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.
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.