It is really hard to live on a cash only system when you’re used to credit cards. But if you don’t have a local banking account, it is really hard to live mostly cash-free in Taiwan, as many Taiwanese street vendors only accept payment that are tied to a local checking account if you do cash-less.
I helped a friend, who does not have a Taiwanese passport, get a local bank account 2 years ago. It just takes time and helps to have a Chinese speaking person. But the actual process isn’t hard.
Please note that if you read online forums, everyone always has methods for getting bank accounts for foreigners in Taiwan. But it always seem to require some tenacity as every bank is different, and everyone’s situation is different. Some require you have ARCs, some require income statements, etc etc etc.
So, this is not a post about how to get a bank account if you plan to stay in Taiwan long term. While I’m sure it’s doable, it is not the point of this post, which is for those of us who like to collect things.
Yes, I found the process of getting bank accounts in a foreign country interesting and that’s why I wanted to do it!
Advantage of Getting a Local Bank Account
There is really only one big reason to get a local bank account. Because honestly, for short term travelers, you could just ATM your way through your travel.
But, if you want to be able to do bank transfer type of transactions rather than dealing with cash, say, to pay for a local camp, rather than relying on friends, then it is worth the effort to get a local bank account.
Once you have set this up, you can even try to do your local transfers from US. Though I havn’t verified if this works. You’d need to wait till I get back to the states.
Step 1: Get an Uniform ID
Quoting from MOFA here: “The ROC Uniform ID number is issued by the Ministry of Interiors to foreign nationals. It is commonly accepted by the National Health Insurance program, tax offices and other public/private organizations. Application information can be found on the website of the National Immigration Agency .”
As of 2020, you can get this Uniform ID even with just your U.S. Passport! (Yes, I say US here because I don’t know if this applies to all foreign passports.)
But the rules changed yet again in 2021 when they made the format of the ID the same as Taiwanese National IDs, so I don’t know if this still applies. Try it and see!
- Check out application website in English and Chinese.
- Print your application at a convenience store and make a copy of your foreign passport.
- Go to 移民署 National Immigration Agency closest to you with 1) foreign passport + copy 2) application form. I just told Info desk that I wanted to apply for a uniform ID (統一證號）and they directed me to the right place. It’s free.
2. Get an Inkan
Or I guess it’s really called a chop in English. But I like the Japanese term inkan better because it sounds like the Chinese 印章 (yinzhang) to me. You always need an inkan for official things, so may as well get one.
Get the cheapest one! It’s usually $100-$200 NT only. You can pick the font you like.
Most importantly, DON’T EVER LOSE IT. I thought I lost mine and then had to update all the documentation on all my banks with the new inkan image. Pain in the ass.
3. Get a bank account at the local Post Office
Yup, you heard that right, the post office. I read once that just about everyone has a bank account at the post office. It is the easiest type of bank account to get in Taiwan even though sometimes it doesn’t have as many bank features.
(And this is why the Taiwanese post office does not have $$ issues like the US post office. Ha!)
So yeah, go to the Post Office, grab a number for banking, and tell them you want to apply for a new account. You will need to give all your info away, including your social security number.
There are 2 things you MUST ask about when you get a new account.
- Setting up online banking. Yes, it’s a separate application.
- Setting up APP banking. For the post office, you need both the Post Office app and something called 郵保鑣. Make sure you ask at the counter if you need to apply to set this up.
- Ask if you need to apply as well for webATM. This is a thing we don’t see in the states and I don’t remember if it was part of online banking application. This allows you to attach a card reader device to your computer and read your ATM card. I don’t use this at all now but I remember I used to need to do this. So ask if you like to collect things. ha!
- Getting a debit/ATM card. I don’t think I was able to get a Debit Visa card for my friend, but I could be wrong. That part required that you have an ARC at least I think.
- Request to have electronic bank statements. ULTRA important since your mailing address will most likely change if you’re a temporary resident like me.
There you have it. Really the most important thing is getting a Visa card because once you have that it makes life SO much easier in Taiwan. Next post!
4. Test out your online banking and banking APP
I’m sorry I’m of no help here because it’s been SO long since I did this. You used to need 2 apps for online banking. But as of May 2022, you need one: 行動郵局 （iOS, Android)
Once you get home, immediately open up the online password that the Post Office gave you (it’s ID, username, password) and try to log in.
Make sure you can log in online either through the web, and through the APP. The website has an English version. The app is all in Chinese, but I was able to walk my friend through it. Doing it immediately means you can go back to the post office immediately with any problems you have.
In the App itself, go under settings (設定）and you want to make sure you do
- 快速登入 （touchID method)
- 設備綁定 （tie the account to this device)
- 交易密碼 （under 設備綁定 . This is the 2nd 6 digit code you need for online transactions)
Other Notables
- You will get a monthly estatement in the mail. The password to open it is usually your ID.
- Getting your transactions printed on the passbook is always a fun experience for me. There’s usually a machine IN the post office bank area, or sometimes in a slot on top of the ATM machines.
- Remember that to do anything at the post office it is often required to bring your ID, inkan, or passbook. You are actually allowed to do banking for other people if you have their passbook and inkan. So be careful and don’t lose them.
Lastly, I feel like there is one level of banking I have not had time to crack for foreigners, which is getting a Visa card through the post office. Maybe someone wants to be a guinea pig and let me try it on them one time. That Visa card would open so many doors for you.
