Greetings! I just returned from a mystery destination (that I’ll begin covering in two weeks)! Here’s a quick hint: it’s a domestic trip. This is the second of two smaller posts this week. Earlier we covered how to get a traditional seal made, which is important for getting a Taiwanese bank account, and now this post focuses on how to actually open one. It’s a bit like time travel because it feels like you’re stuck in a 1970s-themed escape room, but instead of finding clues, you’re just trying to find a friendly teller who can explain the process in English without making you want to scream.
Now, when I went to make my bank account, I was told by other Americans to be ready for the process to take an hour or longer because the banking system is VERY different in Taiwan. As I stepped in I was so excited to finally open my local bank account because it meant I could finally start receiving my stipend. But then, reality set in. The bank was a time capsule of the 1970s, complete with the dot matrix printers. But hey, at least it meant I got my passbook in a charmingly retro font. To open an account as a foreign student I needed to bring a few things: my seal, ARC, NT$1000 (about $30) in cash to put in the account, and my passport. While it did take a little over an hour, the process just involved me handing the teller documents when he asked for them, posing for a picture, and mostly just sitting in a chair. After I had signed a few forms, including a special form for Americans with foreign bank accounts (thanks IRS), my application was sent to the floor manager who approved it before they made my bank passbook and ATM card (to get a VISA debit card you need a local phone number). If I’m honest, other than the fact that the tech was straight out of Back to the Future, the process was smooth and uneventful.
Just a quick note: as a precaution, please review your bank’s requirements before you go to open an account, because your situation may be different!
The benefits of having a local bank account cannot be overstated. Most importantly, having an ATM card means you can withdraw money just about anywhere in Taiwan, with many ATMs often open 24 hours. Also, you can often save in foreign currencies like USD (at higher interest rates than in the US)! I will utilize this feature before coming home to the US, as some First Bank ATMs let you withdraw cash from your bank account in USD directly. Like almost any bank, you can visit a physical location, website, or utilize an app to do things like make investments and pay bills like water, electricity, and rent. One particularly retro feature of having a Taiwanese bank account that I enjoy is the bank passbooks. There’s something strangely simple and refreshing about having a clear record of transactions in physical form that I can update at First Bank dot matrix printers around Taiwan. Although let’s not pretend that the thrill of watching my bank passbook being printed on a dot matrix printer isn’t influencing my thoughts here. It’s like reliving the glory days of dial-up internet but with less buffering and more nostalgia.
Thank you, everyone, for continuing to support my work here, we have officially achieved over fifty subscribers to the Substack! Please continue to share these posts if you find them enjoyable, and feel free to leave comments on my posts, I try my best to respond to everyone. I’m feeling pretty tired at the moment from my trip and schoolwork so I have decided that instead of a normal blog post next week, I will simply announce where I traveled to and share some (honestly beautiful) pictures. I am SO excited to begin sharing with you in two weeks, there’s plenty of exciting content coming. Thanks again!
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