TAIPEI (Taiwan News) — Taiwan’s Bank SinoPac is set to install 15 additional ATMs supporting five languages for foreign workers within the next three years, CNA reported on Sunday.
The bank has teamed up with Eastern Union Interactive, a cross-border remittance company, to provide ATM services for foreign workers. The ATMs supporting Indonesian, Vietnamese, English, Thai, and Mandarin are expected to be installed in areas frequently visited by foreign workers, such as train stations, factories, and dormitories, per Yahoo News.
According to the Workforce Development Agency, the number of foreign workers in Taiwan has reached about 810,000, with many employed in construction, manufacturing, agriculture, and caregiving. The bank said language barriers and high remittance fees hinder their access to comprehensive financial services.
The bank said that when foreign workers make payments at convenience stores, foreign worker agencies pay higher processing fees to the stores. Using the ATMs for payments is expected to reduce these fees by 50%.
The ATMs will also offer cross-border remittance services, the bank said. Foreign workers can use the service after completing identity verification, including providing their Taiwan work or residence permit and bank account details in their countries.
In December, the Financial Supervisory Commission increased the annual remittance limit for each foreign worker in Taiwan from NT$400,000 (US$12,300) to NT$500,000.
The bank launched financial services for foreign workers in 2013, including loans, remittances, and credit cards. Last year, the bank introduced the first ATM for foreign workers at Taichung’s ASEAN Square.