If you’re staying in Taiwan for a long time, it might be more convenient to open a local bank account. Although some foreign banks have branches in Taiwan, you might be better off opening a local bank account to avoid currency conversion fees and the like. Also, some ATMs might not accept foreign credit or debit cards, so keep that in mind.
It isn’t too hard to find a bank near campus. You can open an account at the post office across the road, or at First Bank (第一銀行) or E.Sun Bank (玉山銀行) which are both near Muzha Market.
If there aren’t any banks near you, most local banks provide online banking services, however, some might not have English-language interfaces.
Banks are open from Monday to Friday, 9:30AM to 3:30PM.
- ATMs are open 24/7, and can be found all over the city, including convenience stores and the NCCU campus.
- You can use ATMs to withdraw money, transfer money, and even pay your bills.
- Compatibility: Many ATMs will accept foreign credit or debit cards on the Cirrus or Plus system. Some might accept Accel, STAR or Interlink systems as well. However, some ATMs may only accept Taiwanese cards.
- Service Fees:
- For local cards: You can use your Taiwanese ATM card at a different bank’s ATM, but this will incur a fee of NTD 5 for cash withdrawals, and NTD 15 for money transfers.
- For international cards: Using a foreign credit or debit card will incur charges. It’s best to ask your bank about these fees.
Using credit cards in Taiwan
Most major credit cards (both local and foreign) can be used in Taiwan. However, smaller establishments are less likely to accept payments through card, so be sure to have some cash on hand at all times.
How to open a bank account in Taiwan
You’ll need to go to the bank and apply in person. Be sure to bring the following:
- Passport, and copies of information and visa pages
- Alien Registration Card (ARC) or a Uniform ID Number if you don’t have one.
- Initial deposit of at least NTD 1,000.
It might be easier to bring a Taiwanese colleague along with you to help you fill out the forms in Mandarin.
If you’ve applied for an ATM card, it should take about a week or so for your card to arrive through the post. If you’re planning to use your Taiwanese ATM card overseas, be sure to ask for a card with the Plus or Cirrus logo on it.