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  • Writer's pictureTaiwan Investment

How To Setup Bank In Taiwan As A Foreigner FAQ Part 1

Q: What common currency does Taiwan use?

A: Taiwan uses the New Taiwan Dollar (NT, NTD, or TWD).


Q: Do I need a bank account to work in Taiwan?

A: Technically your employer/boss can pay you in cash, but most employers/bosses will require you to open a bank account at a certain bank to receive a salary. This means that an expat can open quite a few bank accounts if he/she keeps on switching jobs a lot.


Q: Can foreigners open bank accounts in Taiwan?

A: Yes. However, it is a tedious process especially if you are a USA or EU citizen because of extra paperwork. Moreover, some of the bank tellers cannot speak fluent English so you may have a rough time doing the bank account opening. If you don't speak Chinese, it may be a good idea to bring a Taiwanese friend with you or engage our services to help with communication.


Q: What do I need to open an account? How do I open a bank account in Taiwan?

  • An ARC (or employment gold card).

  • A stamp/seal/chop (印章 ). Some of the banks allow you to use signatures.

  • Your passport

If you have an employer in Taiwan but no ARC yet, you may be able to open an account by applying for an account by using a Taiwan Uniform ID number, which any foreigner can get at the immigration office. You should check with your bank on their requirement. Every bank has a different policy.







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