Taiwan banks have loosened restrictions on foreign depositors in recent years. The Taiwanese banking industry is one a continued trend of opening up and broadening. Selection of a Taiwan bank must be done with great acumen as banking in Taiwan is still complicated, especially for small to medium size businesses.

Working with banks in Taiwan has never been easier for foreign businesses. In the not too distant past, if a business wanted to bank in Taiwan it would have to leap through many more regulatory hoops than today. The number one goal for the government agency responsible for managing the Taiwan central bank is to increase foreign deposits while strengthening Taiwanese banks. The valuation of Taiwanese banks are attracting more and more investors monthly.

1. Bank in Taiwan with well regarded international banks.

2. Open a small account in a Taiwan business bank to establish an electronic account for international transfers between your main bank and Taiwanese banks.

3. Meet face-to-face with bank officials before any major financial activity with Taiwan banks.

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Establish an account with foreign owned Taiwanese banks

Taiwan international banks have historically have been limited in their operations within Taiwan. Each year international banks in Taiwan increase their banking assets located within Taiwan's borders. Foreign banks were cautious at first after banking regulations were changed to increase the services that foreign banks could offer both their domestic and overseas customers. Global banks in Taiwan should continue to secure their position within the Taiwanese banking industry.

I recommend: Wells Fargo has steadily built up its presence in Taiwan and offers outstanding service. Many international banks in Taiwan have limited staffing, but the Australia and New Zealand Banking Group offers the full range of services for its clientele as it has operated in Taiwan since 1980.

Get a commercial account with reputable Taiwan banks

Set up a business account with a Taiwan commercial bank after registering your business to conduct business within Taiwan. Taiwanese banks are no different than other banks, in that they require businesses to be officially registered and recognized with the Taiwanese government before conducting commercial banking.

I recommend: The China Development Industrial Bank and Bank Sinopac have been in the business longer than many banks in Taiwan. Contact them directly to arrange the transfer of funds.

Meet directly with staff of any Taiwan banks with which you do business

Travel to Taiwan and spend several weeks meeting fiscal management staff of various Taiwanese banks. Do not make large deposits without face-to-face meetings with banking personnel. Although Taiwan has historically had more contact with foreign countries than mainland China, the finer point so social and business interactions should be explored.

I recommend: The Chang Hwa Bank became a bank in Taiwan during the Japanese colonial period. In the modern era its financial stability has been well-established. The Shanghai Commercial & Savings Bank is one of the top banks in Taiwan with direct ties to mainland Chinese banking.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Establish a business account with Taiwan banks that has a strong relationship with mainland Chinese banking to take advantage of the increasingly closer relationship between Beijing and Taipei.

Banking in Taiwan requires a good knowledge about that country’s financial system. Taiwan is home to many kinds of banks — commercial banks, international banks with Taiwanese offices and local banks. Internet and mobile banking are both widespread and popular. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in Taiwan is necessary to successfully take advantage of the system.

Taiwan banks can be easy to use, but there are a variety of special issues you need to address when dealing with them. It is also important to keep in mind that foreigners who use international banks in Taiwan are subject to government regulations on foreign investment. There is a major global aspect to Taiwan banking and many international banks, but foreign investors and business people need to research banking practices thoroughly before they begin.

Keep the following in mind when looking for Taiwanese banks:

1. Focus on banks in Taiwan that will meet your specific needs.

2. Make sure you know the rules for international investing before you look for a Taiwan bank.

3. Comparing the Taiwan banks will help you find the right bank out of the many available.

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Gather general information about Taiwanese banks

Information about the banking industry and general financial state of Taiwan can be found from the Taiwanese government and from private sources.

I recommend: The Central Bank of the Republic of China is the Taiwan central bank and has information in English on foreign exchange and publications. The Financial Information Service Co., Ltd. is responsible for Taiwan’s inter-bank information network and has information on internet banking, as well as on other topics. Invest in Taiwan, a site maintained by the Taiwanese government, has practical information on banking, especially for foreigners.

Use a comprehensive list in order to know which bank in Taiwan will best suit your needs

With hundreds of banks of many different types, it is important to make a knowledgeable choice before choosing your Taiwan bank.

I recommend: Reserve-Bank.com has a comprehensive list of Taiwanese banks with links to the banks’ sites. The Internationalist has a shorter list of banks but also includes brief information on each bank.

Find out about regulations on foreign banking and investing in Taiwan

It's not hard for foreigners with permanent residence in Taiwan to open any kind of bank account, although you will still need a passport and other forms of ID.

I recommend: Individual banks like Citibank and the Bank of Taiwan give specific instructions for foreigners opening accounts in Taiwan.

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Helpful advice for making the most of this Guide

• •  Keep in mind that the sites of Taiwanese banks will refer to the country as the Republic of China.

