Whether you’re in Taiwan for a short visit, exchange study, language immersion, or an extended stay, having access to a local bank account in Taiwan can significantly enhance your experience.
While short-term travelers can just use their home country’s ATM and credit card for the entirety of their travel, you will need a local bank account if you are working and will be paid in NTD, receive scholarship payments, or if you want to make bank transfers in NTD to your landlord etc.
But navigating the complexities of opening a bank account as a foreigner, especially without an Alien Resident Certificate (ARC), can feel daunting. Read on to learn the steps needed to open a bank account in Taiwan, even if you haven’t secured your ARC yet.
Using the Postal Savings Account as your Bank Account in Taiwan
Taiwan boasts a robust banking system with various options for opening accounts. However, for foreigners without an ARC, choices can be limited when it comes to opening a bank account in Taiwan. Commercial banks often have stricter requirements, including proof of residency and minimum deposit amounts.
This is where the magic of Postal Savings Accounts shines. Offered by Chunghwa Post Co., Ltd., the national postal service, these accounts are generally more accessible to foreigners, making them a great option for those in the early stages of their Taiwanese adventure. It is the easiest type of bank account to get in Taiwan although it doesn’t have as many bank features as other larger commercial banks, but it does have all the basic features you need to conduct any regular type of banking transaction.
When setting up your account, make sure you set up online banking (It is a separate application). You may also want to set up APP banking. For the post office, you will need both the Post Office app and something called 郵保鑣. Also request to have electronic bank statements.
Documents Required for a Postal Savings Account
To open a saving account in the post office, bring the following items to the post office:
- New Account Application Form (available at post office)
- ROC Uniform ID Number (if you don’t have an Alien Resident Certificate (ARC))
- Valid Passport
- A seal or chop with your name
- Minimum deposit of NTD100
For more Postal Saving account information, please visit the official website of Chunghwa Post Co.
Get a ROC Uniform ID Number
To apply for a ROC Uniform ID Number, bring your passport to the National Immigration Agency and submit an Application for ROC Uniform ID Number.
If you are living in Taipei City, then you can go to their office next to the Xiaonanmen MRT Station. See the location here.
Get a Seal or Chop with your Name
You will need to get a seal or chop with your name on it to stamp the bank documents. Any official documents in Taiwan requires you to stamp it with your chop, so you might as well get one. It is called a 印章 (yinzhang) in Chinese. A simple chop can cost less than $100 NTD. Key shops or locksmiths in Taiwan sell these chops. You just have to show the shop the characters or words you want in your chop.
It is very important you DON’T EVER LOSE IT. If you lose your chop then you will have to update all your documentation with the new chop.