How to Open an International Banking Account in Taiwan?23 min read

How to Open an International Banking Account in Taiwan?23 min read

When you open an international banking account in Taiwan you gain access to its successful digital banking environment. 

Financial technology developments through companies such as The Kingdom Bank have made banking services in Taiwan widely accessible to both Taiwanese residents and international customers. 

By opening an international banking account in Taiwan you gain access to the nation’s dynamic financial services sector while enjoying worldwide access to your financial resources. The requirements and procedures for opening an account in Taiwan might appear complicated without prior knowledge of local banking regulations. 

This guide provides a detailed step-by-step approach to opening an international account with The Kingdom Bank which stands as a top digital banking platform to securely manage your overseas finances.

What is International Banking in Taiwan?

Taiwanese banks offer banking services to individuals who are not citizens of Taiwan. Taiwan’s open economic system and status as a global trading center drive its banks to deliver banking solutions which meet the demands of non-residents who work or reside in Taiwan or conduct business there.

International banking enables account holders to perform international financial transactions including salary receipt from abroad, payments to foreign suppliers and cross-border funds transfer. 

Taiwan account holders have the option to use New Taiwan Dollar (NTD) through their accounts for making local payments as well as investing locally.

International bank accounts in Taiwan do not mandate account holders to reside in Taiwan unlike local bank accounts which require proof of residency. 

Taiwan serves as a desirable offshore banking jurisdiction to Asian investors who need stable currency and banking conditions but wish to avoid onshore account limitations.

Why Should You Consider International Banking in Taiwan?

Multiple strong benefits support the decision to open an international bank account in Taiwan.

Political and Economic Stability

Taiwan enjoys strong economic growth under its stable democratic government. Recent history shows Taiwan has avoided any banking crises or defaults.

Strategic Location in Asia

Taiwan serves as a strategic financial center in East Asia which offers a beneficial time zone for conducting business throughout Asia including major trade nations like China.

Developed Digital Banking Infrastructure

Taiwan delivers digital banking services at global standards through its fintech advancements. Taiwanese banks have expanded their online and mobile banking services to support multiple languages.

Access to New Taiwan Dollar (NTD)

Investing in the New Taiwan Dollar provides access to Taiwan’s currency while avoiding the limitations of local account restrictions. The NTD is freely convertible and stable.

Tax Benefits for Non-Residents

Taiwan exempts foreign income from taxation when non-residents hold money in authorized international bank accounts.

Strong Privacy Laws and Bank Secrecy

Although Taiwan has implemented international anti-money laundering and terrorist financing standards it still protects account holder data with strong bank secrecy rules.

The combination of these powerful factors makes Taiwan a preferred destination for international banking needs of individuals and businesses performing cross-border financial transactions across Asia.

Who Is Eligible for International Banking in Taiwan?

Opening an international bank account in Taiwan requires satisfying specific criteria which include:

• Account opening requirements exclude both Taiwanese citizens and residents from eligibility. The eligibility requirements extend to both non-resident foreigners and Taiwanese citizens who live abroad.
• You must avoid staying in Taiwan for more than 90 days during any given calendar year.
• You need to present fundamental KYC documentation including your valid passport together with proof of overseas address and source of funds.
• Your account balances should meet the minimum deposit requirements set by the bank.

The majority of Taiwanese banks accept applications from foreign nationals to open international accounts so long as the applicants meet required basic standards. 

Banks may require further eligibility checks depending on the applicant’s country of citizenship.

What Types of International Bank Accounts Can You Open in Taiwan?

Taiwanese banks provide multiple international banking options to meet diverse customer needs.

Savings Accounts

Savings accounts enable customers to store their money while earning interest on the balance. Basic banking operations such as salary deposits and emergency fund storage function optimally when using these types of accounts.

Checking Accounts

Checking accounts provide checkbook access and debit card options for both domestic and foreign payments. Some accounts waive foreign transaction fees.

