2 minute read
The funny thing about banks in Taiwan is that for every job you have you require a different bank account.
In the UK, you must go into a bank, you go through a lengthy process to set up your bank account, you usually need to give them your home address, full ID details, drivers license and passport and inform them of the type of account you wish to open. Sign this and sign that and boom! you have an account.
Now, when you want to get a job in the UK. The employer will ask you for your account details, this usually consists of a 7 odd digit account number and a sort code and the name of your bank. They get your tax codes from the previous employer and your national insurance (social security). That’s it. Every job. You give them your bank account details and thats that. You are getting paid.
In Taiwan, however, each company will have their own payment system linked up to a specific bank and in order to received payments from them you need to have that exact banks card/account else you ain’t getting paid. So don’t come to Taiwan and expect them to pay you directly to your home countries bank. It isn’t going to happen.
Since being here I have had several different accounts which after leaving the job I have either had to discard or keep as a ‘savings’ account. A number of the banks also only have very limited or basic online functions. You can ask them (in some banks) to enable online banking so can transfer money to your foreign accounts. If you do not have access to online banking or cannot read Chinese/Mandarin or the bank you choose doesn’t offer the service. You will need to go into the branch and transfer manually. BUT you will be needing to take some time off work because as with a lot of countries the banks don’t open on the weekends.
SO, in closing, I would advise buying a bigger wallet/purse, if you intend to work in Taiwan for a decent time you will be needing a bunch of space for those new shiny bank cards.
P.S – We got asked about transferring money a little more easily in the Whatsapp group today. Try using Payoneer (another Paypal) which allows Taiwanese accounts and foreign accounts.
List of Taiwan based banks (Wikipedia)-:
- Chunghwa Post
- Bank of Taiwan
- Land Bank of Taiwan
- Taiwan Cooperative Bank (includes the former Farmers Bank of China)
- First Commercial Bank
- Hua Nan Commercial Bank
- Chang Hwa Bank
- Citibank Taiwan
- Shanghai Commercial and Savings Bank
- Taipei Fubon Bank
- Taipei Star Bank
- Cathay United Bank
- Export-Import Bank of the Republic of China
- Bank of Kaohsiung
- Mega International Commercial Bank
- Taiwan Business Bank
- Standard Chartered Bank Taiwan
- Taichung Bank
- King’s Town Bank
- Hwatai Bank
- Taiwan Shin Kong Commercial Bank
- Sunny Bank
- Bank of Panshin
- COTA Commercial Bank
- Union Bank of Taiwan
- Far Eastern international Bank
- Yuanta Bank
- Bank SinoPac
- E.SUN Commercial Bank
- KGI Bank
- Taishin International Bank
- Jih Sun International Commercial Bank
- EnTie Commercial Bank
- CTBC Bank – China Trust