Financial Planning for Your Academic Journey in Taiwan
Moving to Taiwan for your studies brings exciting opportunities and, honestly, a lot of questions about money. We get it. Between tuition, rent, and figuring out how banking works here, there's plenty to think about.
That's where we come in. Our team helps international students create practical financial plans that actually work for life in Taiwan. No confusing jargon — just straightforward advice on managing your budget, opening accounts, and making smart decisions with your money.
And yes, we understand the visa requirements and what documentation you'll need. We've helped students from over 30 countries get their finances sorted before they even land at Taoyuan Airport.
Banking Setup & Financial Requirements
Account Opening Process
Most banks in Taiwan require your ARC (Alien Resident Certificate) before opening an account. But here's something useful — some branches near universities will let you open a basic account with just your passport and student visa. We'll show you which ones and walk you through the paperwork.
Proof of Funds Strategy
Immigration typically wants to see evidence of NT$100,000 to NT$150,000 for living expenses. How you show this matters. We help students organize their financial documentation properly so there are no surprises at immigration or when applying for extensions.
Monthly Budget Planning
Rent in Taipei averages NT$8,000-15,000 for shared accommodation. Food runs about NT$6,000-10,000 monthly if you mix cooking with occasional dining out. Transportation with a student pass costs around NT$1,200. We create realistic budgets based on your specific situation and location.
Currency Management
Exchange rates fluctuate, and timing your transfers can save you meaningful amounts over a semester. We discuss strategies for converting currency efficiently and help you understand when to use international cards versus local accounts for different types of expenses.
Setting Up Your Financial Foundation
Getting your banking sorted early makes everything else easier. Here's what matters most when you're setting up in Taiwan.
Local Banking Options
- E.SUN Bank offers student-friendly accounts with English support
- CTBC Bank has branches near most universities
- Cathay United provides mobile apps with English interfaces
- Taiwan Cooperative Bank often has lower fees for students
- Most banks issue debit cards immediately upon account opening
Transfer & Payment Systems
- International wire transfers typically take 2-3 business days
- Line Pay and Jko Pay work for most retail transactions
- EasyCard functions as both transit pass and payment card
- ATM withdrawals from international cards incur NT$100-150 fees
- University tuition often requires local bank transfers
Tax & Legal Considerations
- Students staying under 183 days face different tax rules
- Part-time work requires specific permit types
- Investment income may be taxable in both countries
- Tax filing deadline falls in May each year
- Keep receipts for tuition and medical expenses for deductions
Betrys Valtonen
International Student Financial Advisor
Personalized Financial Guidance
Every student's financial situation is different. Some arrive with scholarships covering most expenses. Others need to carefully manage family support sent from home. A few are balancing part-time work with their studies.
Betrys has worked with international students since 2019 and understands the specific challenges you face. Currency fluctuations affecting your budget. Unexpected expenses that pop up. Questions about whether you can afford that summer course or need to adjust your spending.
She'll sit down with you (virtually or in person at our Banqiao office) and build a financial plan that fits your actual circumstances. Not some generic template, but a strategy based on your income sources, your university's payment schedule, and your personal goals while studying here.
What Our Planning Sessions Cover
- Realistic monthly budget creation for your location
- Banking setup guidance and account comparisons
- Emergency fund building strategies
- International money transfer optimization
- Part-time work financial implications
- Scholarship and grant application support
- Insurance coverage verification and gaps
- Tax filing preparation for students