From my personal experience, banking in Taiwan as a foreigner can be a painful and confusing experience. To help foreigners choose the best banking options and have a more pleasant banking experience in Taiwan, we have created this Taiwan Bank Comparison. If you are stuck with a terrible bank in Taiwan, chances are there are better banks out there.
Before you start this comparison, you may want to check out our Taiwan banking FAQ and guide which answers some basic questions about banking in Taiwan and lets you know how to set up a bank account here. You can also check out our Taiwan credit card guide here.
Please also note that this is not a comprehensive comparison of all banks in Taiwan. It is simply a general guide to the biggest banks in Taiwan that are most likely to best cater to Western foreigners. Information regarding each bank is subject to change, so for the most current info please reach out to each bank.
Basic Information about Banking in Taiwan
- Typically as a foreigner in Taiwan, you usually need to have the following to open a local bank account in Taiwan:
- An ARC (or employment gold card).
- A stamp/seal/chop (印章 Yìnzhāng) with your name on it (you can get one for about 100 NT at any locksmith shop (開鎖店 Kāisuǒ diàn). See the photo below for an example of a locksmith shop in Taiwan. Some banks may let you get away with just using a signature or fingerprint.
- Your passport.
- Fill out various paperwork.
- For opening corporate accounts in Taiwan, the process is similar but they will likely give you an e-key USB drive and password which you can’t lose, and which may be confusing to set up.
- Currently, the banking sector is very competitive for a small island of only 24 million people. There are a total of 36 local banks, 32 foreign banks, and 3 Mainland Chinese banks.
All of these banks have a three-digit code to differentiate them. - Most banks are only open Monday to Friday from 9 AM to 3:30 PM.
The only bank I know of that is open on Saturdays is the Chunghwa Post Office Bank, which is open on Saturday mornings. - For more information, check out our Taiwan banking FAQ and guide.
Local Banks
Before I start this comparison, let me just tell you that in general local banks in Taiwan simply do not cater to foreigners. Even though many of them have banking apps and online banking platforms in the English language with some degree of intuitiveness, overall foreigners are not their core customer base and many services (such as buying stocks and other investments) will not be available due to “anti-money laundering” worries and other risks that foreigners may pose.
In other words, even though some local banks are better than others, overall you will still run into bad service at almost any local bank in Taiwan. You are prone to meet a teller who has never seen a foreigner walk in the door and does not know the proper banking procedures for foreigners. This may involve hours of waiting and paperwork, and at the end of the day maybe nothing will be resolved (it’s happened to me and others many times).
The obvious best choice would be to use an international bank such as Standard Chartered 渣打國際商業銀行, HSBC 滙豐銀行, DBS Bank 星展銀行, or Citi Bank 花旗銀行, but they usually have high thresholds and don’t allow just any average Joe or Jane to walk in and open an account.
For most of us average foreigners, we can only choose from the best of the local banks. Sometimes we are even forced to open an account at a certain bank by our employer.
Without further ado, here is a list of each major bank in Taiwan, a summary of their online English services, and other information.
E. Sun 玉山銀行
Website: https://ebank.esunbank.com.tw/index.jsp
– The online Website is not completely in English, but having said that it has one of the best English interfaces of any bank I have used in Taiwan. I would say I like their interface the best; it is clear and easy to use. Therefore I would personally name E. Sun to have the No. 1 online banking platform for foreigners.
– Named to have the top five most ATMs in Taiwan. You can find their ATMs in most Carrefours.
– It has one of the biggest chains of bank branches in Taiwan.
– Can link with PayPal
Comments from other people in Taiwan:
– Raggenn: E Sun is by far the best
– Soft-Cry-9752: Have been using Esun, so good so far
– Apprehensive_Try6206: My e.sun card seems to charge me more for foreign transactions, even if the transaction is in TWD. For example, Netflix subscription costs 3% more.
– ShrimpCrackers: I should add that E. Sun (Jade Mountain Bank in best translation) also happens to have PayPal abroad integration so you can accept funds from abroad from PayPal if you’re still accepting that somehow.