Taiwan banks are known to be both fiscally sound and well infused with cash deposits. Taiwanese banks are among the most rock solid in Asia. After the infamous Asian stock collapse, the government put many regulations in place to guarantee deposits made at every bank in Taiwan. A Taiwan business bank can offer many specialized services for foreign owned enterprises. Contact a Taiwan commercial bank and set up a face-to-face meeting, as building personal relationships is critical to doing business in Asia.

Any banks in Taiwan industry overview should include the relationship between international banks in Taiwan and the Taiwan central bank. Every Taiwan bank must meet stringent standard,s which makes banking in Taiwan so appealing to foreign investors. Taiwan banking is completely modernized and utilize the most advanced telecommunications technology to keep Taiwan international banks in business twenty-four hours a day. Although, foreign banks are hesitant to invest until the current government proves it is friendly to international banks.

1. Work with staff of banks in Taiwan to establish secure financial management for your company.

2. Guarantee your banking transactions by working with Taiwanese banks that have international partners.

3. Focus on major Taiwanese banks for your initial deposits.

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Connect directly with staff of banks in Taiwan

Set up a direct meeting early in your business relationship with Taiwanese banks. The personal touch has added layers of meaning when doing business in Asia, and Taiwanese banks are famous for being able to broker a fiscal position that connects banks in Japan, Hong Kong and recently the People's Republic of China. Taiwanese bankers enjoy an outstanding reputation for their effectiveness in conducting business.

I recommend: The personnel at the Bank of Taiwan have an outstanding reputation amongst Taiwanese banks for forthright business practices. The Land Bank of Taiwan is well respected in Asia. The recent broadening of relationships with mainland banks stands to benefit both parties considerably.

Start banking with an international bank that has Taiwan banks

There are many large international banks that have longstanding relationships with with Taiwanese banks. American banks, for instance, have a a fiscal relationship going back to pre-World War II. American banks financed a great deal of the government of Taiwan's modernization and continue to be major investors in Taiwanese businesses. Hundreds of billions of dollars are invested in Taiwan and huge American banks control a large percentage of those funds.

I recommend: Citibank Taiwan operates a large number of banks in Taiwan. Many of the bank's officers are Taiwanese and have a multi-generational involvement. Deutsche Bank manages a complex banking enterprise in Taiwan. It has developed a strong investing presence and manages large deposits.

Set up an account with one of the major Taiwan banks

There are several large international financial institutions at the top tier of Taiwanese banks. The upper echelon of Taiwan's banking infrastructure includes some of the largest in East Asia. The sheer volume of financial transactions from banking in Japan and Hong Kong cast a long shadow on Asian banking, but banks in Taiwan always withstand financial crises.

I recommend: The Cathay United Bank is one of the largest major banks in Taiwan, and it is a wholly owned subsidiary of Cathay Financial Holding Company. Mega International Commercial Bank has a solid banking reputation in the high flying 21st Century. There are several more large banks, but be sure deposits are guaranteed.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Fully understand the regulations regarding Taiwanese banks, especially in light of the ever-growing presence of banks based in mainland China. Taiwan bank regulators are still not entirely transparent when dealing with foreign banks.

In order to successfully navigate the banking system in Taiwan, it's important to understand key industry terms. Every country will have certain regulations and procedures that differ from those in the United States. If you can establish a firm knowledge base on which to build a working industry vocabulary, it'll help you manage company assets and eventually increase the rate of return on these assets. However, you first need to determine the terms to study. Below are terms that help with this process.

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Taiwan Relations Act or TRA

The Taiwan Relations Act is the official legislation that allows and encourages trade between the United States and Taiwan. This legislation makes banking in Taiwan possible and is subject to change by a vote of the U.S. Congress.

I recommend: Examine the details of the Taiwan Relations Act at the American Institute in Taiwan.

American Institute in Taiwan

The primary responsibility of the American Institute in Taiwan is to facilitate business transactions between Taiwan and the United States. While the primary focus is on import and export, this can be an excellent resource for business banking information.

I recommend: Review the information from Buy USA on the American Institute in Taiwan.

China Development Industrial Bank

The China Development Industrial Bank is the largest investment bank and venture capital firm in Taiwan.

I recommend: Study the synopsis of the China Development Industrial Bank for further details.

Central Bank of the Republic of China (Taiwan)

The purpose of the Central Bank of the Republic of China (Taiwan) is to stabilize the financial markets, Taiwan's currency and the banking system within the country via the Bank of Taiwan.

I recommend: Evaluate the scope and purpose of the Central Bank of the Republic of China for more information.

Bank of Taiwan

The Bank of Taiwan is the government-owned bank through which the Central Bank of the Republic of China enforced monetary policy within the country until 1994. After this point, the Bank of Taiwan became a strictly commercial bank.

I recommend: Assess the definition and history of the Bank of Taiwan for further details.

Taiwan Business Bank

The Taiwan Business Bank is one of the largest banks in the country. The Taiwan Business Bank has branches in Los Angeles, Hong Kong and Australia. These international branches make it much easier to access money from any location in the world.

I recommend: Use the summary of the responsibilities and purpose of the Taiwan Business Bank.