Online Banking in Taiwan

Business Money
21

[quote=“Truant”]Well, here’s a positive update.

I went to my Megabank, and asked about online banking.

They explained to me that they have just opened up their (Chinese only) online banking to International TTs.

It was so new, that the manager asked for a few days to study their manual updates before he gets me to fill out the forms.

So, bottom line is Megabank does offer international TTs now, but it’s in Chinese. I am signing up next week to see how it goes.[/quote]
Wow, I didn’t even see your last message until now. Thanks for asking, Truant. It’s good to know that the bank is helping you with this.

I just got paid my bonus, so I went to the local Mega bank today to send some money through a TT to the US. The guy said if I always wire money to the same bank account in the US, future trips to the bank should be very quick since they can just copy the same information that I used previously. Of course, there will still be at least a couple of forms to fill out.

I asked if I could do international TTs online, and he said I could. I just need to apply for the online bank and then add my bank information to the account.

I was short on time today, so I didn’t want to fill out any more forms for the online banking. It sounded like it was a little bit long and complicated. I will try to do it next time, though.

So it sounds like all you need to do is get your online account setup with the information of your account back home, and then just learn how to use the Chinese language online banking. Sounds alright to me.

If anyone has any experience with this, I’d love to hear about it.

22

Are there any updates in relation to this issue? I am coming to Taipei very soon and today received an email from my employer there telling me that internet banking is near impossible in English.

I have gone to the HSBC site and noticed that thy have, in fact, an internet banking page in English. I would be great if I could use it to pay off cc and other loans…

23

My company decided to switch from Mega Bank to Yushan (E. Sun) Bank. Since I had to fill out new application forms anyway, I signed up for the internet banking. It’s all in Chinese, as far as I can tell, so it takes me a lot longer to use than if it was in English.

I think that even without any Chinese skills, you can memorize the menu options fairly easily to do what you need. I have very limited needs for online banking with this bank, so I don’t expect too many problems.

24

HSBC does have a dual language online account - both English and Traditional Chinese.
For overseas TT transfers you need to send them first, by post or in person, details of the accounts to which you wish to transfer. There is a form you need to fill out first and you need to provide information such as your overseas account SWIFT code.
Once that overseas account is registered, you can use online to TT to that account whenever you like. You cannot TT from your account to an overseas account that you do not pre-register.
You can do transfers within Taiwan without registering accounts.
It is no longer the case that you need US$100,000 to open the account (as was posted earlier in this thread)

25

[quote=“greenmark”]HSBC does have a dual language online account - both English and Traditional Chinese.
For overseas TT transfers you need to send them first, by post or in person, details of the accounts to which you wish to transfer. There is a form you need to fill out first and you need to provide information such as your overseas account SWIFT code.
Once that overseas account is registered, you can use online to TT to that account whenever you like. You cannot TT from your account to an overseas account that you do not pre-register.
You can do transfers within Taiwan without registering accounts.
It is no longer the case that you need US$100,000 to open the account (as was posted earlier in this thread)[/quote]

Hey that’s really useful info. Any idea on the fees for T/T overseas?

Also, what are the account fees like if have you used it overseas to withdraw a local currency?

26

OK thanks for that Greenmark. What do you mean? “You can do transfers within Taiwan without registering accounts.”

Do you mean going to the Post Office and getting an International Money Order?

27

I would recommend giving Megabank a try. I have been using the MegaBank Internet banking. You can choose English and it works well. If you set up the accounts you wish to transfer to or from, you can set the limits of the transfer when you sign up. The forms are all in Chinese so you may need help, but the staff was very helpful here in Changhua City.

28

Is there any bank in Taiwan yet that will allow transfers through online banking without having to set up the account numbers on a paper form first?

29

[quote=“digiboy”]Are there any updates in relation to this issue? I am coming to Taipei very soon and today received an email from my employer there telling me that internet banking is near impossible in English.

I have gone to the HSBC site and noticed that thy have, in fact, an internet banking page in English. I would be great if I could use it to pay off cc and other loans…[/quote]

You woke up a very old thread. :laughing:
Mega Bank now has English, simplified and traditional Chinese in their online banking now.
(Simplified came up together with English so I think they used it as a secret Cover Up in order not to be brand marked as being Pro-China-Chinese Banking).
Also MT-103 (Swift transfer) is possible if you register a Wai Hu Bi (Foreign Multi Currency Account).
It will give you a better rate (the spot rate) if you make transfers.
All accounts you transfer towards must be preregistered.