– Fred Tomas: I’ve just opened a bank account today at E. Sun Bank
they got a lot of things written in English
Taipei Fubon Bank 台北富邦銀行
Website: https://ebank.taipeifubon.com.tw/B2C/common/Index.faces
– The online Website is completely in English, but having said that it is rather clunky and has an older-style interface that is not totally intuitive. I personally use their online banking and I am not a huge fan.
– There are relatively fewer ATMs in Taiwan.
– There are relatively fewer bank branches in Taiwan.
Comments from Foreigners in Taiwan:
– Jorge Sánchez: Fubon Bank has been reliable & issue-free. The only downside is that the apps are Chinese only
CTBC 中國信託
Website: https://www.ctbcbank.com/twrbc/twrbc-general/ot001/010
– The online Website and app are completely in English, but having said that it is also clunky and prone to bugs. I personally use this one too and I would say sometimes it is not clear how to operate the interface.
– Named to have the #1 most ATMs in Taiwan. You can find their ATMs in most 7-11s. This fact alone may make it the most convenient bank in Taiwan.
– It has one of the biggest chains of bank branches in Taiwan.
Comments from foreigners in Taiwan:
– @ianmsavage The best bank I’ve been with is CTBC, I find their service to be efficient, and the clerks speak English. They have an English internet banking APP, and they have an ATM every 7-11. They’re also good for sending money back.
– Impossible1999: CTBC: if you have a CTBC account in the US, and you also open one in Taiwan, you’ll be able to transfer between the accounts with a fee.
– UnableExcitement2255 I have a securities account with CTBC and have had it for years as an American. I have friends from the UK, Indonesia, and South Africa who all have brokerage accounts with them as well. Taxes are a pain(on the US side of them), but they definitely don’t restrict foreigners from opening accounts and trading.
First Bank 第一銀行
Website: https://ibank.firstbank.com.tw/NetBank/index103.html
– The online Website is completely in English, however, it does not look very pretty. I personally have not used this one so I have nothing more to comment on.
– Named to have the top five most ATMs in Taiwan. You can find their ATMs in most Carrefours.
– It has one of the biggest chains of bank branches in Taiwan.
Cathay Bank 國泰銀行
Website: https://cathaybk.com.tw/mybank
– The online Website is 100% in English. I use their online banking platform personally, and it is okay. It is not the most pretty, and sometimes I do get confused.
– Named to have the top five most ATMs in Taiwan. You can find their ATMs in most Carrefours.
– It has one of the biggest chains of bank branches in Taiwan.
Comments from foreigners in Taiwan:
– @spectralcodex 國泰 has been easy to work with and they’ve got ATMs almost everywhere.
– @Oceanlugano I only know Cathay. It’s ok except my middle name tripped them up, any time I send money from abroad it’s a big ordeal requiring multiple phone calls. From what I’ve heard about other banks, however, these are minor issues.
– Hibernatus50: The Cathay app is partially in English, but only for daily stuff linked to a debit card. Anything else needs to be in Chinese.
– ScytheMoore: I have an ETF on Cathay which was allowed without any extra steps of going to the bank. But seems like stocks require more steps to be able to buy
– BubbhaJebus: I’ve found Cathay United to be one of the better ones when it comes to being foreigner-friendly.
– Nguyen Thanh Tri: 1 vote for Cathay. Trust me.
Shanghai Bank 上海銀行
Website: https://ibank.scsb.com.tw
– The online Website is not completely in English, and the interface is not pretty. I personally do use their online banking in real life, and it is really clunky. I also happen to know that they have limited English-speaking staff to help.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Mega Bank 兆豐銀行
Wesbite: https://ebank.megabank.com.tw/nib
– The online Website is not completely in English. At first glance, the interface does not look great. I have never used this bank so I have no further comments.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Comments from foreigners in Taiwan:
– Ross Buchanan: Megabank has fewer fees for international withdrawals.
– John Groot: I don’t know about it being “the best”, and I haven’t used any fancy features like online banking or apps. But the Mega Bank near Zhishan MRT has always provided me with friendly and reliable service with no annoying surprises. And as it is in Tianmu, the staff speak pretty good English.
Changhua Bank 彰化銀行
Website: https://www.chb.com.tw/chbnib/faces/login/Login?locale=en_US
– The online Website is not completely in English, and the interface is not pretty. I personally do use their online banking in real life, and it is clunky. I also happen to know that they have limited English-speaking staff to help.
