I am going to apply for an ARC and I also want to open a bank/ post office account for myself. I’ve been wondering which one is the best for a foreigner like me?
(have to transfer euro’s to NTD… not really a good timing though 
)
Anyone has any experience that he/she wants to share?
Hope you guys can help me. CHeers mate!!! Thank you! :lick:
Definetively open an account in the post office, safer and very convenient. But it won’t handle international transactions. For that, I’d reccommend Mega Bank. You can open an account in NTs and another for foreign currency -USD, Euros, etc. easily.
Welcome alexk - wishing you a great time on the Rock.
Certainly not BOT (bank of Taiwan) ignore those. No one speaks English, no benefits what so ever and old style.
if you bring 1.5 Million NTD - you are welcome @ HSBC - and they have English PC banking.
I opened a Chinatrust account. They ar on each street corner - and have majority of ATM machines in the 7-11’s which is convenient to pick up cash.
They also are not too expensive on changing Euro’s to NTD. I think we pay for each transfer 400 NTD (much less then the EU banks charge)
Unfortunately - their PC banking is Chinese only - but that tool is not often required anyway.
FYI - credit card application will be a no-no if you are not employed at this moment.
Success - hope this helps
There is nothing to stop you from opening an account with every bank you can find (a few might refuse to let you, but most will accept your application), and that way you can find out which of the banks are best for you. Most of us only have experience with the bank they have an account with, so our advice will be skewed by limited experience. However, it stands to reasons that there is no “best” bank, whether for Taiwanese or non-Taiwanese - at most (if even that) there can be a “best” bank for each individual in her/his particular circumstances. 
The qualification about advice skewed by limited experience also applies to that which i am offering next, but there is information to be had that has been compiled from many sources: if you intend to be in Taiwan for a longer time you may find it convenient to have a Taiwanese credit card or at least a VISA debit card (meaning, a debit card that works exactly like a credit card). Oddly enough, there are many banks that issue VISA debit cards that have been deliberately limited in their usefulness, so you may find this thread useful when it comes to choosing a bank: forumosa.com/taiwan/viewtopi … 88&t=95280
Well, since most foreigners tend to have to deal more with international transfers, some banks would be better than others. So doing research on my own is always a good idea, I agree. And part of that research is asking my fellow 外國人 if they got any idea… and guess what! Thanks heaps guys! 
I will look into the things you have mentioned.
I already possess a Moneybookers debit card and it seems to work quite well here in Taiwan.
Thanks again for your kind replies and moving this to the money section (I didn’t even know it existed 
)
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If ease and price for international transfers is a priority, Bank of Taiwan is about the best. I don’t have an account there but use then anytime I need to wire money.
China Trust and ChungHwa post
If you get paid in cash, open an account at the closest bank to your school. That way, you can just stop over during a break and deposit the $$ in an ATM (make sure they have that feature).
I used to do China Trust because of the 7-11 ATMs until I saw that they charge for using that. Left them out of spite. 
The China Trust international transfer fees are expensive ($900 I think).
But…they ARE family.
Mega ICBC.
You can open both NTD account and USD account. Int’l wire fee is $500 during the first year, $300 thereafter (through online transaction). Online banking has an English version. ATMs are everywhere. And a number of their employees can speak English - at least the ones that I’d been to in Hsinchu Science Park.
If you’re teaching then your school will probably strongly prefer that you open an account at the same bank they use.
I used Bank of Taiwan for an int’l transfer and it went flawlessly although the software appears to be 20 years old.
Just a late advice when setting up your account here in TW:
The bank uses your passport as sole ID to open an account. Not the ARC which might have a “different” name on it seen the limited space.
They will copy each character of your last, middle and surname which will be used for ANY transaction - especially cashing Checks and receiving overseas transfers.
What is important:
Your bank at home should use the IDENTICAL name as you use here. It happened many times that some forgot to include my middle name which in one bank resulted in NOT accepting the transaction (loosing International wire fee of 500 NTD) , or if you got lucky - a set of documents to sign upfront before receiving the money (obviously with the same extra costs).
I tried to open an account at ChinaTrust, they required me to have a landline phone number such as (02)… in Taipei. Does anyone this is true for all banks?
I doubt it. I have opened two bank accounts and I’ve never had a landline.
Not true AFAIK. Ask them the terms and conditions page regarding applications.
Me think you went in at 11.55 AM to open an account 
I have used Chang Hwa and Union bank for foreign transfers.
No main difference, however Union bank gave me a credit and debit card, so that’s a plus.
