Working with Banks in Taiwan

Start making business transactions with banks in Taiwan

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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

• 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.

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