It doesn’t matter as when you transfer the bank will change it to USD and then the local currency regardless…
This is what it should have always been! I’m guessing they finally hired someone who understood the regulations… and not just make up a bunch of bull@$%* rules
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Yeah but I lose money in exhange rates/fees. For a $10,000NTD transfer to AU I end up with about $10AUD less by transferring USD. Not much but I’d rather $10 in my pocket than a banks 
Took me 30 minutes. Mostly waiting for my turn, as some retired old ladies decided to do banking during lunch hour to be the most appropriate of times.
The counter lady was a bit fiddly and nervous. She also asked me for my passport. I did not want to slow it down as I was running late to get back to work, so I gave it to her. She just copied the passport number, which is also present on the A(P)RC 
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I didn’t need to give her my passport, i brought it with me just in case I got an idiot and was ready with a ‘You don’t need my passport speech’
This is the first time I’ve been able to open an account without my passport… even though it isn’t required
I got the impression she just copied my details, checked my face matched my ARC then just advised the Richart back office people to do the upgrade. It didn’t seem like she actually did anything herself
Went to the Nanjing East Rd sec.5 branch near najing sanmin station. With waiting times took also around 30 mins.
The guy serving me was a bit nervous at first, but then checked on the computer and got all the docs required. Gave my ARC and driving licence, I also offerend my NHI card but didn’t need. Didn’t even bring my passport on purpose.
Signed and done
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Both Taichung and Taipei were nervous? My Zhunan lady was really confident… not in English but she wasn’t fiddly or nervous at all. She definitely had done some kind of training about the process
Spoke in Chinese only, only used in English verify, upgrade and ID as shown on the platform to match. Otherwise, no English spoken at that branch AFAIK.
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In Taichung she had basic English. She confused saying sign here and write your name. Did not know how to say ‘write in block letters’.
Had to show her my passport again, to explain how my signature looks like.
Mine couldn’t give a sh*t what my signature looked like 
I even asked if she wants me to sign in Chinese or English. Some banks insist on Chinese signature.
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It sounds like Miaoliguo is where it’s at
I haven’t had that but I’ve had them insist on a stamp with my English name. I have one in my English name and one with my Chinese name. What they insist on depends who is working that day.
I just gave the Taishin Zhunan my Chinese one and no questions asked
I have survived for many years in Taiwan without a stamp, or without a bank book. I always say I do not use one, I do not have one. I do not need it. I do not want one. They eventually relent.
So what is the point of having a multi-currency account? Not sure?
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Higher interest rates? I think it’s weird too. I do like that it can receive my transfers in AUD without it being immediately converted to NTD. And without going to the branch.
I actually sent them feedback saying they should allow inter country transfers in other currencies.
I’ve never updated mine. They get thrown in a draw and are never touched again.
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So you can receive AUD and it just sits there as AUD? And you can only get it out by converting to NTD or converting to USD and sending that out.
And they will actually give it to you cash in AUD if you show up? Or no?
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You can do this too, you just need to check if the branch has the currency you’re after.
They also have multi-currency atms. The one near me has Euros, USD, JPY, CNY
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Follow up question, but understand if you are not sure: So if you pay using their credit-card in an Australian shop, can it take the AUD from your AUD stash?
That I don’t know but would love to know. I hope so.
I’m going to Australia and Singapore next month so I’ll give it a try and see what happens
I didn’t use a single dollar of cash last time I was in Australia, I used my taiwanese Citibank credit card the whole time
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Outward SWIFT international transfers are only allowed in USD with Richart. Inward transfers can be received any of their 13 currencies.
You can’t SWIFT transfer NTD in either direction.
I currently SWIFT out about $300AUD a month with Cathay but they charge a $300NTD fee, Richart’s fee is cheaper and exchange rates better. I only receive inward transfers occasionally but it’s a pain in the ass every time, Richart seems to have fixed this hurdle for me. I won’t know for sure until I try though
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Many people in Taiwan use foreign currencies as a hedge against the NTD which many Taiwanese view as risky due to tensions with China. Great way to ensure you can afford air tickets in the event of an emergency or economic collapse…
Another is that you can benefit off of differering monetary policies. For example if the American Fed reserve raises rates… then so will the rates on the USD accounts in Taiwan.
And then another reason… I bought some AUD at USD 0.63 in November and now it’s USD 0.69… a roughly 9% return (tax free)
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