How to Open a Bank Account in Taiwan as a Foreigner

If you are coming to Taiwan for a short exchange program, language school, internship, or work assignment, a local bank account can make daily life much easier. You may need it to receive scholarship payments, salary, refunds, local transfers, or to pay rent to a landlord by ATM transfer.

That said, not every foreign student needs one immediately. If you are only staying a few months, your home debit card, credit card, cash, and EasyCard may be enough at the beginning. For your first few days, read our First Day in Taiwan arrival guide and prepare enough cash for your deposit, transport, SIM card, and basic supplies.

Step 01Do You Really Need a Bank Account in Taiwan?

You should open a Taiwan bank account if you plan to stay for a semester or longer, receive money from a school or employer, or make regular local payments. A local account is especially useful for:

• Receiving salary from a Taiwan employer
• Receiving a scholarship from your university or the Taiwan government
• Paying monthly rent by ATM transfer
• Sending money to local friends, roommates, or service providers
• Using local banking apps and online transfers
• Keeping New Taiwan Dollars instead of withdrawing cash repeatedly from an overseas card

For housing, many landlords still prefer cash for the first payment or deposit. After you move in, some landlords may ask you to deposit rent into their bank account each month. If you are still looking for a room, see our Taiwan housing guide or compare the best areas to live in Taipei for exchange students.

Step 02Can You Open a Bank Account in Taiwan Without an ARC?

This is where many older articles become misleading. In the past, foreigners without an ARC could sometimes open a basic account by first applying for a ROC Uniform ID Number from the National Immigration Agency. In practice, this has become less reliable.

Today, most banks and post offices prefer — and often require — one of the following:

• ARC: Alien Resident Certificate
• APRC: Alien Permanent Resident Certificate
• Taiwan Employment Gold Card
• Other official Taiwan residence document with your Taiwan ID number

Chunghwa Post, which many foreigners used to treat as the easiest option, now states that foreign nationals generally apply in person using an ARC and secondary ID. Its website also says account opening with only a passport and a “Record of ID No. in the Republic of China” is temporarily suspended, except for certain foreign students opening an account to receive approved scholarship payments with supporting school documents.

So the practical advice is simple: if you will receive an ARC, wait until you have it if possible. It will make the process much smoother.

Step 03Documents to Prepare Before Visiting the Bank

Before going to a bank, prepare more documents than you think you need. A foreigner opening a bank account in Taiwan is often asked to explain why they need the account, where they live, and how long they will stay.

If you are a student, ask your university’s Office of International Affairs whether they have a partner bank. Some universities arrange bank account opening sessions on campus, especially for scholarship students. This is usually easier than going alone to a random branch.

Step 04Which Bank Should Foreigners Try in Taiwan?

There is no single “best” bank for every foreigner. The easiest bank often depends on your school, employer, address, and visa status. For students, the best choice is usually the bank recommended by your university. For workers, it may be the bank used by your employer for payroll.

Common banks foreigners try include:

• Bank of Taiwan — common government-linked bank with many branches
• Mega Bank — often used by foreign residents and businesses
• First Bank — another major local bank
• Chunghwa Post — useful but currently stricter for foreigners without ARC
• CTBC, Cathay United, Taipei Fubon, E.SUN, and other commercial banks — branch experience varies

If you have a Taiwan Employment Gold Card, see the official Taiwan Gold Card banking guide. Gold Card holders usually have stronger documentation than tourists, but banks can still ask for a Taiwan address, phone number, and purpose of account.

Step 05Step-by-Step: How to Open the Account

1. Get a local Taiwan phone number

Many banks require a Taiwan mobile number for SMS verification and online banking. Get a SIM card before you try to open an account. If you are newly arrived, read our arrival guide for international students for first-day setup tips.

2. Prepare your Taiwan address

Banks may ask for a local residential address. A rental contract is best. If you are in a dormitory, ask your school if you can use your dorm address or school office address. If you have not found housing yet, browse rooms and shared apartments in Taiwan before arrival.

3. Choose a branch near your school, workplace, or home

Do not choose a random branch across the city. Banks are more comfortable opening accounts for people who live, study, or work nearby. If your address is in Da’an, try a branch in Da’an. If your school has a nearby partner branch, start there.

4. Go in the morning or early afternoon

Opening a bank account can take one to two hours. Go early, bring all documents, and avoid arriving right before closing. Some branches may need a staff member who is more familiar with foreigner applications.

5. Clearly explain your purpose

Say exactly why you need the account: receiving scholarship payments, receiving salary, paying rent, or managing daily living expenses. Vague answers can make the bank more cautious.

6. Ask for ATM card, online banking, and app banking

Do not leave with only a passbook unless that is all you need. Ask whether your account includes:

• ATM card
• Online banking
• Mobile banking app
• Domestic transfer function
• International transfer or foreign currency account, if needed
• English interface, if available

Step 06Common Problems Foreigners Face

Step 07Before You Leave Taiwan

If your stay in Taiwan is temporary, do not forget about your bank account when you leave. Before graduation, exchange semester end, or moving abroad, check your balance, cancel automatic payments, and ask the bank how to close the account properly.

Bring your passport, ARC, bank book, ATM card, and chop if you used one. If your ARC is extended, update your bank records. If your phone number changes, update it too, because you may lose access to SMS verification.

Final Advice: Be Prepared, Not Surprised

The most realistic answer is this: opening a bank account in Taiwan is usually manageable if you have an ARC, local phone number, Taiwan address, and clear reason for the account. It becomes much harder if you are a short-term visitor without residence documents.

For international students, the easiest route is usually through your university. For workers, ask your employer which bank they use. For Gold Card holders, bring your Gold Card, passport, Taiwan address, and phone number, then try banks that are more familiar with foreign residents.

And for your first few days in Taiwan, do not depend on opening a bank account immediately. Bring enough cash, keep an overseas card available, set up your SIM card, and confirm how your landlord wants rent and deposit paid.