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  • Writer's pictureTaiwan Investment

How To Setup Bank In Taiwan As A Foreigner FAQ Part 3

Q: What are banking fees like in Taiwan?

A: Transacting small amounts (below 2 million NT) is usually between 5 and 30 NT (15 cents to 1 USD). Local wire transfers below 500 NT should be free.

If you receive your salary from a certain account, that account may have a special promotion of 10 or so free local transactions from your account.

Q: Can I wire money overseas from Taiwan? Does Taiwan have foreign exchange controls?

A: You can wire money freely overseas from Taiwan. Unlike China, Taiwan has no foreign exchange controls (but you will have to pay some banking fees).

Q: How much does it cost to remit money to my overseas account?

A: In my experience it cost about $40 ($20 fee from Taiwan and $20 fee from the US) to transfer less than 10,000 USD from a Taiwan bank.

Q: What is the best way to avoid banking fees for wiring money internationally to and from Taiwan?

A: Consider using a money institution such as Western Union or Paypal. Some international banks such as HSBC and Citibank may not charge at all for international transfers, but may have other requirements such as a large minimal deposit etc.

Q: Can foreigners apply for credit cards in Taiwan?

A: Yes. I have two credit cards. Every bank in Taiwan has a different policy when it comes to credit cards. The first time I asked, a teller told me that foreigners are not allowed to have credit cards. This is simply not true.

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