And as far as I remember… the Netbanking is free or costs close to nothing (otherwise I’d remember it).
Wire transfers for me to Europe are charged 6 Euros here, 12 Euros in Germany (around 800 TWD).
So I only transfer when I have a larger sum to transfer. But… it arrives the same day.
Screenshot of me here: inxsoft.net/stuff/forumosa/transfer.jpg
It saves me sooooooooooo much time to do it online!

30

What kind of account do you guys have open back home in the US? Any fee-free options? I’m looking to ditch Bank of America and their fees after I move to Hsinchu next month. Thanks in advance!

31

hi guys is there any bank to avoid when it comes to online banking? what I want to do is open a USD and TWD account, and transfer/convert from TWD account to USD account. I also want to transfer money to USA and Thailand. are all the bank’s online banking the same? which ones do you guys recommend? I can read Chinese. thanks

32

the foreign ones cause they rip you off :slight_smile:
en.wikipedia.org/wiki/List_of_banks_in_Taiwan
I’m happy with “Mega International Commercial Bank” (can do everything online).

33

any update on this. recently moved to taiwan and would like to open an account with English internet banking facility. Thanks

34

MegaICBC still works in English for me, so do others.

35

We are working with Megabank ICBC for the last 3 years and 3 months ago they kicked off a new online banking solution called GEB (global ebanking) which enables you to handle all domestic and overseas transactions without visiting your branch and of course in English.

36

[quote=“scomargo”]My company decided to switch from Mega Bank to Yushan (E. Sun) Bank. Since I had to fill out new application forms anyway, I signed up for the internet banking. It’s all in Chinese, as far as I can tell, so it takes me a lot longer to use than if it was in English.

I think that even without any Chinese skills, you can memorize the menu options fairly easily to do what you need. I have very limited needs for online banking with this bank, so I don’t expect too many problems.[/quote]
Just discovered that e.sun bank’s online banking is now in English :thumbsup:

37

[quote=“Goose Egg”][quote=“scomargo”]My company decided to switch from Mega Bank to Yushan (E. Sun) Bank. Since I had to fill out new application forms anyway, I signed up for the internet banking. It’s all in Chinese, as far as I can tell, so it takes me a lot longer to use than if it was in English.

I think that even without any Chinese skills, you can memorize the menu options fairly easily to do what you need. I have very limited needs for online banking with this bank, so I don’t expect too many problems.[/quote]
Just discovered that e.sun bank’s online banking is now in English :thumbsup:[/quote]
Thanks, but I couldn’t get that to work. It seems to be related to business banking, and that may be a different service than the regular internet banking.

I hope I’m mistaken about that, though, because I’d prefer English if I can get it. I don’t have a major need for the internet banking to begin with, but I wouldn’t mind having an English interface.

38

[quote=“scomargo”][quote=“Goose Egg”][quote=“scomargo”]My company decided to switch from Mega Bank to Yushan (E. Sun) Bank. Since I had to fill out new application forms anyway, I signed up for the internet banking. It’s all in Chinese, as far as I can tell, so it takes me a lot longer to use than if it was in English.

I think that even without any Chinese skills, you can memorize the menu options fairly easily to do what you need. I have very limited needs for online banking with this bank, so I don’t expect too many problems.[/quote]
Just discovered that e.sun bank’s online banking is now in English :thumbsup:[/quote]
Thanks, but I couldn’t get that to work. It seems to be related to business banking, and that may be a different service than the regular internet banking.

I hope I’m mistaken about that, though, because I’d prefer English if I can get it. I don’t have a major need for the internet banking to begin with, but I wouldn’t mind having an English interface.[/quote]
I’m sorry to get your hopes you. You are right - I use it for my business banking account. It is still good to know that E.Sun is an option for people who start up companies here in Taiwan, and who are more comfortable navigating in English (like me!)

I’m pretty sure English was not an option last week, but then I also realized that I was clicking the wrong link on their home page :doh:

39

MegaICBC still works in English for me, so do others.[/quote]
Does MegaICBC online banking provide decent online bank statements for your spending with a debit card? (i.e. If you spend 500 NT at Carrefour, will your bank statement say “Carrefour - 500 NT”? or will it just say “Payment - 500 NT”?)

40

MegaICBC still works in English for me, so do others.[/quote]
Does MegaICBC online banking provide decent online bank statements for your spending with a debit card? (i.e. If you spend 500 NT at Carrefour, will your bank statement say “Carrefour - 500 NT”? or will it just say “Payment - 500 NT”?)[/quote]

Yes, you can see transaction like 家樂福, 500 TWD. (I am referring to the GEB system of Mega Bank which I use for online banking)