Bank Services

       The banks in Taipei offer many services, sometimes it can be difficult to figure out where to go to exchange money or how to transfer money back home. Use these guides to get a better idea of how to use the bank system.

Open an account	Transfer Money		Traveler's Cheques
Exchange Currency		Credit Card

Open an Account

       Opening a bank account is very simple. Any bank should let you open an account with them.

Supplies: to open a bank account you will need an ARC and some cash, it's usually a good idea to bring your passport too.

Step 1: choose a bank

       There are plenty of banks to choose from in Taipei. You should stay away from most of the smaller branches, as some of them don't deal with a lot of international money and it can be hard if you want to transfer money or exchange money later on. I've used Chung Hwa, Land Bank and ICBC in the past, all of which I have had no problems with.

Step 2: take a number

       As with most major institutions you will have to take a number before being helped. The bank number machines have two buttons, one which you push if you want to perform basic transactions (deposit, withdraw) and one for more in depth transactions (opening an account, get banking card). If you don't know which button to press there is always a greeter who is more than happy to help you out.

Step 3: open your account

       Go to the counter when your number is called. Just give the teller your ARC, passport and money. If you are using direct deposit from your job then your employer will give you the proper papers and you must give these also to the attendant. You will have a new account and bank card in ten minutes. Nice work.

Transfer Money
    
       If you have a bank account back home then you will probably want to transfer money into it at some point. Transferring money is very easy and inexpensive.

Supplies: to transfer money you will need a passport, the money that you want to transfer, an application form (available at the bank), and the information from your bank (account number, routing number, address, name).

Step 1: find bank

       Find a bank that deals with international money transfers. I know that Chung Hwa and the Central Chinese Trust Bank can do this and most other large branches should also do this kind of thing.

Step 2: find the right counter

       Most banks that deal with international transfers have a special counter or area marked "Foreign Money" or something similar. The foreign office is usually located on a separate floor, just look for signs or ask the attendant.



Step 3: fill out your paper work

       The people at the foreign money counter will be able to speak English and will help you through the process of transferring your money. Different banks charge different fees but the cost is usually minimal. Your transfer will take two or three days to arrive in your account at home.


Traveler's Cheques

       Traveler's checks can be a great way to carry money safely. Once you get to Taipei it can be a little difficult finding a place to cash your checks though.

Supplies: You'll need a passport and your traveler's cheques.

Step 1: get your cheques

       You will of course have to get your checks before you leave for Taiwan. AAA is a good place to get these.

Step 2: find a bank

       There are only certain banks in Taipei that will cash your cheques. You could spend all day wandering into random banks asking of they can cash them, or you could go to the Cash My Cheques website and find a bank that will do it for you. Airport banks will cash the cheques for you but you will get a lousy exchange rate.


Step 3: cash your cheques

       Cashing your cheques is as simple as going to the bank and giving the tellers your stuff (passport, cheques). You will have to sign the cheques and you will get the current exchange rate, minus a small commission fee. Most banks have a limit of 500 USD per day, so if you have more than that you will need to go back to the bank multiple times or go to different banks.

Exchange Currency

       Changing money can be an unpleasant experience. Especially if you are changing large amounts and are worried about getting screwed on the exchange rate. This will give you a brief summary of the best way to exchange money.

Supplies: you will need currency and a passport to exchange money.


Where to Exchange

       If you are exchanging money into NT dollars it is best to do it at a bank in Taiwan. You should exchange a little bit at the airport if you need to, but you will get a much better rate if you use a bank not located in an airport. Likewise, if you are traveling outside of Taiwan you should also do your exchange here in Taipei. You will have a very difficult time getting rid of NT dollars anywhere outside of Taiwan, and if you do find someone to exchange the money you will get a horrible rate. Basically, always exchange money at a bank in Taiwan.

Exchange Rate

       The rate of exchange will change frequently but a good standard is 1USD=33NT. To figure large sums use the XE.com Personal Currency Assistant. Bear in mind that the converter gives you the best possible rate and will likely be slightly higher than what you will actually receive. All banks that allow exchanges will have a large board that gives you the current rate of exchange. Also remember that banks charge a small fee for the exchange. I usually use Chung Hwa bank but the rate is the same anywhere you go.

Types of Currency

       Banks accept all major forms of currency. To be on the safe side it is better to keep cash in USD or Canadian Dollars. Most banks will only accept the new bills issued by the US government. The bills began to be introduced in October of 2003. To the right are the acceptable bills. Old currency (only green colored) is not accepted and you will have to hold onto this until your next trip to the US.


Credit Card

       Forigners are not issued credit cards by Taiwan banks. You can get a bank card which is used like a credit card if you request one when you open up your account. If you really need a credit account you will have to apply for one from the country where you have citizenship.