What currency does Taiwan use?

Travel Destinations

By Daniela Howard

What Currency Does Taiwan Use?

Taiwan is a unique country with a complex history. As a result, its currency has also undergone significant changes over the years. Today, Taiwan uses the New Taiwan dollar (NTD), which is the official currency of the country. The NTD is a well-established currency, and it is accepted widely throughout Taiwan.

Brief History of Taiwanese Currency

Taiwan has had a variety of currencies used throughout its history. These have included Chinese coins, Japanese yen, and even the U.S. dollar. Following World War II, the Republic of China (ROC) government introduced the Old Taiwan dollar (TWD) in 1949. However, due to hyperinflation, the TWD was replaced by the New Taiwan dollar in 1949 at a ratio of 1 to 40,000. Today, the NTD is used exclusively in Taiwan and is recognized internationally as an independent currency.

The New Taiwan Dollar: Design and Symbolism

The New Taiwan dollar is available in coins and banknotes. The coins come in denominations of NT$1, NT$5, NT$10, NT$50 and NT$100, while the banknotes are available in denominations of NT$100, NT$200, NT$500, NT$1000, and NT$2000. The NTD is designed with an image of Sun Yat-sen, the founding father of the ROC, on the front of the notes. The back of the notes features images of Taiwanese landscapes, buildings, and other cultural symbols.

Current Exchange Rates and Conversion Process

The current exchange rate for the NTD varies depending on the currency being exchanged. As of August 2021, the exchange rate for the U.S. dollar is approximately NT$27.7. However, currency exchange rates fluctuate frequently, and it is important to check the latest exchange rates before making any transactions. Currency exchange can be done at banks, airports, and other designated currency exchange booths throughout Taiwan.

Where to Get Taiwanese Currency

The easiest way to get Taiwanese currency is to withdraw it from an ATM using a debit card linked to your foreign bank account. Banks such as Citibank, HSBC, and Standard Chartered have branches in Taiwan and ATMs that accept international cards. Travelers can also exchange their foreign currency for NTD at banks, currency exchange booths, or at the airport. However, rates at airport currency exchange booths are typically higher than those at banks.

Acceptance of Foreign Currency in Taiwan

Foreign currencies are generally not accepted in Taiwan, except for U.S. dollars at some major tourist attractions and hotels. However, it is recommended that travelers exchange their foreign currency for NTD to avoid confusion and possible scams.

Banking and ATMs in Taiwan

Taiwan has a well-developed banking system, and most banks offer services in English. Banks are generally open from 9 am to 3:30 pm on weekdays, and some banks are also open on weekends. ATMs are widely available throughout Taiwan, and most ATMs accept international cards. It is important to check with your bank to ensure that your card can be used abroad and to confirm any associated fees.

Credit Cards and Payment Methods

Credit cards are widely accepted in Taiwan, especially in major cities and tourist areas. Visa, Mastercard, American Express, and JCB are commonly accepted. However, it is recommended to carry cash for small purchases, especially in more rural areas where credit cards may not be as widely accepted.

Exchange Policies and Limits

Travelers should familiarize themselves with exchange policies and limits before attempting any currency transactions. In general, there are no restrictions on the amount of foreign currency that can be brought into Taiwan. However, any amount over US$10,000 must be declared upon entry. There are also limits on the amount of currency that can be exchanged at one time, and fees may be charged for certain transactions.

Tips for Handling Currency in Taiwan

When handling currency in Taiwan, it is important to be aware of common scams and fraudulent activity. Travelers should avoid exchanging currency with unofficial money changers and should only use reputable banks or exchange booths. It is also important to check exchange rates and fees before making any transactions.

Conclusion: Understanding Taiwanese Currency

Taiwanese currency is an important aspect of travel to Taiwan, and it is essential to understand the various aspects of the currency in order to have a smooth and hassle-free trip. By familiarizing oneself with the history, design, and exchange policies of the NTD, travelers can ensure that they have a comfortable and enjoyable stay in Taiwan.

References and Further Reading

  1. "Taiwan – Currency." The World Factbook, Central Intelligence Agency. Accessed 5 August 2021.
  2. "Taiwan: Banks & Money." Lonely Planet. Accessed 5 August 2021.
  3. "Taiwan Currency: The Ultimate Guide to Taiwanese Money." EASYPAY Transfers. Accessed 5 August 2021.
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Daniela Howard

Daniela Howard, a dedicated Harpers Ferry resident, serves as the foremost expert on West Virginia. Over a decade in travel writing, her work for Family Destinations Guide offers in-depth knowledge of the state's hidden treasures, such as fine dining, accommodations, and captivating sights. Her engaging articles vividly depict family-friendly activities, making your West Virginia journey truly memorable.

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