Currency in Taiwan
A Travel Money Guide to Taiwan
Taiwan offers spectacular views, lively traditions and a culture as luxuriant as Jade Mountain on a sunny day. Whether you're criss-cross ing mountains on colonial-era hiking trails one day or indulging in mouth-watering Taiwanese cuisine, its no wonder this destination is well-loved by travellers everywhere. With so much to wrap your head around, why not save yourself one less stress?
It helps to get savvy about money matters in Taiwan before you go. This post covers everything from how and where to exchange currencies to the average costs of things in Taiwan.
The currency that is used in Taiwan
In Taiwan, the currency that locals use is called the New Taiwan Dollar. It is often known by the international code TWD and sometimes abbreviated by NT.
Taiwan dollars are available in banknote denominations of of NT$100, NT$500, and NT$1,000. There are also NT$200 and NT$2,000 notes, though they are seldom used.
Coins in circulation include NT$1, NT$5, NT$10, and NT$50, along with a NT$20 piece that is not commonly used.
Buying New Taiwan Dollars Before You Go
There’s some reassurance that comes with having Taiwan currency almost as soon as you leave the airport, whether it’s to pay for public transport or a taxi.
Fortunately, you can get local Taiwan currency in advance from home by:
- Ordering it online for delivery or pick-up.
- Buying it from a local bureau de change.
- Buying it at the airport before you fly.
Australian airport bureaus de change are notorious for having some of the worst rates in the world so they’re best left alone.
If you’re busy, ordering online is a good idea - and often means you’ll get the best rates as well. For example, S Money offers the same rate listed on Google and XE.com.
You can also enjoy the added advantage of not having to leave your home as the currency can be delivered to your door!
How to Exchange Currency in Taiwan
While plastic payments are a growing practice in Taiwan, it is still convenient to have cash on hand when you're shopping at certain areas or smaller shops.
ATMs in Taiwan
You’ll find ATM machines at the airport, convenience stores and on every major street in Taiwan. When you’re in need of local dollars, head to your nearest ATM and make your cash withdrawals in local New Taiwan Dollars using international credit cards like Visa and Mastercard.
Important note: Don’t forget to inform your bank of your travel plans before you leave home! If you don’t and the bank detects transactions from Taiwan, they could deem it suspicious activity and freeze your card.
Currency Exchange in Taiwan
It’s possible to exchange major foreign currencies at airports, banks, shopping malls or hotels.
With standardised exchange charges and official rates used almost everywhere, there’s little reason to shop around, although banks often provide marginally better deals than hotels. At the banks, you will need to pay a flat NT$30.00 service fee which is very reasonable for changing currency in Taiwan.
In Taipei cities, banks are usually open from 9:00 a.m. to 3:30 p.m. Monday to Friday.
Travellers Cheques
Traveller’s cheques offer some security, especially for long-term travel, and can be changed in major hotels and banks. But with ATMs, digital mobile payments, and money changers making currency exchange easy, there’s little need for traveller’s cheques today.
Using Your Bank Card in Taiwan
In major cities like Taipei, foreign bank cards are accepted more easily, although their use is normally limited to most major hotels, department stores, and upmarket restaurants and bars. Some of the best travel money cards include debit, credit and prepaid cards.
You’ll also find that Mastercard and Visa are more popular in Taiwan than American Express, but you can still pay with your Amex card in some places or use an ATM.
Alternatives to cash are growing steadily in Taiwan, with bank cards increasingly accepted in tourist hotspots and big cities.
But there are parts of Taiwan that still use cash, and even in places that cater to plastic payments, there may be restrictions on your foreign card. So it’s still important to have enough cash on you as a backup.
Debit Cards
Using your debit card in Taiwan may be convenient but some cards charge exorbitant fees for international transactions so you’ll want to do your research before you go.
It’s common for Australian banks to charge currency conversion fees on each foreign transaction as well as charges for ATM withdrawals.
Credit Cards
Major hotels and department stores in Taiwan may accept major credit cards, especially Visa or Mastercard.
Some credit cards come with attractive features for frequent travellers, including complimentary travel insurance, rewards points, and additional security measures.
But the perks are countered by some exorbitant charges if you use your card overseas, including:
- International transaction fees
- High exchange rate margins
- ATM fees
- Potential ‘cash advance fees’ if you use an ATM
As with debit cards, there are some exceptions. Bankwest Platinum and 28 Degrees cards are designed for travellers and waive the currency conversion fees.
Prepaid Travel Cards
Prepaid travel cards offer some enticing benefits, such as the ability to lock in a favourable exchange rate and make payments without currency conversion fees. You’ll also receive a back-up card in case the main card is lost or stolen.
Even though they are convenient, you could end up with hidden fees. Some travel cards still impose the following:
- Currency conversion fees
- Uncompetitive exchange rates
- International ATM withdrawal fees
- Reload fees
- Inactivity fees
How Much Cash Should I Bring to Taiwan?
One of the easiest ways to save with your travel money is to reduce the number of transactions or exchanges you need to make.
However much you need for a trip depends on your own travel needs and preferences but you can expect to spend NT$2800 – NT$3000 a day.
NT$1810
Room at a mid-range hotel
NT$173
A meal at a local restaurant
NT$150
Bottled water for a day
NT$292
Local transportation per day
NT$600
Ticket to Taipei 101 Skyscraper