– Relatively fewer ATMs in Taiwan.
– It has one of the biggest chains of bank branches in Taiwan.
Comments from foreigners in Taiwan:
– ReJoyce Lin: CHB was the best for me. I went to 30 banks they were the only ones to give me an account…
Taishin Bank / Richart 台新銀行
Website: https://my.taishinbank.com.tw/TIBNetBank/?Lang=en
– The online Website is completely in English. At first glance, the interface looks okay. I have never used this bank so I have no further comments.
– Named to have some of the most ATMs in Taiwan. You can find their ATMs in many convenience stores such as Family Mart.
– Relatively fewer bank branches in Taiwan.
Comments from others in Taiwan:
– zanglang: I think there needs to be a cautionary article that states which are the worst banks for foreigners, lol.
I opened a Richart account with Taishin and went through the whole song-and-dance only to find that despite its English UI and foreigner-friendly spiel, it is ridiculously limited and requires the Richart app to be installed on a single device — but doesn’t allow you to actually login into the app!
@kaushikinc: My worst experience is Richart.
Hua Nan Bank 華南銀行
Website: https://netbank.hncb.com.tw/netbank/servlet/TrxDispatcher?trx=com.lb.wibc.trx.Login&state=prompt&lang=EN&Recognition=private
– The online Website is not completely in English. At first glance, the interface does not look great. I have never used this bank so I have no further comments.
– Relatively fewer ATMs in Taiwan.
– It has one of the biggest chains of bank branches in Taiwan.
Comments from foreigners in Taiwan:
– @hotnhumblejake: I had a decent experience at 華南銀行 tbh there was usually someone who spoke English and the app was easy enough to navigate
Far Eastern International Bank 遠東國際商業銀行
Website: https://www.feib.com.tw
– There simply is no English online banking platform. Unless you can read Chinese, it would probably be best to try another bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Bank Sinopac 永豐銀行
Website: https://mma.sinopac.com/MemberPortal/Member/NextWebLogin_EN.aspx
– The online Website is completely in English. The interface looks okay. I have never used this bank so I have no further comments.
– Relatively fewer ATMs in Taiwan.
– It has one of the biggest chains of bank branches in Taiwan.
Shin Kong Bank 光商業銀行
Website: https://nbank.skbank.com.tw/?_gl=1j83htw_gaMzAxNDMxNTU5LjE3MjU0MTc0OTM._ga_6DHDMPXEZY*MTcyNTQxNzQ5Mi4xLjAuMTcyNTQxNzQ5Mi42MC4wLjA.
– There simply is no English online banking platform. Unless you can read Chinese, it would probably be best to try another bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Taichung Bank 台中商業銀行
Website: https://ibank.tcbbank.com.tw/PIB/common/Login.faces
– The website is not completely in English. The interface looks older. I have never used this bank so I have no further comments.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Union Bank 聯邦銀行
Website: https://www.ubot.com.tw
– There simply is no English online banking platform. Unless you can read Chinese, it would probably be best to try another bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Sunny Bank 陽信銀行
Website: https://www.esunnybank.com.tw/sunnyNBWeb/index.seam
– The website is not totally in English. English seems to be an afterthought for login purposes only. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Yuanta 元大銀行
Website: https://ebank.yuantabank.com.tw/nib
– The website is 100% in English. The interface looks okay. I have never used this bank so I have no further comments.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Land Bank of Taiwan 臺灣土地銀行
Website: https://lbotpt.landbank.com.tw/Default.aspx?rand=258753757
– The website is not totally in English. The interface is not pretty. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– It has one of the largest chains of bank branches in Taiwan.
Bank of Taiwan 臺灣銀行
Website: https://ebank.bot.com.tw
– The website is not totally in English. The interface is not pretty. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– It has one of the largest chains of bank branches in Taiwan.
– This bank is cool because it lets you trade in money for new, never used before notes and coins.
Comments from foreigners in Taiwan:
– Ju Howe: The Bank of Taiwan never gave me any problems and was very easy to set up an account, no questions asked, they even offered me a credit card – maybe because it’s a government-run bank?
– Li-Wen Leah Ruth Keshinover: Bank of Taiwan would be my pick. Their currency exchange process is painless, a bonus point is, that it doesn’t require having an account with them.
