interest on my taiwan account is 0.5. there has gotta be a better way.
Yes, savers are basically being shafted, compelled to lend their money at almost-zero return so that banks can haul in more profit to cover the write-off of bad loans, so that businesses can borrow money more cheaply, and so that people are pressured into investing their money in the stock and bond markets. When you consider that the bank is paying you a fraction of one percent for money which it is then lending to credit-card borrowers at double-digit rates, even close to twenty percent, it cannot but make you fume with outrage. It is, in my opinion, fundamentally immoral.
But at least we can count ourselves lucky that the government hasn’t yet dared to introduce a tax on savings, as they have in the PRC.
Do any banks offer credit cards (or even just a “jinrong” Debit Card) to non-citizens without having to have someone vouch for you? I have an ARC and can prove income, but both Huanan and Overseas Chinese won’t give me anything but an ATM card. If I want anything more, I have to get a citizen to be responsible for my debt if I skip town.
Still better than 0.03% I get for my USD here. (I kid you not!) 
As well I have been told by Taipei Bank (where I hold an NT$ account only) that I can’t use my ATM card overseas to withdraw cash, even it’s a PLUS card.
After an hour and at least 10 calls the bank officer found the answer: because I am a foreigner.
In general interest rates are pathetic nowadays and I hope the exchange rate will make up for that in future …
[quote] As well I have been told by Taipei Bank (where I hold an NT$ account only) that I can’t use my ATM card overseas to withdraw cash, even it’s a PLUS card.
After an hour and at least 10 calls the bank officer found the answer: because I am a foreigner.
[/quote]
Got exactly the same from ICBC. The guy at the counter first said there must be something wrong with the card and wanted NT$1000 to issue a new one, which he claimed would take two weeks…There wasn’t as much as a scratch on the card, so he agreed to check further. He came back and was pretty embarrassed about the ‘it’s because you’re a foreigner thing’, still nothing he could do though. Some of my friends have ATM cards that can be used abroad, some have those which can’t…from the same bank, so I guess it’s a matter of luck…
I’d even been assured by Citibank that my ATM card had been activated for use overseas – presumably they were too embarrassed to tell me, a user of their so-called VIP banking services, the unpalatable and indefensible truth. Of course, when I tried to use the card in Bali, I found that it got rejected by every ATM machine and was totally useless.
After all the crap I’ve taken from Citibank Taiwan over the years, I don’t know why I still bank with them - other than because I strongly suspect that every other bank in Taiwan, whether foreign or local, would probably turn out to be just as bad.
First, if you have a US dollar account, close it and put it into local currency. Unless you need it for some sort of unusual reason, it doesn’t make sense. If you want to use it for any other currency, you have to convert the amount to NT then to whatever currency you need – not directly.
Second, interest in low in the States too. Use longer time deposits or keep your money invested off-island.
Third, remember that the banking system here is simply lame in general. Bring in a US$100 bill and ask for US$20s and they will not give it to you (try the Central Bank of China). My company gives me a bank check each month for my salary. Inside our building there is a bank branch, but because it is not the same bank, they will not cash the check. Banks won’t cash checks from other banks.
But as far as a “good bank”? I have banked at Chung Hwa, Macoto and Union. I settled on the former simply because of location, but they have all been very nice (the Chung Hwa branch in my neck of the woods particularly helpful).
I am paid in USD and intend to convert it to EUR when the exchange rate is right, or I just transfer it back as USD when I leave one day - whichever happens first.
I only change into NTD what I need for a living and transfer it to my Taipei bank account, which I only have because my company wanted it that way initially. I just maintain my account there because Taipei Bank has lot’s of ATMs across town which makes it convenient.
I’ve been using ICBC for years and refuse to change. I wire a sum of money monthly to my account in the US, and there’s never a problem, as the people there know me and take care of it without fail as if I were doing grand business with them. I don’t even have to go in as i set it up in advance. They charge $400 for the transfer.
