Banks in Taiwan
How to bank in Taiwan for your business needs
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.
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.
Try: 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.
Try: 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.
Try: Individual banks like Citibank and the Bank of Taiwan give specific instructions for foreigners opening accounts in Taiwan.
- Keep in mind that the sites of Taiwanese banks will refer to the country as the Republic of China.
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