Barrett Real Estate | 2701 E Insight Way #150, Chandler, AZ 85286 | Equal Housing Opportunity

Taiwan → Phoenix
Phase 0: Planning

Banking Setup

Last updated: 2026-03-07 | For: Engineers, Spouses

Your US life starts with a bank account. Without one, you can't receive your paycheck, pay rent, or set up utilities. Some banks let you open an account before you leave Taiwan — if possible, do it.

Why US Banking is Different

  • No equivalent to LINE Pay's ubiquity (Venmo and Zelle exist but aren't as universal as Taiwan's mobile payments)
  • Paper checks still exist — you'll write checks for some bills
  • Credit score system — completely different from Taiwan, and your Taiwan credit history does not transfer
  • More account types: checking (daily use), savings, money market

Pre-Arrival Account Opening

Some banks allow remote account opening with your offer letter and passport. Steps:

  1. Prepare documents: passport, offer letter, Taiwan address
  2. Choose a bank (Chase, Bank of America, and Wells Fargo all have online applications)
  3. Submit your application online — some banks require video verification
  4. Once approved, wire a small amount from Taiwan to fund the account

Day 1 Banking

If you couldn't open an account remotely, bring these to a bank branch:

  • Passport
  • I-94 (arrival record — print from CBP website)
  • SSN application receipt (if you don't have your SSN yet)
  • Offer letter
  • Lease or proof of address

SSN processing typically takes 2-4 weeks after arrival. Most banks accept the SSN application receipt as a temporary substitute.

Bank of Taiwan in Phoenix

Bank of Taiwan — Phoenix Branch

Located near the "Little Taipei" business cluster

Services: Taiwan-to-US wire transfers, NTD exchange, account consulting

Note: This is not a full-service US bank. You still need a Chase/BoA/Wells Fargo account.

Wire Transfer Process

  • Taiwan's Central Bank allows individuals to remit up to US$5M per year (no special approval needed)
  • International wire transfers typically take 3-5 business days
  • Large transfers require documentation (purchase contract, settlement statement)
  • US banks will verify the source of funds (anti-money-laundering regulations)
  • Funds for home purchases must "season" for at least 60 days (title company requirement)

Joint Accounts

Credit Building Basics

Apply for a secured credit card in your first month. Deposit $200-500 as collateral. Use it for one recurring bill and pay the full balance every month. Your credit history starts building from here.

For detailed credit-building strategies, see Phase 2: Credit Building Guide.