Taiwan Cooperative Bank 合作金庫商業銀行
Website: https://cobank.tcb-bank.com.tw/TCB.TWNB.IDV.NEW.WEB
– The website is not totally in English. The interface is not pretty. I have no further comments because I have never used this bank.
– Named to have the top five most ATMs in Taiwan. They have ATMs in RT-Mart and lots of other random places in Taiwan.
– It has one of the largest chains of bank branches in Taiwan.
Taiwan Business Bank 臺灣中小企業銀行
Website: https://ebank.tbb.com.tw/nb3/login?locale=en
– The website is not totally in English. The layout seems fresh and modern. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Taiwan Post Office 中華郵政
Website: https://ipost.post.gov.tw/pstEN/home.html
– The website is totally in English. I have personally used their online banking and it can be confusing sometimes.
– #2 most ATMs in Taiwan.
– #1 most bank branches in Taiwan.
– Direct debit and other services may not be possible with this bank.
– The Taiwan Post Office is also a bank and offers banking services at most of its locations.
– The best part about Taiwan Post Office Bank is that it is open until 5 PM while other banks are only open until 3 PM, and it is open on Saturday mornings!
Comments from foreigners in Taiwan:
– @TerryWaltz_TCI I’ve had a good old Post Office account for like 30 years. It does what it needs to do. English or lack thereof isn’t an issue for me though.
– OrangeChickenRice: The post office banking app in English is very usable and completely in English.
– miredonas: The English version of the app is nice indeed. However, there is a limit of 60K NTD for online purchases. I couldn’t buy a damn computer. Don’t know if it is related to the Post Office or a general government thing.
– FrickenMcNuggets: Post office for sure for foreigners
– factorum: My local post office has been really kind and accommodating. Sure it’s all on paper and kinda takes some time but I’ve always had someone who’s able to explain things in Mandarin and English when necessary and they even will check my Chinese writing to make sure I didn’t make a mistake. And yeah transfers are like 30 NTD which feels reasonable.
– New_Satisfaction_817: Yes post office is the best, even have other languages in their atm. You can opt for atm one for 12 nt tf fee tho or even free if it is your payroll account~
Hwatai 華泰銀行
Website: https://netbank.hwataibank.com.tw/NConsumerBank
– The website is not totally in English. The layout seems clunky like English was an afterthought. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
KGI Bank 凱基銀行
Website: https://www.kgibank.com/AccessibilityWeb/index.jsp?lang=en
– The website is not totally in English. The layout seems okay. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Obank 王道商業銀行
Website: https://accessibility.o-bank.com/accbank/ac/acco0201/ACCO0201_010.faces
– The website is not totally in English. The layout seems clunky like they only use the mobile version of the website for English users. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Comments from others:
– zanglang: I’ve definitely had issues at O-Bank when I first left an anglicized signature, then when performing some counter errands had the staff apologetically come back and ask me to sign again several times because a squiggle or flair on the signature didn’t look right.
Entie Bank 安泰商業銀行
Website: https://www.entiebank.com.tw/InternetBank/Login
– The website is in English. The layout seems very primitive. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Bank of Panhsin 板信商業銀行
Website: https://netbank.bop.com.tw/BOPBankC/Auth/Login.aspx
– The website is not totally in English. The layout seems clunky and primitive. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Taipei Star Bank 瑞興商業銀行
Webiste: https://ebank.taipeistarbank.com.tw
– The website is not totally in English. The layout seems clunky like English was an afterthought. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan. I had never heard of this bank before researching this blog.
Koahsiung Bank 高雄銀行
Website: https://ibank.bok.com.tw/PIB/common/Login.xhtml
– The website is not totally in English. The layout seems a bit old-fashioned. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
King Town Bank 京城銀行
Website: https://netbank.ktb.com.tw/KTBPIB/WebApi/www/#/home
– The website is in English. The layout seems a bit old-fashioned. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
Comments from others:
– Alina Pietilainen: King’s town bank is 10/10. All their staff speak English. Their forms are in English. They are efficient and it doesn’t take a hundred years to get things done. Unfortunately, there aren’t many of them around.