So all my savings goes to the US, and my dad then turns around and invests it for me. Don’t I have a nice dad? 
When you’re retired, you have time to watch the markets!
Yes, and my point is that the bank first takes those USDs and changes then into NT dollars, then from NT to EUR. You lose big time in the middle step in and out of NT dollars. If you don’t believe this is happening, you better ask.
I think Chinatrust sucks the least.
Ok, thanks - I see now what you mean and will keep it in mind. Perhaps I will directly transfer USD and change at the other side then …
[quote=“Omniloquacious”]I’d even been assured by Citibank that my ATM card had been activated for use overseas – presumably they were too embarrassed to tell me, a user of their so-called VIP banking services, the unpalatable and indefensible truth. Of course, when I tried to use the card in Bali, I found that it got rejected by every ATM machine and was totally useless.
After all the crap I’ve taken from Citibank Taiwan over the years, I don’t know why I still bank with them - other than because I strongly suspect that every other bank in Taiwan, whether foreign or local, would probably turn out to be just as bad.[/quote]
Citibank US is not much better. I’d recommend voting with your feet. Currently I have NO bank account in my name. My wife recently closed all our accounts at ICBC and Land Bank (business and personal) because they called our school and were discussing our personal finances with staff. We are currently planning on using Chinatrust in Hsinchu for the interim until we can open an HSBC account. At this point I’d give Taiwan banks a -1 on a scale of 1-10. It doesn’t directly affect me because I have a foreign spouse, but I’d say that the BEST local bank is light years behind the worst in the U.S., at least as far as disclosure of confidential information and equitable treatment of customers.
Once again, if you want to take money out of that USD account, even for a “direct” transfer, the bank will make the conversion to NT, then to your target currency. If you have a USD account ANY transaction to another currency involves first exchanging into NT dollars.
As I said, you might not be aware of this, as I wasn’t, but check it for yourself.
Does anyone have an account or a story with regards to how HSBC stands up as a bank in Taiwan?
Thanking you in advance for any info/opinions :mrgreen:
Yeah, they’re good people there. Alien, are you still at the Jilong/Xinyi branch? I’ve resisted the temptation to go to a more convenient location just because the people there are so nice. But then again, I’ve been banking there since '97, so maybe I would’ve gotten nice treatment anywhere if I’d been such a long-term customer…
HSBC
While not a Taiwnese Bank,
It is by far better than any of the banks that
I have dealt with.
- Credit Card - Got it with ou a Guarantor
- US dollar account +others (Low interest rates same as the states)
When Mr Greenspan raises intrest rates in the states lookforward to an
increase here. (AU and NZ pay over 4%). - Interent bankning in English
- Investment Services.
- Phone Banking.
- No bank book required.
I go to the bank in person once a year to do some admin.
Yeah, I got that but I meant I will transfer from my USD account here to an USD account in e.g. Germany, so there should be no conversion as part of the transfer. Then, in Germany, I would be able to directly exchange from USD to EUR.
ChinaTrust sucks - I quit them because of the ATM use abroad thing - they shut off the foreign ATM bit every year when your ARC expires and then you have to go down to the bank and show that you extended your
ARC for another year to reactivate. ----> CLOSED ACCOUNT
ICBC - my first account had no problem but I later closed it since I didn’t need it anymore ('98) but have a new account which might have the foreign ATM restriction.
Chinfon - Stay away from this bank - ATM card issued to Foreigners lacks the Cirrus/Plus symbol - didn’t know I was shafted till I checked out my colleagues cards and they all had the foreign network symbol.
----> after quit job ->CLOSED ACCOUNT
Sinopac - have used them as primary bank since '96 - no problems with using ATM abroad (Cirrus).
The best you can get is a ATM/Cirrus/Maestro card - ICBC has them as do some other banks.
ICBC will also give you a secured credit card if you give them a bond.
see my previous post on this thread:
forumosa.com/3/viewtopic.php?t=10470&highlight=