Opening a bank account in taiwan


#1

I am moving to Taiwan from the states and was wondering… I will have a cashier’s check in US $. can I just deposit that they will convert it to $NT I guess?. and where can I get the best exchange rate? anything else I should know about? also you can also deposit money in post office in taiwan…what’s the difference in open account in bank and post office? And they have like CD, bond and stuff? whats a typical savings account interest and CD interest? thanks


#2

As far as I know, you need to first open up a US dollar account at a bank in order to cash that check and convert it to NT. Yes, you can have a “bank” account at the post office, but I wouldn’t get one. There are plenty of solid, respectable banks to choose from other than the outmoded p.o. As for CDs, the current rates are lousy. A bond fund would give you more return than a fixed CD.


#3

thanks incubus. what’s like the interest rate for savings account? last time I heard it was like 3 times more then US but I wonder what it is now


#4

Your “last time” was probably five years or more ago. The current rate for savings is 1%; a one-year CD would give you a measly 1.95%. Very important: you’ll need to have an Alien Resident Certificate to open up a bank account. Good luck!


#5

You don’t need an ARC to open a bank account. Just show your passport.

Brian


#6

Yep, Brian is right, I also opened bank accounts just using my passport (I think I mentioned that before in one of the many threads on bank accounts and credit cards).

HTH
Iris


#7

Iris and Sir Don are right. An ARC is definately not required at Chang Hwa city branches, just the passport.


#8

OK, granted. But I suspect the tax withholding rates are higher for those whose accounts are opened with foreign passports. Long-term (6 months or more) residence in Taiwan will give you lower tax rates.


#9

Dunno about the exact tax rates Inca, but I doubt they’re any worse than the thieving Aussie banks back home.


#10

thanks everyone


#11

The banks may withhold 20% tax on the interest and give you a tax form at the end of the year. Given the pathetically low interest rates it won’t add up to much.