Click here to go to our new forums at
If you are a Forumosan Regular, when you log in for the FIRST TIME, you must RESET your password by using the Password Recovery system.

Usernames on the new forums must not contain any SPACES and must end with LETTER or a NUMBER; if yours does, you will be prompted to change your Username
Contact us at admin(at)forumosa(dot)com or @forumosa on Twitter or on our Facebook Page if you have any questions or problems logging back in

the best bank for foreigner

A resource forum for those interested in buying, selling, or developing a business; for questions about retirement plans; investing and basically any aspect of acquiring, keeping and increasing one's personal stash of filthy lucre.

Moderator: Charlie Phillips

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:
Posts: 27
Joined: 25 May 2011, 04:37

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.
Lo urgente no deja tiempo para lo importante. Mafalda.

None of us are getting out of here alive, so please stop treating yourself like an after thought. Eat the delicious food. Walk in the sunshine. Jump in the ocean. Say the truth that you’re carrying in your heart like hidden treasure. Be silly. Be kind. Be weird. There’s no time for anything else.
User avatar
Guan Yin (Guānyīn)
Posts: 19075
Joined: 09 Feb 2006, 18:03
Location: Xindian

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.

Success - hope this helps
I’m a dog shaped ashtray
I’m a shrugging moustache wearing a speedo tuxedo
I’m a movie with no plot, written in the back seat of a piss powered taxi
I’m an imperial armpit, sweating Chianti
I’m a toilet with no seat, flushing tradition down
I'm socialist lingerie
I'm diplomatic techno
I'm gay pastry and racist cappuccino
I’m an army on holiday in a guillotine museum
I’m a painting made of hair, on a nudist beach, eating McDonald's
I’m a novel far too long
I’m a sentimental song
I’m a yellow tooth waltzing with wrap around shades on

Who am I?
I am Europe
User avatar
Lost Winning Lotto Ticket (zhòngjiǎng cǎiquàn nòngdiū le)
Lost Winning Lotto Ticket (zhòngjiǎng cǎiquàn nòngdiū le)
Posts: 2953
Joined: 27 Feb 2005, 16:27
Location: Linkou Heights

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: ... 88&t=95280
Peanuts IT Service:
Hosting resources in several countries for small projects (use your own domain or one that I prepare). Cheap web and mail hosting ($0.50/mo); short or long term. FTP access and control panel. Cheap domain names ($8-12/year). Manage your own site/ mailboxes or have me do it. It's never been easier to get your own mail address or website. :-)
Buxiban Laoban (bǔxíbān lǎobǎn)
Buxiban Laoban (bǔxíbān lǎobǎn)
Posts: 3676
Joined: 27 Jul 2009, 06:52

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: )
Posts: 27
Joined: 25 May 2011, 04:37

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.
User avatar
Forumosa's Finest
Forumosa's Finest
Posts: 9239
Joined: 30 Oct 2005, 15:39
Location: Across from the other side of the road
In Taiwan since: 0- 0-2003

Re: the best bank for foreigner

Postby Isha » 25 Apr 2012, 13:45

China Trust and Zhonghua post
Newspaper Copyeditor (bàoshè biānjí)
Newspaper Copyeditor (bàoshè biānjí)
Posts: 488
Joined: 11 Aug 2010, 17:54

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.
User avatar
Street Dog Chaser (zhuīgǎn liúlàng gǒu)
Street Dog Chaser (zhuīgǎn liúlàng gǒu)
Posts: 1284
Joined: 06 Nov 2006, 18:14
Location: Changhua

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.
Ink Still Wet in Passport (shífēn xīnshǒu)
Ink Still Wet in Passport (shífēn xīnshǒu)
Posts: 9
Joined: 17 Jul 2011, 21:12

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.
National Security Advisor (guójiā ānquán gùwèn)
National Security Advisor (guójiā ānquán gùwèn)
Posts: 4654
Joined: 20 Aug 2009, 08:14
Location: Kaohsiung

   Please remember that Forumosa is not responsible for the content that appears on the other side of links that Forumosans post on our forums. As a discussion website, we encourage open and frank debate. We have learned that the most effective way to address questionable claims or accusations on Forumosa is by engaging in a sincere and constructive conversation. To make this website work, we must all feel safe in expressing our opinions, this also means backing up any claims with hard facts, including links to other websites.
   Please also remember that one should not believe everything one reads on the Internet, particularly from websites whose content cannot be easily verified or substantiated. Use your common sense and do not hesitate to ask for proof.

Return to Money

Who is online

Forumosans browsing this forum: No Forumosans and 0 guests