Taiwan buy · Money and Shopping in Taiwan
All Destinations | Europe | Asia | North America | Africa | South America | Oceania | Hotels
Money and Shopping in Taiwan
Money and Shopping in Taiwan
The currency of Taiwan is the New Taiwan Dollar (NTD, but also referred to as TWD) (新臺幣 or just 臺幣), with one unit known locally as NT, yuan (元 or more formally 圓) when written in Chinese or colloquially in Mandarin as the kuai (塊). One unit is known colloquially as the kho? (箍) in the Taiwanese dialect. All $ prices in this guide are in New Taiwan Dollars.
As of March 2011, the exchange rate for US$1 is around $29, or ?/$41. Easy rules of thumb are that $100 roughly equals US$3/?2.5; $1000 roughly equals US$30/?25. Coins come in denominations of $0.50, $1, $5, $10, $20 and $50. The $0.50 coin is rare because of its small value and has very little practical use. Banknotes come in denominations of $100, $200, $500, $1000 and $2000. Perhaps due to counterfeiting problems, the $200 and $2000 banknotes are rarely seen.
Taiwanese currency is fully convertible and there are no restrictions on taking currency into or out of the island. Currency exchange is possible internationally, although you will get a much better rate if you wait until you arrive at the airport to exchange currency at the 24 hour window. Most banks in Taipei and Kaohsiung will also exchange money or offer cash advances on credit or debit cards. Should you bring American currency, please be sure to bring newer bills as the banks and exchange-centers (such as in department stores) will only accept the newer bills (bills from 1996 and 2003 are not accepted at most places, due to a high proportion of forgeries bearing these years). Bills which are torn or damaged will probably not be changed, and old-style small-bust bills are not accepted. Taiwan National Bank will take older bank notes and bank notes that are wrinkled or torn for exchange. Department stores will not exchange bills older than 1997. Don't forget to show your passport!
If you've forgotten to bring any money at all, but have your credit or debit card handy, there's no need to fret. Taiwan's banking system is light-years ahead of most other countries, with the ability to use any of the abundant 24-hour ATMs to withdraw cash from anywhere in the world using the Plus or Cirrus systems. Certain banks' ATMs will even tell you your available balance in your own currency or in NT$. There is a per transaction limit of $20,000 for ATM cash withdrawals (HSBC Global Access customers may withdraw $30,000 from HSBC ATMs). Visa debit cards are not accepted in many places, but can be used at ATMs in Chinatrust banks (but not those in 7-11s).
Most hotels and department stores accept credit cards, generally Visa and Master Card as well as JCB. Diners Club or American Express cards are seldom accepted. Most restaurants and small stores do not accept cards, and cash is the main form of payment. Because street crime is rare, it is common for people in Taiwan to carry large amounts of cash with them.
The Most Frequently Asked Travel Questions about Taiwan
Where To Stay & Best Hotels in Taiwan - updated Apr 2024
SAVE up to 75% on Last Minute deals! Search for discount Taiwan hotels, motels, apartments, hostels, guest accommodations and vacation resorts. Book now and pay at the hotel. Instant email confirmation!
>>> SEARCH FOR DEALS <<<
WHERE TO TRAVEL NEXT IN 2020
Taiwan Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.