Do I have to open a Taiwan bank account?

Expert Info

Posted by

on 6 Jul 2012

I read on a Taiwan tourism website that I can draw money straight out of my account at home and some ATMs will even show my bank balance in my home country's currency (which in my case is South Africa). I'm not sure I believe this - I have a friend in Taiwan who is teaching English and she said she had to open a Taiwanese bank account. Who is right?

Anonymous (not verified) on 6 Jul 2012 - 08:42

Hi Anya

They're both right. If you're going to teach English, you may need to open a Taiwanese bank account just because some employers will insist on paying your salary to a Taiwanese account (I think its cheaper). Wait till you know you will need to do so before going ahead, as it would be better to keep your money off shore - but don't worry, if you do need to open an account, it's a fairly simple process. Take a look at Banking in Taiwan for details on the documents you'll need.

Anonymous (not verified) on 6 Jul 2012 - 11:58

I have lived in Taiwan for three years. I have only an American bank account. I can withdraw money from my account at Family Mart or 7-11. Of course there are fees from the bank and the stores for that service. bu they are relatively inexpensive, depending on your bank. It is convenient if your living omes from your home nation. If the money comes from a taiwanese source, you can usually use the post office as a bank and transfer funds from there. You have to set up an account with them, but in order to do that you must have an ARC (Alien Resident's Card. Good luck

Expat Health Insurance

Cigna Global Health Insurance

Moving your family abroad can be intimidating, but learning about medical options such as family health insurance early on can help you successfully settle in.

Limited-time offer: 10%* off for life!

Get covered today and enjoy 10%* off your health insurance policy!

Get a Free Quote

*T&Cs apply

Moving Internationally?

International Movers. Get Quotes. Compare Prices.

Sirelo has a network of more than 500 international removal companies that can move your furniture and possessions to your new home. By filling in a form, you’ll get up to 5 quotes from recommended movers. This service is free of charge and will help you select an international moving company that suits your needs and budget.

Get your free no-obligation quotes from select removal companies now!