The National Development Council’s latest effort to improve banking for foreign residents faces two challenges: putting new procedures into practice and convincing those residents that their experience will change.

Taiwan’s banking sector has changed substantially since the private sector reforms of the early 1990s. Before financial liberalization in 1991, there were only 24 domestic banks, most of them government owned. Decades of liberalization have produced a competitive private-sector banking market — now home to 38 commercial banks — backed by a functional financial services regulatory framework.

“The success has been a Taiwan banking world that’s capable of providing people in Taiwan with what they need,” says Thomas McGowan, a Taipei-based foreign legal consultant specializing in financial services and onetime AmCham chairperson.

For many foreigners in Taiwan, how-ever, “capable of providing” depends on whether their patience lasts long enough to see it through. Complaints about banking here commonly center on inconsistent requirements between branches, hours-long visits for routine transactions, and restricted access to credit cards and digital services. Addressing these barriers (along with many others) has become an explicit government priority.

On June 4, the National Development Council (NDC) and the International Talent Taiwan Office launched the ambitious One-Stop Banking Services for Foreigners Model Initiative, designating 17 branches of six commercial banks as model branches for services to foreign customers — CTBC Bank, E.SUN Bank, Taipei Fubon Bank, Taishin International Bank, Mega International Commercial Bank, and First Commercial Bank. The initiative aims to standardize banking procedures for foreign residents, reduce repeat branch visits, and improve access to English-language financial services.

As an example, at Fubon’s branch in Taipei City Hall, foreign customers can now make appointments and check required documents online before visiting in person, the bank wrote in a response to Taiwan Business TOPICS. The designated branch also brings together a foreign-language help desk, bilingual staff, real-time translation equipment, and multilingual service materials. Fubon says these measures are intended to reduce both counter waiting times and unnecessary return trips.

Speaking at the launch ceremony in Taipei, NDC Deputy Minister Jan Fang-guan noted that foreign residents have long faced difficulties opening bank accounts and making international wire transfers. In addition, foreign applicants have frequently been denied credit cards or asked to provide a Taiwanese guarantor, further complicating everyday banking for international professionals settling in Taiwan. Those experiences run counter to Taiwan’s efforts to attract and retain international talent through programs like the Employment Gold Card, a four-in-one work and residency permit issued to more than 15,000 foreign professionals since 2018 — themselves just one segment of Taiwan’s broader foreign resident population.

At the same event, Financial Supervisory Commission (FSC) Banking Bureau Deputy Director General Chang Chia-kuei said that the NDC identified banking as a pain point through user experience studies involving foreign residents, leading the government to coordinate directly with domestic banks on developing a streamlined appointment and service process. Feedback from Gold Card holders has also helped bring recurring banking problems to the government’s attention, says Jonathan Liao, managing director of the Talent Taiwan Office, which grew out of the former Taiwan Employment Gold Card Office.

He says the initiative offers an example of how complaints raised by foreign professionals can make their way into the policymaking process. “We see a lot of the feedback, and from there the NDC allowed us to put forth an issue,” he says, recalling that the parties involved were receptive to working toward a solution.

But those concerns aren’t exclusive to Gold Card holders, and they long predate the recent feedback. The latest effort has nevertheless been met with varying degrees of skepticism from those it is meant to serve. In a discussion on Reddit’s r/taiwan forum, commenters welcomed efforts to improve banking access while questioning whether the initiative would translate into tangible changes at neighborhood branches. “I mean… It’s a start?” one user wrote. “Hopefully it’ll pick up interest, once banks see us foreigners aren’t so scary (and will happily spend our money when able).” Others were less optimistic. “Great idea,” one commented. “Will probably be implemented poorly.”

Equal on paper

Officially, foreign residents are subject to the same basic eligibility requirements as Taiwanese citizens when applying for credit cards. Guidance published by the FSC Banking Bureau states that applicants must provide proof of identity and repayment capacity, while loan applications by Alien Resident Certificate (ARC) holders face no special legal restrictions under standard Banking Act lending principles. At the same time, the regulator emphasizes that credit card review, approval, and credit limits remain subject to each issuer’s independent business judgment and internal credit criteria.

Commenters on r/taiwan echoed this disconnect, describing inconsistent requirements between branches of the same bank. One user described being turned away on multiple occasions despite presenting an ARC, proof of employment, and local income records, recalling being told, “Oh this card isn’t for foreigners.” Another said that staff at a Taipei Fubon branch initially insisted that a passport was mandatory to open an account but later reversed their stance after checking with headquarters. “The manager seemed quite embarrassed when headquarters told her I was right and she was wrong,” the user said.