Time Deposit Accounts

Fixed deposit accounts deliver higher interest rates than savings accounts by requiring you to commit your funds for a set duration which ranges from one month to several years.

Foreign Currency Accounts

Your funds can remain in major foreign currencies such as US dollars and Japanese yen and euros under foreign currency accounts, for currency diversification and hedging.

Multi-Currency Accounts

All-in-one accounts enable multiple currency holdings with automatic conversions at competitive rates.

Securities Trading Accounts

You can purchase stocks, bonds and funds listed on the Taiwan Stock Exchange through your international bank account.

Your specific needs for liquidity management and interest yields combined with currency preferences and investment objectives determine the appropriate account type. 

Digital banks with strong reputations such as The Kingdom Bank deliver various banking account options designed specifically for customers around the globe.

How Do You Choose the Best Bank for International Banking in Taiwan?

A competitive banking landscape for international customers requires you to choose a bank that fits your specific needs. 

When selecting your bank you should evaluate several essential factors.

• The quality of service can be assessed through online customer feedback which evaluates how easily customers can open accounts and obtain funds along with the availability of 24/7 support in multiple languages.
• Modern digital banks deliver seamless online and mobile banking services which are supported by strong security measures. Examine the ratings of online banking services and mobile banking applications.
• Compare savings, checking and investment account options by analyzing minimum deposits, interest rates along with transaction limits and associated fees.
• Explore financial institutions which enable accounts in major currencies including USD, EUR, and JPY. and offer competitive currency exchange spreads.
• Although digital banking makes branch and ATM networks unnecessary, having offline access improves customer convenience particularly during visits to Taiwan.
• Choose banks that permit direct investment through securities, funds and futures from your international account.
• Select banks that hold licenses from Taiwan’s regulatory authorities to ensure depositor protection while meeting international anti-money laundering standards.
• Top brands including The Kingdom Bank deliver exceptional service quality through their rigorous risk management practices and governance standards.

A careful assessment of these elements helps you identify the bank that meets your specific international banking requirements in Taiwan. 

Your international banking needs in Taiwan could be well-served by selecting a digital banking-focused brand which delivers a seamless online experience.

Taiwan offers a stable developed market for international money management and payments in Asia which serves both individuals and businesses with cross-border financial activities. The dynamic fintech sector in Taiwan delivers access to contemporary digital banking solutions.

Individuals planning to open an international bank account should investigate available account types as well as fees and eligible banks before proceeding. 

A digital bank that embraces innovation serves as a perfect option. Exploring The Kingdom Bank could be beneficial because of its strong reputation alongside its fully-digital operations that make remote account opening and management seamless.

What Documents Are Required for International Banking in Taiwan?

To establish a Taiwan international bank account you must present proof of identity alongside proof of address.

This usually requires submitting documents like:

• Your passport acts as your main photo identification document when dealing with international banking services. Your passport needs to remain valid for no less than 6 months.
• You must submit either a utility bill or bank statement or a government letter that includes your current address and was issued in the last 3 months as proof of your address.
• You should submit your most recent tax return documents or tax clearance certificate to confirm your tax information and standing.
• Your source of funds letter should detail the origin of your money along with the intended use of the account. This information helps banks build your financial profile to comply with anti-money laundering regulations.

Bank requirements differ so you should consult with the bank where you intend to open an account to learn which documents you’ll need. 

Organizing all required documents before starting the application process leads to time savings.

How Can You Open an International Bank Account in Taiwan?

With The Kingdom Bank it is simple to open an international bank account online because the entire process can be done through digital means.

1. By selecting “Open an Account” on The Kingdom Bank, you’ll receive step-by-step directions to fill out the application form.
2. Provide your name, date of birth, nationality and contact details in the personal information section.
3. Provide scanned versions of your passport along with documents proving your current address.
4. A representative from The Kingdom Bank will reach out to conduct identity verification through a video call.
5. You can fund your account by transferring an initial deposit which starts from a minimum of $1,000 based on your specific requirements. Wire transfers and cryptocurrencies are accepted.
6. We review your application and you will receive approval confirmation within 1-3 business days.
7. Your newly created international banking account can be accessed online or through The Kingdom Bank mobile app at any location worldwide.

