In Taiwan, the currency in use is the New Taiwan Dollar. The currency sign is NT$ and the code is TWD. Presently, one US Dollar is about 30 NT$. This varies from time to time, since Taiwan imports nearly everything, and this can affect the economy and the strength of the Taiwanese dollar. To find the current exchange rate we recommend xe.com.
Bank notes in use include NT$100, NT$200, NT$500, NT$1,000, and NT$2,000. Generally though, NT$200 and NT$2,000 are not frequently used in Taiwan. Coins are denominated into NT$½, NT$1, NT$5, NT$10, and NT$50, but the availability of NT$½ are rare. Few banks allow you to get a checking account; this is the same in most of Asia as almost no one uses checks. You will most likely get a bank account that lets you use an ATM/debit card. Cash and card are widely used for payment, traveling, and shopping in the Republic of China.
In Taiwan, credit cards are widely accepted at major shops, chain stores, restaurants and more. We recommended you use ATM machines that attach with banks, post offices and chain convenience stores because they are the safest.
Foreigners can easily open accounts at the Post office without a problem, though. If ESL teachers in Taiwan open an account at a post office then they can exchange currency, send money back home, and other such transactions. The ROC has a strong, reliable, affordable, and efficient banking system, even if it's not always foreigner friendly. As an ESL teacher you may find that the school you are working for will help you set up a banking account that works best for you.
It is important to learn as much as possible about the city you are living in, since this will help you get a better idea of where you can easily and safely do your banking. These are some of the top banks in Taiwan, both government owned and independent:
The Bank of Taiwan (BOT) is state owned bank that was founded in 1899. The bank has 169 domestic branches all over the country, as well as international branches in some foreign countries. You can just imagine how many 24-hour ATM machines this bank has around the nation. This is a highly recommended financial institution and has many different options for foreigners.
CTCB is one of the largest private banks in Taiwan. China Trust also has an overseas presence in Tokyo, London, New York, Canada, and Thailand. CTCB achieves many national and international awards, some of which include “Best Emerging Market Bank” in Taiwan, “Best trade finance Bank” in Taiwan, “Best consumer Internet Bank” in Taiwan, “Best Foreign exchange Bank” in Taiwan. As a result, the CTCB has a great reputation both in country and abroad.
Another large bank choice for ESL Teachers in Taiwan is the Cathay United Commercial Bank, it is wholly owned subsidiary of Cathay Financial Holding Company. You will find more than 160 branches throughout Taiwan, making this a convenient choice. Account opening is very easy here, and there options including e-banking and e-ATM choices as well.
This is a great choice because it includes an above market average interest rate, every month. SCB Bank is an international based bank and you will find many branches in almost every country in the world. If you open a salary account here then you do not have to pay any account management fee, rather you will get good interest compared to any other bank in Taiwan. This bank provides their valuable service through the HSBC direct website and call centers. It is also known as faster foreign exchange international bank so you can send money back home without paying hefty fees.
Open an account in Taiwan:
Opening a bank account in Taiwan is a straightforward process, but be sure to check whether your employer requires you to open an account with a specific bank before opening an account. Our suggestion is that when you reach Taiwan, quickly apply for an Alien Registration Card (ARC) because it will take three of four weeks to receive.
In Taiwan most banks are open at 10am and closed at 3:30pm, Monday to Friday, and from 9am to 12.30pm on Saturday, which is the almost same time schedule of most schools in the country. To open an account in Taiwan, try and follow the steps below.
1. Gather your passport with two photographs and copies of information with visa pages.
2. Need Alien Registration Card (ARC).
3. ESL Teachers in Taiwan will want to find a teller in bank who knows English well. In major cities, and at major banks, most employees will have a sufficient English level needed to provide services in English. You will get an account form and have to fill up properly with details of your information to generate your valid account.
4. After all the paper works you require an initial deposit of at least NT$100. Finally, your account creation is done and they will give you an ATM card. We sometimes here the cards are sent in the mail.
Many banks will offer you Internet Banking, SMS banking, e-ATM, and e-Banking to check your account information, transfer funds, online bill pay and more services. Never forget to take this offer because most bank in Taiwan offer this service free of charge and they will make your life a lot simpler. With Internet banking, you are the teller and just need a computer with Internet connection for this counter-less service.