Everyday transactions can also generate friction. One commenter said that they were repeatedly questioned by clerks about outbound wire forms even when presenting copies of identical, previously completed transfers from the same bank. “Every time, without fail, they tell me I wrote it wrong,” they said. “Doesn’t matter what branch. I have to patiently tell them to enter it exactly as written, which then necessitates a trip by the clerk to the back room, call to the branch manager, etc.”

Moving online opens an entirely new front. FSC Banking Bureau data from the end of 2025 indicates that domestic banks maintain 2,340 bilingual branches, with 33 banks offering English online banking and 28 supporting English mobile apps. Yet foreign users report encountering substantial technical barriers. One business owner recounted having to use a spouse’s National ID number because an online business banking portal would not accept an ARC number. Other users noted that relying on local SMS two-factor authentication causes complications when traveling abroad, while activating physical Digital Citizen Certificate cards still requires an in-person visit to a National Immigration Agency counter.

Model meets reality

To see how the initiative works in practice, TOPICS followed a foreign resident’s experience at Mega International Commercial Bank’s designated Lanya branch in Taipei’s Tianmu neighborhood. Like with many customers, the process began online with an appointment booking.

Attempting to use Mega Bank’s new online reservation system in English, the customer selected an appointment slot. Only after speaking with the branch by phone did they learn that the selected time was already fully booked and that the online reservation had not secured an appointment.

“If the website allows me to book a specific date and time and then the time is not available, what is the point of using the website?” the person asked.

Mega Bank subsequently acknowledged the scheduling gap in a written apology: “As our online appointment system is currently being enhanced, the existing booking platform is not yet fully integrated with branch scheduling information. Consequently, duplicate reservations for the same time slot might occasionally happen. To ensure appointment availability, all reservation requests are manually reviewed and confirmed by our staff upon receipt.”

Having then interacted directly and in person, the customer found branch personnel attentive and supportive. However, in seeking to open a stock trading account, the customer was still required to sign physical forms 23 times in Chinese characters over an extended counter session. And while frontline staff walked the customer through the necessary steps, key sections of the mobile banking application, including about 4 out of 17 or so securities and investment functions, still remain in Chinese without an English interface. Despite the customer’s high level of Chinese proficiency, staff assistance was still needed to navigate essential Chinese-language menus, limiting the app’s independent usability in English.

The experience overall was deemed satisfactory. The customer reported being very pleased with the one-on-one interactions with Mega Bank staff, noting that the English fluency of primary staff handling the account setup was strong. They were surprised to find that the general English proficiency at the branch seemed low, particularly being located in Tianmu, an area of Taipei where many foreign residents live. The general staff were supportive and eager to help, but would have struggled to manage an all-English interaction.

Beyond the experience at individual branches, it’s not entirely clear how far the initiative’s reforms go. One question is the extent to which participating banks are required to change their underwriting practices. Official materials state that participating lenders are encouraged to accept overseas income documentation and foreign tax records when reviewing credit card applications, and to waive Taiwanese guarantor requirements.

Commenters online quickly seized on that wording. “The key line is that the banks will be encouraged to act right,” one said. “Not that they are forced to.” Another argued that banks “should be forced and held accountable to do what’s right, not merely encouraged.”

Fubon, however, says it has adopted both measures. The bank says it accepts “a range of documents as proof of financial means, including overseas income and foreign tax records” for credit card applications and does not require a guarantor for foreign residents with stable employment in Taiwan.

But the official NDC launch presentation revealed that requirements continue to vary significantly between the six participating institutions. For example, E.SUN Bank accepts overseas bank statements from Gold Card holders, as well as from non-Gold Card holders whose statements come from countries where E.SUN has overseas branches or representative offices. First Commercial Bank permits Gold Card holders to submit foreign tax returns in place of domestic income records. Taishin Bank accepts three months of domestic or overseas deposit statements or pay slips for its Richart card.

Geographic reach presents another practical limitation. The initiative began with 17 designated branches across six banks, representing fewer than three branches per lender. While the participating branches cover Taipei, Taoyuan, Hsinchu, Taichung, Tainan, and Kao-hsiung, foreign residents living outside those immediate service areas must rely on non-designated local branches.

Fubon says many services are already available to foreign customers throughout its branch network, with bilingual staff and materials also available nationwide. The City Hall pilot concentrates additional support within a one-stop model, which the bank says it may expand based on “the geographic distribution of foreign customers, service demand, and actual results.”

To address scale over time, the NDC has outlined plans to expand the model to nine more domestic banks in 2027, and another 12 in 2028. As FSC’s Chang noted at the launch ceremony, bilingual branches broaden the reach of basic services, while the one-stop initiative is intended to deepen service quality.

For foreign professionals living in Taiwan, the test of the program will be whether its streamlined procedures remain confined to a small set of model branches or gradually become the operational standard across the country’s banking sector.