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  • Writer's pictureTaiwan Investment

How To Setup Bank In Taiwan As A Foreigner FAQ Part 2

Updated: Jul 13, 2021

Q: Why does Taiwan use chops/stamps/seals?

A: The reason you need a chop is that it acts the same as your personal signature in Taiwan. Taiwanese (and Chinese) people believe that a chop is harder to forge than a signature. It's also much more convenient than hand writing your signature, trust me.

Q: What is the account opening process like in Taiwan?

A: Typically it means you have to go to the bank in person during working hours (between 9 AM and 3 PM on a weekday) and sign some paperwork. If you are American or European, you may need to sign extra paperwork like a W-2 form or a CRS form. This means you might be there for over an hour signing paperwork, especially if the teller is new or does not speak English.

Once you open an account, the bank will usually give you a passbook and an ATM card. Ask for your ATM card to have Visa debit card function, otherwise it will be pretty much useless except for taking out cash from ATMs.

Q: What is a passbook? Why does Taiwan use passbooks?

A: A passbook is a paper book that keeps a record of all your transactions in your bank account. In the olden days before online banking, this was high tech stuff and made bank accounts easier to use in Taiwan. However nowadays with online banking they are quite obsolete. Many people in Taiwan especially elderly people still use them religiously. When you need to make a change to your account, typically you need to bring your passbook and chop/seal/stamp with your name on it. The front of your passbook will have your account information on it, and many people will ask for a copy of the front of your passbook in order for you to pay them.

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