Money, Money, Money: Local Currency in Taiwan

On July 26, 2012 by admin

New Taiwan Dollars (NTD) are the local currency in Taiwan consisting of banknotes and coins.

The local currency in Taiwan is the New Taiwan Dollar (NT$).  As it is not a major global currency, it may be harder to exchange in some countries, so it is recommended to exchange your money once you reach Taiwan.  This can be done at all international airports, major hotels, and government designated banks.  The banks generally have the best rates, but the process, consisting of photo copying your passport and filling out paperwork, can be quite cumbersome, not to mention time consuming.  Therefore, if you are in a hurry, exchanging your money at the airport or your hotel is your best option.

The NT$ has five denominations in banknotes and five in coins. Banknotes come in NT$2000, NT$1000, NT$500, NT$200, and NT$100 denominations, however, the 2000 and 200 bills are rarely used. Coins come in NT$50, NT$20, NT$10, NT$5 and NT$1.

Major credit cards such as American Express, Master Card, Visa, and Diners Club are accepted at most major hotels, tourist facilities, and at many restaurants.  However, smaller local restaurants and shops (particularly at night markets) do not accept credit cards, so it is a good idea to always have cash with you.  Traveler’s checks may be cashed at foreign-exchange banks and most major hotels.

If you are planning to be using the local transportation system during your stay, obtaining an “EasyCard” is highly recommended.  The EasyCard is Taiwan’s most prominent form of electronic money.  The card can be obtained at MRT train stations, and used on the Taipei MRT, buses, taxis, at convenience stores, as well as at some restaurants and shops.  The card is an easy way to avoid collecting a huge wad of change during your stay and will also save you a lot of hassle.

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