萬國法律事務所

Taiwan’s Central Bank on 4 March 2005 promulgated a revision of the Regulations Governing the Establishment and Administration of Foreign Currency Exchange Offices, and in doing so significantly increased the types of locations where currency exchange offices will be permitted to be established.

The motivation driving the promulgation of this revision was primarily an attempt to facilitate the easy exchange of foreign currency by foreign tourists in Taiwan by adding locations such as national scenic areas, railway stations, convenience stores, visitor centers, and museums and temples to the types of locations able to apply for the establishment of foreign currency-exchange operations.

Additionally, the number of places where the purchase and sale of foreign currencies and traveler’s checks and locations where international remittances can be made has been greatly increased by the newly promulgated revisions. Now, in excess of 1,300 post offices located throughout Taiwan are permitted to conduct such foreign currency exchanges and international remittances.

The revised regulations permit credit cooperatives and the credit departments of farmers’ and fishermen’s associations to apply for permits to deal in foreign currencies and traveler’s checks. Company remittances in excess of US$ 999,999, and personal remittances in excess of US$ 499,999, however, are required to be reported to Taiwan’s Central Bank through the online reporting system at the time such remittances are made.