What's the best checking account these days?

Business Money
1

I have the CTBC one but wondering if anyone has anything else to recommend. My company doesn’t insist I use the one they use.

2

You still write checks?

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3

What Brits call a “current” account.

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4

I believe any normal account should do. Checks aren’t used in Taiwan except in business to business dealings… nobody here would ever accept a personal check.

If it’s payroll they usually insist you open an account at a specific bank… it depends on the bank the employer uses, probably less bank fees when it comes to payroll.

5

I like to use Standard Chartered. They offer a few dozen free transfers and ATM withdrawals per month. But they don’t have a lot of branches, so you need to set up everything when you open the account to avoid future in-person visits.

6

Checks was, presumably, a joke by @the_bear. The OP has said their company doesn’t insist they use a specific bank.

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7

Maybe Cathay United bank as a catch-all bank?

Pros:

  • Convenient (ATM at every MRT station in Taipei)
  • Allows foreigners to invest
  • Can accept incoming wires online without having to go to bank and without having to answer the phone
  • Decent app that has english as well (with limited function)
  • Gives mortgages to foreigners (but at bad rates)
  • Gives foreigners credit cards without guarantor
  • Debit card can have added easy card function

Cons: Your typical TW bank and foreigner treatment

Other banks have their own pros and cons. I use HSBC premier a lot. They have free ATM withdrawals at all other bank ATMs and free global wires between your own accounts. But they don’t allow Canadians to invest in ETFs.

I also have Standard Chartered premier. They waive ATM withdrawal fees at all other banks and allow foreigners to invest.

Even with ATM fees waived, you can’t deposit cash for free from other ATMs. So Cathay United has an edge, since they have ATMs at every MRT (in Taipei).

Some disadvantages to foreign banks (HSBC, Standard Chartered):

  • They don’t have those all-in-one debit cards where you have a debit card combined with easy card for convenience
  • They don’t have card-less cash withdrawal function at ATMs
  • SC does not offer corporate mortgages
  • HSBC does not offer corporate mortgages unless your company is publicly listed
8

My MIL paid the landlord by cheque. Up until last year.

9

You must be lying. I heard nobody here ever does it. :roll:

10

He must identify as a bank. :bank:

11

I only ever saw my father in law paying sometimes by cheque.

I requested a current (cheque) account at HSBC for fun and got my cheque book. Only cut 1 cheque to myself😂

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12

The tax office in the UK sent me a tax rebate by cheque. A few months back.

I was like wtf, is this a scam?

They sent me a rebate from 2006.

They have had my address for years.

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13

American government still sends checks during COVID-19 many Americans received checks in the mail.

Seems like investments in Taiwanese banks are a bad deal for Americans? You’ll end up double taxed I think? I’ve been trying to figure this out but I’m feeling a bit lost.

Does Taiwan have something similar to a Roth IRA?

14

Why not just do a US based Roth?