Richart - The first almost/kinda/marginally/minuscularly foreigner friendly bank

Has anyone tried transferring larger USD amounts (say 120,000) using the Richart app?

Asking because I’ve been using O-Bank (another one of these mainly-online banks), but for international transfers of larger than the equivalent of 500k TWD you have to go to the branch. Kinda defeats the purpose of being an online bank.


I’m getting the sense that the private banks with a branch that has staff who know how to serve foreigners, is more friendly than this new Richart offering


I saw a Bank of Taiwan “Bilingual” branch. Does anybody know what to expect from that?

Nothing different from a non-bilingual branch


Unicorns are real!?

Just applied for an account, having collected my new ARC today. (Well, almost - I still need to do the authentication step, which the website won’t let me do at the moment because it needs another Taiwanese bank account, and all of mine are still tied to my old ARC number so it failed.)

The tax residency bit is rather pushy:

Jesus, I told you already. No need to ask me four times. :roll_eyes:


This is bullshit.

There’s only 1 country where nationality = tax residency. Taiwan‘s banking is such a joke and i HATE how Taiwan and most people in it gets sucked into American propaganda that the world revolves around the US.


Yeah, that was my initial thought, though after thinking about it a bit more I guess the “typically” is technically true. As in: most people of a given nationality stay in the country they were born and don’t acquire another tax residency, so it does “typically” mean that.

It’s probably atypical and misleading in this context though, as a Taiwanese bank aiming to provide banking services to foreign residents of Taiwan.

I think Eritrea is the other famous example besides the U.S., but yeah.


3 posts were split to a new topic: Why is the wrong profile picture appearing in my quote?

But how dysfunctional can a place be… no one forced them to join CRS and by all accounts, they shouldn’t have. They have 0 interest chasing down their own citizens for money and they also have no interest in dealing with foreign citizens according to the CRS treaty.

How can Taiwan expect to improve it’s international standing when it can’t even administer is current, extremely basic, international agreements appropriately and correctly? This goes beyond banking too, working holiday agreements are another basic ‘bilateral agreement’ that Taiwan does its very best not to uphold its end of the bargain. The exchange of drivers licences is another.

They want to fight their decreasing population by encouraging their own citizens to leave and discouraging foreign citizens from staying.


Last week I called Amy saying I still had not heard back. I was approved a day later. I was told I would be sent a card within 5 working days and I would also get an email from Taihsin bank that I would have to click. I received the email and clicked it.

I did not receive my card yet. Then two days ago I received an SMS saying my application to Richart requires further information and to please return the questionnaire. Again?!

I will wait and see if I actually get a card.

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According to Taishin sources, apparently they have had a lot of issues in the past with people lying about this (Americans were not explicitly mentioned, but it was implied), which ruined things for the rest of us :frowning:

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This won’t stop tax evaders giving false declarations. :man_shrugging:


… but it does keep the regulator happy, which we do want, so this positive* direction will continue :slight_smile:

* value of ‘positive’ may be undetectable using commonly available equipment, terms and conditions apply


It should have a tick box question ‘Please confirm you are not an American citizen or permanent resident, American citizens or permanent residents who do not declare their American tax residency will be investigated. Those with an ARC indicating American citizenship will not be permitted to open an account without providing their American tax residency information’ rather than assuming American laws apply to everyone in the entire world.

This is what all Australian banks do. Online. Indiscriminately. Even Australian citizens need to make this online declaration.

No bank here provides an easy way for someone to update their tax residency should it change in the future either. So why would anyone bother?


Yes, but if you’re an American citizen you are 100% a foreign tax resident. So the application should automatically put you down as one if you are an American citizen. - THERE SHOULD BE NO QUESTION OF IF AN AMERICAN IS AN AMERICAN TAX RESIDENT. Just “enter your social security number here:”

Also they should be more worried about the Taiwanese citizens who hold green cards and are domiciled in the US… I know a few that are NEVER questioned about it.

Foreigners ‘living in Taiwan’ are the least risky. (In Australia we know that and FOCUS ON OUR CITIZENS!!!)

WHAT IS REALLY HAPPENING (IN TAIWAN) THOUGH… Taiwanese regulators and banks are lazy and need to get their numbers up on people declaring… so who do they turn to? The non-citizens and those born abroad!

Banks in Australia take proactive measures such as monitoring banking apps to see if someone is always logging in with an overseas IP address, checking card activity, checking to see if there are frequent transfers abroad etc…

This is done not to protect the Australian tax office or save face. IT IS CALLED BEING A RESPONSIBLE REGULATOR!!! - Something that Taiwan doesn’t even pretend to aspire to…

I am sick and tired of the stupid excuses. All you gold card council seem to do mate is go to these meetings and hear them spill constant bullshit. - and eat it all up! (especially from the last email you sent where they stated about the ID system not being online “despite having digital citizen cards” and then the bullshit about FATCA and CRS)

Heck! I could open up an online account in the Philippines (as a foreigner living there) since 2017!! (AND… NOT NEED TO WAIT FOR A STUPID PHONE CALL OR BE DISCRIMINATED WITH THE APP!)

Why the f@$K has it taken so long to get to this stage? and guess what? the app doesn’t even work!


I updated my tax residency to Taiwan with my Australian banks in 1 minute. Online.

I won’t even bother updating my tax residency to Australia with my Taiwanese bank accounts when I move back to Australia because it’s too time consuming, too hard and the staff too stupid. And if I move back to Taiwan again they won’t accept my legitimate declaration without a fight anyway. If they don’t want to follow their own rules, I won’t either. An eye for an eye as they say.


Exactly. The address listed for my bank accounts in Australia is my address in Taiwan. Whenever I need a new card mailed out. They mail it to Taiwan. My new chequebook arrived yesterday.


Same here. My share trading accounts in Australia and CHESS registration and drivers licence all use my Taiwanese address and Taiwan TIN where necessary.


Exactly. Now tell me how many Taiwanese living abroad do the same thing… NONE