Banking in Taiwan
Over the past decade Taipei has become a major banking center, with a number of Western banks having offices. If you have a credit card or an account with any of the banks listed below, be sure to inquire about services available in Taiwan. In order to open a bank account in Taiwan you must have a resident visa.Kaohsiung
American Express Bank
5 Chung Cheng 3rd Road
(07) 226-3116 or (07) 226-3154
Fax: (07) 226-2368
Citibank
38 Chung Cheng 3rd Road
(07) 224-3433
Fax: (07) 224-3450
Taipei
American Express International Banking Corporation
214 Tun Hua North Road
(02) 715-1581
Chase Manhattan Bank
115 Min-Sheng East Road, Section 1, 9th Floor
(02) 514-1234
Chemical Bank
62 Tun Hua North Road, 10th Floor
(02) 721-3150
Citibank
52 Min Sheng East Road, Section 4
(02) 715-5931
Morgan Bank
205 Tun Hua North Road, 10th Floor
(02) 712-2333
Standard Chartered Bank
337 Fultsing North Road, 1st Floor
(02) 715-3572
West Pac Banking Corporation
99 Fultsing North Road, 15th Floor
(02) 712-9131 or (02) 712-9137
Credit Cards and Cash Advances
Credit cards can be used at department stores, shops, hotels, and restaurants throughout Taiwan. Only the American Express office (for American Express Card) and the Bank of America (for VISA and MasterCard) issue credit-card cash advances.
Buying Dollars
Changing U.S. or Canadian dollars to New Taiwan Dollars (NT$) is easy and can be done at any bank; however, in order to prevent domestic capital from leaving the island, the purchase of U.S. dollars is tightly restricted in Taiwan.
Once you earn Taiwanese money, you'll want to change some of it into U.S. dollars so that you can spend it outside of Taiwan. Also, NT$ are worth much less outside of Taiwan and are difficult to exchange.
Unless you're in Taiwan on a resident visa, buying dollars is not always an easy task. Most teachers do it in one of the following ways:
Changing Money at the Bank
Foreigners can change NT$ into dollars at a bank, but in order to buy U.S. or Canadian dollars, you will be required to show proof of a previous and equivalent exchange transaction. For this reason, be sure to hold onto any receipts from changing money.
Another alternative is to go to the bank with a Taiwanese friend and have him or her change NT$ for U.S. cash or traveler's checks for you. Traveler's checks don't need to be signed in front of a teller before leaving the bank, and tellers will think you're strange if you sign the checks at the bank.
Gold Shops
Check around for the best exchange rate by walking into a few gold shops and quietly asking if they have meijin (U.S. dollars). This is a "gray market" exchange and your rate will be slightly lower than optimal.
