Open a Bank Account in Taiwan

Required Documents

You will need your passport, Alien Resident Certificate (ARC), and student ID card to open a bank account.

Note that you won’t be able to open a bank account until you receive your Alien Resident Certificate (ARC). If you haven’t reached the age of 20, the Post Office is more suitable for you, since they only require your student ID card, passport, ARC and personal seal.

Minimum Amounts for Opening a Bank Account

The common minimum amount required to open a bank account is NT$1,000, though some banks require NT$10,000 or more.

Tax Withheld on Interest Income

Those who reside in Taiwan for less than 183 days will have a 20% withholding tax from interest income. Those residing in Taiwan 183 days or more will have 10% withheld.

It’s highly recommended you open an account at an international bank, such as CTBC Bank, Mega International Commercial Bank, etc.

The Nearest Financial Institutions to the Main Campus

  • CTBC Bank
    376 Zhongshan Road, Hualien (03) 834-0566
  • Post Office
    52 Fu-Guo Road, Hualien (03) 857-7820
  • Mega International Commercial Bank
    26 Gong-Yuan Road, Hualien (03) 835-0191
  • Taiwan Cooperative Bank 
    371 Zhongshan Road, Hualien (03) 835-0151

Currency Exchange

Most banks exchange foreign currencies at reasonable rates.

Have an ATM Card

Upon request, you will be given an ATM card. If offered, ask for a “Cirrus” or “Plus” card so you will be able to withdraw money from ATMs outside of Taiwan, too.

The Maximum Daily Amount to Withdraw from ATMs

Most banks allow their customers to withdraw between NT$90,000 and NT$150,000 per day from their own ATMs. It’s usually in increments of NT$30,000. This limit can be increased or decreased simply by amending your account at the teller window of your bank.

Applying for a Credit Card in Taiwan

If you have a Taiwanese friend who will co-sign for you, your chances of getting a credit card will significantly improve. If you have high monthly income, you will most certainly be offered a credit card and, as in the US or Canada, your personal financial situation matters. Typically, proving you have a regular and decent monthly income, proven by transfers to your bank account, is enough to get your first credit card. Don’t be surprised, though, if the ceiling is quite low and the interest rate is high.