Is it possible to get debit cards in Taiwan for online purchases (so the denomination may be in NT$, US$ or Euros) that have spending limits strictly up to pre-paid amounts? Preferably with an online interface to top it up with your real bank’s card, or cash at a convenience store.
I usually prefer cards of this sort for online (or any, really) purchase because it provides a degree of insulation to your real savings account; it isn’t linked to your real bank account and the amount of money at risk in the event of fraud or a cloned card is strictly limited to the amount you have pre-paid into the card.
If it is possible, what is the local term for such a card and which do you recommend? Thanks.
Every time I’ve opened a bank account I’ve had the option to get an “ATM only” card or a “shopping” (debit) card. I always opt for the atm card, but that’s because a debit card is going to be tied to the amount of money in your bank account. If someone gets ahold of your card and starts spending, with a debit card, unlike a credit card, you have no recourse. Bye bye money in your bank…
But to answer your question, any bank that you bank at will have this service available for you.
My credit/debit cards were probably cloned maybe half a dozen times total in my life. Every time it happened, even with different banks, they always refunded the money.
But the amounts stolen were at first quite small (no more than a few hundred US$), usually some kind of recurring subscription. I spotted them usually within a week tops, or my bank called me and asked if I authorized a payment in Azerbaijan…
I wonder what would have happened if a larger amount of money was stolen, whether the banks would still be as co-operative in returning the money.
OK thanks. 預付 “Yu fu” means prepaid. UseFul to remember.
I would like to update, that my bank does not issue (預付卡) yu fu kas. It is one of the bigger banks in Taiwan.
While ever so helpfully advising me to be careful of card fraud, and me asking repeatedly for a yu fu ka to protect myself against aforementioned fraud, this is what transpired from the conversation:
The bank doesn’t offer yu fu kas
The best they can do is lower the limit on my debit card
Because it is an unusual request, I had to sign a form to say I wanted to lower the limit
The daily limit couldn’t be lowered lower than NT$10,000
When I asked them whether I could move the money in my on demand savings account to another account with them, so that I could limit how much money could potentially be stolen by a cloned debit card, they said that foreigners only can have one type of NTD account with them.
@articsquid and anyone else who knows - are you 100% sure the post office or banks you mentioned offer yu fu kas? I’ll go tomorrow to open an account with them if so.
That was my plan then I asked the quoted text below, but they said I could only have one NTD account as a foreigner. Which means that I have nowhere else to put my NTD so that I have less than $10000 in my account.
So I will have to open another account with a few other banks, to keep the total deposits under NT$3M for the deposit insurance scheme and also some with no cards at all so the money may not be stolen by a cloned card.
My own experience.
ATM cards always followed by offer to make it Debit cards that could be used for online purchase.
Safety measures then to limit the money in said account to 30K or less. So at worst, when getting scammed your loss is minimum.
No one will cover for debit card because it is your money.
Credit cards are more safe due to your it is not your money. So banks will try hard to fix it.
Your main bank account should not be linked to Debit Card. ATM only.