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To open a back account you are required to provide your passport and ARC card. Most banks have some English speaking staff, but usually schools will also provide help to set you up with your first bank account. Banks are closed Saturday and Sunday and generally close around 4pm during the week. Many international banks (HSBC, Citi Bank, RBC ect.) have branches in Taipei and in other major cities.
ATM’s have 24 hour service and ubiquitous throughout the country. They will also support most major western banking card systems until you are given your own local card. When using your local card there are no ATM fees when you use a machine from another bank. Makes life a little simpler when you aren't constantly tracking down the closest branch of your bank. Taiwan is a cashed based society and you are able to withdraw up to NT$20,000 per transaction until either you or the machine is out of money.
The currency in Taiwan is the New Taiwan Dollar, abbreviated to "NT$". The coins come in $1, $5, $10, $20 and $50 and the notes $100, $500, $1000 and $2000.
Like I said above Taiwan is primarily a cash based society, but larger Western style department stores will happily accept the plastic. All major international credit cards are accepted in Taiwan. It is recommended that you contact your home bank before leaving for Taiwan and to let them know that you might be using your card abroad. It is possible to apply for a credit card in Taiwan, but I wouldn’t hold your breath on actually being issued one.
There has been a change to the tax law in Taiwan for foreign taxpayers. The change (as detailed on the government web site) from 2009 is as follows:
All foreign taxpayers who stay in the ROC less than 183 days in a calendar year are now non-resident. The old regulation ‘he or she stays for 183 days or more and continues to stay uninterrupted over the next year without leaving the ROC, he or she will continue to be treated as a resident…’ has expired.
This is not good news as it means that for any teachers leaving Taiwan between Jan and June there will be no tax rebate and the tax rate will be 20%. It also means that teachers will now be charged 20% tax for all salary received between January and June. There will of course still be a rebate for teachers who stay longer than 183 days in the year.
Before the change:
The new law:
So you've made a bundle and now you need to get it out of the country. Sending money home is possible by several means:
Assuming you know as much as me about money markets and exchange rates, which is next to nothing, you pretty much send money when you have enough to make it worthwhile. Please be advised though that you can shop around for exchange rates. Banks will give different exchange rates to send money home. If you go to Western Union you are stuck with their rate and fees but banks are different. Be aware of this as you move through the process.