For incoming and outgoing transfers Union Bank charges NT$400. I find incoming easy, outgoing harder due to the paperwork.
Note that I do a lot of international bank transfers, once they know you things in general become easier.
I’ll be relocating to Taiwan from the USA for my company. Even though I am moving, I will still have bills to cover (student loans, :fume: ) in the USA. I’m looking for the best possible bank or setup where I can transfer a large amount of NTD to a US account and then use the US account to pay the loan payments.
I’m assuming I can’t pay directly out of the Taiwan bank account directly to the loan in USD. I think i need to transfer first and then pay.
I’m look at Citibank and having a US account and a TW account (or do I open both accounts in Taiwan and open both an NTD account and USD account?). I also read that Mega bank can allow USD and NTD accounts there. I think i have come to the conclusion that smaller local banks in TW are probably not a good answer for me. Anyone in a similar situation?
[quote=“ceeeeej”]I’ll be relocating to Taiwan from the USA for my company. Even though I am moving, I will still have bills to cover (student loans, :fume: ) in the USA. I’m looking for the best possible bank or setup where I can transfer a large amount of NTD to a US account and then use the US account to pay the loan payments.
I’m assuming I can’t pay directly out of the Taiwan bank account directly to the loan in USD. I think I need to transfer first and then pay.
I’m look at Citibank and having a US account and a TW account (or do I open both accounts in Taiwan and open both an NTD account and USD account?). I also read that Mega bank can allow USD and NTD accounts there. I think I have come to the conclusion that smaller local banks in TW are probably not a good answer for me. Anyone in a similar situation?[/quote]
Like you, I needed to cover bills in the US, which I paid online through my US bank account. I opened an account at Bank of Taiwan 4 years ago, and have been sending money back to the US every month since then with never a problem. The wire fee is NT$400 (plus whatever your US bank may charge).
Although the staff’s English at my branch was limited, they were always very helpful and patient with my Newbie Chinese (10% Chinese, 30% English, and 60% pantomime). This is the Taoyuan City branch; I imagine your experience could differ at another branch.
Thanks.
$400 NTD seems like the standard fee for international transfer in Taiwan; a number of banks listed here charge that (China Trust, Mega Bank, Bank of Taiwan, …). I might also look into Citi but I wonder about access to Citi ATMs in Taipei and how the visa debit card is. Anyone using the Citi Visa / debit card there?
[quote=“ceeeeej”]I’ll be relocating to Taiwan from the USA for my company. Even though I am moving, I will still have bills to cover (student loans, :fume: ) in the USA. I’m looking for the best possible bank or setup where I can transfer a large amount of NTD to a US account and then use the US account to pay the loan payments.
I’m assuming I can’t pay directly out of the Taiwan bank account directly to the loan in USD. I think I need to transfer first and then pay.
I’m look at Citibank and having a US account and a TW account (or do I open both accounts in Taiwan and open both an NTD account and USD account?). I also read that Mega bank can allow USD and NTD accounts there. I think I have come to the conclusion that smaller local banks in TW are probably not a good answer for me. Anyone in a similar situation?[/quote]
Ceeeej, welcome to the 'mosa.
Please take note that the Citibank in Taiwan is in no way affiliated with the one in the US, or at least in any way helpful to you. It’s service is quite deplorable and its charges outrageous. It is not a foreigner friendly bank and I would not reccomend you to use it for usual transactions, unless you like ulcers.
It is advisable to have several bank accounts, meaning not keeping your money in just one place. Aside froj the usual reasons, for example, there is a limit to the transactions that can be done from an ATM, and when you reach that limit, you need to swipe the passbook. Many people forget this detail and can spend peniless hours. As per Murphy’s Law, this may happen when you need cash the most.
I also support having an account with the Post Office -the safest and most estable- but since they cannot do international transactions, using a bank like Mega or Fubon or Chinatrust, is also required.
Just avoid small fly by night, just entered the market places, like Bowa or SKG, that have very few service outlets. Somebody on the boards just had a really bad experience with Changhua Bank, so ask around and inform yourself. In your case, compare the charges related to international money transfers.
Icon, I was very soon going to open an account with Citi because of the good service of a local branch when I made inquiries, which was a lot different 3 years ago when I went to a different branch and they told me that they dont allow foreigners to apply for a bank account.
You mentioned that they provide deplorable service and high fees. Is this related to transfers of money from a foreign country only, or do they have a lot of traps to charge someone fees from?
I know Citibank in USA is known as a subprime lender, and before the crisis would give a credit card to anything that breathed.