the best bank for foreigner

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the best bank for foreigner

Postby alexk » 23 Apr 2012, 22:42

I am going to apply for an ARC and I also want to open a bank/ post office account for myself. I've been wondering which one is the best for a foreigner like me?
(have to transfer euro's to NTD.. not really a good timing though :( )
Anyone has any experience that he/she wants to share?
Hope you guys can help me. CHeers mate!!! Thank you! :lick:
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Re: the best bank for foreigner

Postby Icon » 24 Apr 2012, 09:36

Definetively open an account in the post office, safer and very convenient. But it won't handle international transactions. For that, I'd reccommend Mega Bank. You can open an account in NTs and another for foreign currency -USD, Euros, etc. easily.
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Re: the best bank for foreigner

Postby ceevee369 » 24 Apr 2012, 12:55

Welcome alexk - wishing you a great time on the Rock.

Certainly not BOT (bank of Taiwan) ignore those. No one speaks English, no benefits what so ever and old style.
if you bring 1.5 Million NTD - you are welcome @ HSBC - and they have English PC banking.

I opened a Chinatrust account. They ar on each street corner - and have majority of ATM machines in the 7-11's which is convenient to pick up cash.
They also are not too expensive on changing Euro's to NTD. I think we pay for each transfer 400 NTD (much less then the EU banks charge)
Unfortunately - their PC banking is Chinese only - but that tool is not often required anyway.

FYI - credit card application will be a no-no if you are not employed at this moment.

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Re: the best bank for foreigner

Postby yuli » 25 Apr 2012, 11:36

alexk wrote:I am going to apply for an ARC and I also want to open a bank/ post office account for myself. I've been wondering which one is the best for a foreigner like me? (have to transfer euro's to NTD [...])

There is nothing to stop you from opening an account with every bank you can find (a few might refuse to let you, but most will accept your application), and that way you can find out which of the banks are best for you. Most of us only have experience with the bank they have an account with, so our advice will be skewed by limited experience. However, it stands to reasons that there is no "best" bank, whether for Taiwanese or non-Taiwanese - at most (if even that) there can be a "best" bank for each individual in her/his particular circumstances. :wink:

The qualification about advice skewed by limited experience also applies to that which I am offering next, but there is information to be had that has been compiled from many sources: if you intend to be in Taiwan for a longer time you may find it convenient to have a Taiwanese credit card or at least a VISA debit card (meaning, a debit card that works exactly like a credit card). Oddly enough, there are many banks that issue VISA debit cards that have been deliberately limited in their usefulness, so you may find this thread useful when it comes to choosing a bank: http://www.forumosa.com/taiwan/viewtopi ... 88&t=95280
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Re: the best bank for foreigner

Postby alexk » 25 Apr 2012, 12:36

Well, since most foreigners tend to have to deal more with international transfers, some banks would be better than others. So doing research on my own is always a good idea, I agree. And part of that research is asking my fellow 外國人 if they got any idea.. and guess what! Thanks heaps guys! :notworthy:
I will look into the things you have mentioned.
I already possess a Moneybookers debit card and it seems to work quite well here in Taiwan.
Thanks again for your kind replies and moving this to the money section (I didn't even know it existed :whistle: )
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Re: the best bank for foreigner

Postby cfimages » 25 Apr 2012, 13:00

If ease and price for international transfers is a priority, Bank of Taiwan is about the best. I don't have an account there but use then anytime I need to wire money.
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Re: the best bank for foreigner

Postby Isha » 25 Apr 2012, 13:45

China Trust and Zhonghua post
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Re: the best bank for foreigner

Postby Puppet » 25 Apr 2012, 17:05

If you get paid in cash, open an account at the closest bank to your school. That way, you can just stop over during a break and deposit the $$ in an ATM (make sure they have that feature).

I used to do China Trust because of the 7-11 ATMs until I saw that they charge for using that. Left them out of spite. :-)

The China Trust international transfer fees are expensive ($900 I think).

But....they ARE family.
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Re: the best bank for foreigner

Postby lollapalooza » 27 Apr 2012, 23:50

Mega ICBC.
You can open both NTD account and USD account. Int'l wire fee is $500 during the first year, $300 thereafter (through online transaction). Online banking has an English version. ATMs are everywhere. And a number of their employees can speak English - at least the ones that I'd been to in Hsinchu Science Park.
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Re: the best bank for foreigner

Postby Abacus » 28 Apr 2012, 09:23

If you're teaching then your school will probably strongly prefer that you open an account at the same bank they use.

I used Bank of Taiwan for an int'l transfer and it went flawlessly although the software appears to be 20 years old.
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