International Banks
Standard Chartered 渣打國際商業銀行
Website: https://ebank.standardchartered.com.tw/scb/public/login?lang=en
– The website is totally in English. The layout seems good. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
– Because it is an international bank, you can be assured there will be an English-speaking team with great service to back you.
HSBC 滙豐銀行
Website: https://www.hsbc.com.tw/en-tw/security
– The website is totally in English. The layout seems good. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
– Because it is an international bank, you can be assured there will be an English-speaking team with great service to back you.
Comments from people in Taiwan:
– wuyadang: The CS has been amazing. On the phone or on-site. Can’t comment on the English service but I know it’s there and they readily initially use English when I walk in.
The problem is needing to call them in the first place. Also, the app is…. At least not a cluster f***, but has no push notifications for debit charges(rely on text messages for that) and has almost 0 integration with credit cards.
– LoLTilvan: HSBC “– Because it is an international bank, you can be assured there will be an English-capable team with great service to back you.”
I visited their branches many times. I have never encountered an employee who can speak English better than an average employee of any Taiwanese bank on the list.
– Ok-Anxiety-1121: On the HSBC web portal as well as the HSBC web app, I can switch between my HSBC US accounts and my HSBC Taiwan accounts. I can also transfer (US$) money between my HSBC US account and my HSBC Taiwan account. Didn’t notice any transfer fee. But I have VIP status. Don’t know if that’s a factor.
– iate12muffins: I closed my HSBC accounts about a year ago， but I think Premier and above don’t have fees if you have the minimum amount in the account. Lots of little annoying things though， like having to go to the branch you opened the account to register a debit card for foreign use.
– TheMeowingMan: I want to bad mouth HSBC here. It generally has terrible apps and online banking, and the phone service is impossible to get through. More importantly, please beware that it is, shall we say, extremely cautious when dealing with us foreigners who may just up and leave this island any time /s.
Why do I still bank with them? Transferring money to yourself in and out of Taiwan is easy, that’s all.
DBS Bank 星展銀行
Website: https://internet-banking.dbs.com.tw/digitw/login
– The website is totally in English. The layout seems good. I have no further comments because I have never used this bank.
– Relatively fewer ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
– Because it is an international bank, you can be assured there will be an English-speaking team with great service to back you.
Citi Bank 花旗銀行
Website: https://www.citi.com
– The website is totally in English. It looks like it is the best English interface of them all. I have no further comments because I have never used this bank.
– On August 12, 2023, Citigroup transferred Citibank (Taiwan)’s consumer finance division to DBS Bank; however, its corporate and institutional financial services in the Taiwan market continue to operate as usual.
– Almost no ATMs in Taiwan.
– Relatively fewer bank branches in Taiwan.
– Because it is an international bank, you can be assured there will be an English-speaking team with great service to back you.
Comments from foreigners in Taiwan:
– Rydon_Mekok: Well, the moot point now…but Citibank used to have the best English-friendly app, imho, especially for multi-currency accounts. Once DBS bought them out here in Taiwan, the Bank of Singapore (DBS) launched two apps in Taiwan: a basic banking app for savings and debit cards that has basic English but is not fully functional, and a second app for credit cards that doesn’t offer any English support. The weird thing is that when I phoned them to complain, DBS Singapore said that DBS Taiwan SHOULD have full English support for all apps.
This is why I’m slowly moving everything over to E-sun… which does have a pretty decent English app.