The digital onboarding process is designed to be completed in just a few days after document submission. The Kingdom Bank boasts about its efficient application system which delivers high approval rates.

Is It Possible to Open an International Bank Account Online in Taiwan?

You can open an international bank account online in Taiwan through The Kingdom Bank without a physical presence in the country because it is indeed achievable. 

The Kingdom Bank stands out as one of the rare digital banks that have the authority to offer offshore banking services which enables people to access Taiwanese financial services digitally.

Remote clients seeking international accounts can use our specialized application process. After receiving approval you can handle your funds and execute transfers through our safe web and mobile banking applications. 

Users benefit from greater flexibility with The Kingdom Bank because it eliminates the in-person account opening requirement of traditional banks.

Opening an online international bank account with The Kingdom Bank in Taiwan presents multiple advantages such as:

• Customers can avoid both travel to Taiwan and the employment of local representatives.
• Online banking services allow you to access your account at any time from any internet-enabled device on a global basis.
• Multi-currency account with competitive exchange rates
• The platform provides online banking security equivalent to traditional banks through advanced bank-grade encryption methods.
• Global wire transfer capabilities available at low costs

Thanks to digital banking providers such as The Kingdom Bank you can now access the Taiwanese banking system without having to travel to Taiwan. Our digital process opens new possibilities for clients from around the world.

What Are the Fees and Deposit Requirements for International Banking in Taiwan?

Opening an international account requires knowledge of any minimum deposit requirements and recurring fees. The Kingdom Bank provides its clients with affordable and clear fee structures.

• Opening an account requires a minimum deposit of $1,000 USD or its equivalent.
• The Monthly Maintenance Fee will not be charged if your daily balance stays above $2,000. Otherwise $10 monthly fee applies.
• Incoming wires are free. The fees for outgoing domestic and international wires range from $15 to $25 based on both currency type and destination.
• Customers can obtain a multi-currency debit card for an annual fee of $50 which does not charge any transaction or ATM fees.
• You can deposit or withdraw Bitcoin and Ethereum from your account without incurring any commission fees.

The Kingdom Bank provides customers with low-cost fee arrangements that are easy to understand. Clients won’t find any concealed charges or high currency conversion markups. 

If you keep a minimum daily balance of $2,000 your account will not incur monthly maintenance fees so you can benefit from global financial services while minimizing costs.

How Does Currency Exchange Work in International Banking in Taiwan?

Financial management across international borders requires businesses to work with multiple currencies. 

This guide presents an overview of currency exchange processes for international bank accounts in Taiwan.

• It is possible to establish accounts in New Taiwan Dollar (NTD), US Dollar (USD), Euro (EUR), British Pound (GBP) and additional currencies based on what each bank offers.
• The bank establishes daily exchange rates which could be slightly different than those found in the wider market. Always compare rates between banks.
• The bank automatically converts your account currency when you transfer funds to a different currency at its exchange rate including a small service fee.
• International debit cards enable you to make purchases in local currencies worldwide while any withdrawals are automatically transformed into your native currency.
• Through online services or bank branch visits you have the option to request currency conversion between different account funds.

International banking services in Taiwan offer streamlined currency management which removes the need for personal exchange handling. Stay alert for possible markups on rates when compared to public exchange rates.

Opening an international banking account in Taiwan has become a very straightforward process in today’s banking environment. 

The digital services from The Kingdom Bank offer worldwide access to manage your finances anytime from any place.

Start the account opening process by accessing The Kingdom Bank and clicking the “Open Account” button. You can establish a fully operational international bank account to handle payments, deposits, and currency exchanges within 10 minutes without needing to travel to Taiwan.

Our specialized customer support team stands ready to respond to any further questions you might encounter during your experience. 

Discover how straightforward international banking is by opening an account with The Kingdom Bank.