope the New Residents Agency can help us look into. NGOs will finally have an agency to talk to about things like this. At least that is what I am hoping. ---
**Author:** ![fifieldt](https://forumosa-12829.kxcdn.com/user_avatar/tw.forumosa.com/fifieldt/32/176346_2.png) [@fifieldt](https://tw.forumosa.com/u/fifieldt)\ **Post date:** [September 4, 2025, 3:15am UTC](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991/1116 "2025-09-04T03:15:28Z")
New government banking survey where you can choose answers like “To be able to open an account online without the need to visit in person.” and “After my account is open, I do not want to visit my branch if possible” > **[2025 Survey of the Foreign Professional Community in Taiwan - Feedback on...](https://docs.google.com/forms/d/e/1FAIpQLSe5Jq4X_yLSOWtPXT1zhKOsXqVImM3RfH3RdQ67PKN3nCWtMw/viewform)** > > Since 2021, the International Talent Taiwan Office (and its predecessor Taiwan Employment Gold Card Office) has carried out an annual survey of the foreign talent community in an effort to create a more global environment in Taiwan. The results of... [Previous page](https://tw.forumosa.com/t/online-bank-s-xenophobic-reasoning-for-denying-foreigners-the-ability-to-open-an-account-online/230991.md?page=46)