Banks with the Most Bank Branches in Taiwan
- Taiwan Post Office 中華郵政 (over 1200)
- Taiwan Cooperative Bank 合作金庫商業銀行 (over 200)
- First Bank 第一銀行 (over 180)
- Huanan 華南銀行 (over 180)
- Changhua Bank 彰化銀行 (over 180)
- Bank of Taiwan 臺灣銀行 (over 160)
- Land Bank of Taiwan 臺灣土地銀行 (over 140)
- Cathay Bank 國泰銀行 (over 160)
- CTBC 中國信託 (over 140)
- E. Sun 玉山銀行 (over 130)
- Bank SinoPac 永豐銀行 (over 120)
Banks with the Biggest Working Capital Amounts in Taiwan:
- CTBC 中國信託
- E. Sun 玉山銀行
- Taipei Fubon Bank 台北富邦銀行
- Taiwan Cooperative Bank 合作金庫商業銀行
- Bank of Taiwan 臺灣銀行
- Cathay Bank 國泰銀行
- Changhua Bank 彰化銀行
- First Bank 第一銀行
- Taiwan Post Office 中華郵政
- Huanan 華南銀行
- Bank SinoPac 永豐銀行
- Taishin Bank 台新銀行
- Land Bank of Taiwan 臺灣土地銀行
- Mega Bank 兆豐銀行
- DBS Bank 星展銀行
- Taiwan Business Bank 臺灣中小企業銀行
- Yuanta 元大銀行
- Taichung Bank 台中商業銀行
- Citi Bank 花旗銀行
- Shin Kong Bank 光商業銀行
- Shanghai Bank 上海銀行
- KGI Bank 凱基銀行
- Far Eastern International Bank 遠東國際商業銀行
- Union Bank 聯邦銀行
- HSBC 滙豐銀行
Source: https://rank.twincn.com/rank.aspx?code=%E6%9C%AC%E5%9C%8B%E9%8A%80%E8%A1%8C(641211)
Banks with the Most ATMs in Taiwan
- CTBC 中國信託 (over 3,000)
- Taiwan Post Office 中華郵政 (over 3,000)
- Cathay Bank 國泰銀行 (over 3,000)
- First Bank 第一銀行
- Taiwan Cooperative Bank 合作金庫商業銀行
- E. Sun 玉山銀行
- Taishin Bank 台新銀行
Comparison Table of Taiwan Banks
Poll Results of “What is the best bank for foreigners in Taiwan?”
I asked people on Twitter and Facebook what they thought the best bank in Taiwan was. The results are as follows:
What is the best bank for foreigners in Taiwan?
— Foreigners in Taiwan 🇹🇼 外國人在台灣 (@foreignersinTW) September 5, 2024
After 493 votes from folks online, the online poll results showed Taiwan Post Office 中華郵政 and Cathay Bank 國泰銀行 to be the most popular banks among foreigners in Taiwan.
More Comments From Real Foreigners in Taiwan
The following are a few comments from real foreigners in Taiwan regarding banking that do not fit into the categories above and are not regarding just one specific bank.
- Kate Nicholson: I like Esun for their app and their business banking options and CTBC for their app.
- Nic D’Stef: If I kept my money buried 50 meters under Reactor 4 of the Chernobyl Nuclear Power Plant it would still be more convenient than dealing with any of the available banks in Taiwan.
- Ross McCarry: Esun allows PayPal, CTBC is also good.
- Ju Howe: The Bank of Taiwan never gave me any problems and was very easy to set up an account, no questions asked, they even offered me a credit card – maybe because it’s a government-run bank? But at every other bank I went to was very difficult to get a bank account and for MONTHS would say they were “processing my paperwork”, doing long interviews, asking for lots of documents, or just denying me on the spot (CTBC, CitiBank, Esun, DBS, Cathay). Very strange because I have a Gold Card Visa… I’m probably the least suspicious person to give a bank account to lol. Big props to the Bank of Taiwan for being so competent and helpful.
- Kara: Cash is king
- @sezerdege: Taiwan banks are really still in the stone age, too many inconveniences.
- @SGlennonB: I’ve had good experiences at E. Sun and CTBC
- @kaushikinc: I think in my experience CTBC and Post bank are very reliable, English apps, and foreigner friendly. International banks like HSBC do serve foreigners. My worst experience is Richart.
- @ianmsavage: Definitely agree it can be painful and confusing.
- DarkLiberator: Don’t really use English on banking apps, but E.Sun and CTBC from what I’ve seen has decent English on theirs, but it looks stripped down compared with the normal Mandarin one. The post office app also has good English per what another comment says.
- SpotnDot123: Esun, SC, and DBS (for business )
- kcbox_lord: My experience with Chungwa Post Bank and CTBC is great. the app of post bank is really very good now and in English. CTBC has improved a lot. Their English app is not bad. I have a credit card from them so things are nice. I know HSBC has the option to open an advance account without the minimum money required. My bad experience is with Richart Bank where they have an app that you can’t log in “foReiGhnEr FriEnDly”.
