In the past years, lots of new on-line banks like Monso or N26 have come out, as well as prepaid cards like the British Revolut. They all have in common that are free, they offer free debit or prepaid cards, no maintenance fee, no comissions when paying in foreign currency, free withdrawals etc. Are there similar options in Taiwan available for foreigners? So far I just know, foreigners can get a free line Pay card but I would like to know about other options. Thank you.
Easy Card (ć‚ ć¸¸ĺŤˇ) is pretty handy in TW.
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Is this way (below) how foreigners get a free LINE Pay Card (only ChinaTrust Bank holders)?
You can get the same at any bank in Taiwan, minus the foreign currency benefits. Also, expect pages of paperwork and funny looks, especially if you have a US passport.
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Yeah, more than other countries’ transportation cards for sure, but still not comparable to the ones I’m talking about, I’m not sure about the Easy Card but I can’t even top up the Ipass with the app.
I’ve got one that I never use but I remember that to top it up using a ESun Bank account or debit card the app said I had to go to the bank to activate something to be able to add money to the LinePay card, but there was some options that only the ones who had an account at one bank could do, and I think they could order a different kind of card, I don’t remember now, actually it’ll good to learn how to make the most of using this card.
Well I don’t think so, apart from the online banking options being much worse in my opinion, there are many more options these cards have I didn’t mention like free instant transfers, instant top ups, rewards programs, activate/deactivate the card option within the card, more than 20 currencies, split payments, linking loyalty cards, earning avios, cashback, etc.
And you can open an account and order a free card in around 10 minutes.
None of that is available in Taiwan.
This has always mystified me. How can Taiwan be so adept at the manufacturing side of technology, and so hopelessly inept at the internet? Where is the disconnect that allows for maximum convenience with doing 101 different things at a shop, but struggle to leverage the internet for online banking.
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A few reasons:
- No demand. Savings and deposits in Taiwanese banks are huge and the elderly in Taiwan have huge savings. There is little demand from the geriatric core for modernization or innovation. They like going to the branch.
- Ultra fiscal conservative culture. Taiwanese are probably the most fiscally conservative people on the planet and most risk adverse. From policy to banks themselves, everything is set up to avoid risk
- Problem of Red Money. One reason that Taiwan banking has to be so conservative is to avoid the island being flooded with Chinese money. There are millions of Taiwanese who either consciously or unwittingly will aid the CCP and Taiwan needs to be ultra stringent to combat it
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After coming from the latest banking megathread, this reply makes all the more sense. Not that I’d really want a local credit card or loans anyway, but just being able to access the bare minimum online functions like bill pay and money transfers would be nice. I set up a citibank account while stateside for the sole purpose of taking the pain out of int’l transfers at least, so we’ll see how far that gets me.