The following information is provided by the Bankers Association of the ROC for reference. Detailed information is available at individual banks.
1. Opening bank accounts When opening a bank account, foreigners should present a valid passport and an Alien Resident Certificate (ARC).Those without an ARC should first apply for an “Identity (ID) number basic information certificate” at the Police Department nearest to their residence.
2. Application and usage of bankcards
2.1 After opening a bank account, foreigners may present a valid passport and the original signet/chop (or signature)
used to open the account to apply with the same bank for a bank card [also called “FISC card” which is issued by
all banks and post offices with the coordination of Financial Information Service Co. Ltd. (FISC), Taiwan's national
operator for interbank information network services.]
2.2 The bank card can be used for withdrawing cash and transferring funds via the automated teller machines
(ATMs) in the Republic of China (ROC). Most ATM's have an English option.
2.3 Cash withdrawal limits: The daily limit is NT$30,000 (The limit is NT$ 20,000 when using ATMs owned by
other banks for cross-bank services). The total amount of withdrawals is limited to NT$100,000 in a one single day
by most banks.
2.4 Fund transfer limits: except for when a higher amount is set by the bank and the cardholder when applying for
the bankcard, fund transfers are limited to NT$ 30,000 each time. When a cardholder sees the need for a higher
transfer amount, he/she should first sign an agreement with his/her bank to set a ceiling. But the maximum amount
should not exceed NT$ 2 million per transfer. (The daily transfer limit is set by individual banks.)
2.5 Card loss: When a bank card is lost, the customer may use the 24-hour automatic phone voice service to report the
loss and immediately freeze the account (to prevent unauthorized cash withdrawals or fund diversions by someone who may have found
the card). The customer then should go to the card-issuing bank during office hours to file a written report to temporarily freeze the
account and apply for a new card.
2.6 Card replacement fee: Each bank may charge a fee when a customer applies for a bankcard, reports a loss of a card, and applies
for a new card. Check with each bank for the amount of the fee.
3. Automatic collection/payment services:
People who have already opened deposit accounts or savings accounts may present the original signet/chop (or signature) used to open the accounts and a photocopy of a payment slip to apply with the same bank for services to pay public utilities fees for water, electricity, household natural gas, phone bills, etc. (Upon agreement, the bank will automatically make deductions from the accounts to pay the fees for the customers, who will receive only receipts from the utilities companies later on.)
4. Foreign exchange services:
When making foreign exchange transactions, foreigners should present their passport or ARC to the designated bank branches
that are authorized to offer foreign exchange services. Each bank will charge service fees for purchases and sales of foreign
currencies as well as for mail or telecommunication costs.
5. Foreign currency deposits:
When in need of opening foreign currency deposit bank accounts, please follow the same procedures as those of opening Taiwan
currency accounts as explained in Item (1) above. The rules for foreign currency transactions are the same as explained in Item (4)