- TheMeowingMan: The number of ATMs is almost irrelevant. The nominal fee for using another bank’s atm is 5 NTD for any withdrawal and 15 NTD for any transfer. And often your own bank will absorb the cost for you.
- Amazing_Box_8032: Regarding the quote: “overall foreigners are not their core customer base and many services (such as buying stocks and other investments) will not be available due to “anti-money laundering” worries and other risks that foreigners may pose,” there are local banks that allow foreigners to access to investment services. I’m with Cathay and Esun, I have investments with Cathay (but you need to use the Chinese app for investment and credit card stuff) but Esun does not allow it (at least via the app) – It would be good to see a more specific breakdown of which banks offer which services to foreigners. I’d also note that Cathay has ATMs in every Taipei metro and almost every family mart so I’d argue they come out on top for convenience for Taipei residents! The typical go-to line for any front-line employees is that the service is not applicable for foreigners, because they can’t be asked to deal with the foreigner paperwork. In theory, foreign residents should be able to access all the same services as citizens including loans and credit cards but since your risk profile is higher you’ll either get higher interest rates or need a guarantor or a decent amount already in the bank. It is always a laugh when you do anything manual in a bank as a foreigner and 5 staff have to huddle around a screen. For Cathay though investment into funds had no paperwork – all through the app but you gotta read Chinese. But foreigners can’t access their robo-investor AI thingy. Only term deposits, index/hedge funds, and ETF-type shit (I’m actually not that clued up on investment stuff but just have some medium-risk US funds for the future)
- Kind-Membership3064: Kinda useless comparison, to be honest. A stamp/seal/chop – never was asked for it or used one in any local bank I have/had (5+) accounts with
- zanglang: I think most banks now allow you to store with the bank either a signature (choice of English or 正楷), seal, or both.
- Deana Pan: I think they just rarely have foreigners coming in and asking questions and banking. So when it happens they have no idea how to answer and then there are annoying standards of procedure that they don’t bend. I have run into stupid situations, things that are like make you wonder if they know anything at all. Taiwan is not a country that is set up to do things for the international community
- Isabella Lee: I choose banks that have many ATMs like in the MRT or 7-11… this way, I don’t have to be charged for bank charges! haha
- Carolina Day: This is one of the most painful parts of living in Taiwan. I spent about 3 whole DAYS enquiring at various banks in Feb about whether or not they allow you to transfer money from a Taiwan account (mine) to another Taiwan account when you’re living overseas. I am not sure if I didn’t explain it properly or what, but NOBODY could understand what I was talking about. It seems like a very simple concept? Every bank said it was not possible.
- George Prior: My understanding is that banking is a painful experience even for Taiwanese folks!
- Keith Granville: My grip with banking here is transferring money overseas. I can’t believe that every bank requires you to go in physically and fill out a form.
Conclusion
The best banks in Taiwan for foreigners may seem to be international banks like Standard Chartered 渣打國際商業銀行, HSBC 滙豐銀行, DBS Bank 星展銀行, or Citi Bank 花旗銀行, however, in real life, they do not have many ATMs and their service may actually be comparable to local banks in Taiwan.
However, if you have to choose a local bank, go with the one with the best-looking English online banking, most ATMs, and most banking locations. That would be most of the banks in the list with the most ATMs which are CTBC 中國信託, Taiwan Post Office 中華郵政, Cathay Bank 國泰銀行, First Bank 第一銀行, Taiwan Cooperative Bank 合作金庫商業銀行, E. Sun 玉山銀行. Of these, I like E. Sun’s banking app and online interface the best. However, the Taiwan Post Office has the most locations and longest operating hours (even open on Saturday). If I could choose on my own, I would probably go with the Post Office, but they usually do not offer salary payment services, so your employer will probably ask that you use another bank.
Whatever your employer chooses, you can always open an account at another, better bank and transfer your money there.
There may be other factors you are considering when choosing a bank, such as the best credit card, the best loan interest rate, or transaction fees. I would recommend you study each bank further on your own according to your needs. For more information about taking out a loan check out our buying a house in Taiwan guide here, or our experience buying a house in Taiwan here. You can also check out our Taiwan credit card guide here.
I hope this information is useful to you. Let us know if we missed any details in the comments.
