The New Taiwan dollar is the official currency of Taiwan (Republic of China). The currency code is TWD and is commonly abbreviated as NT$ or simply $ in front of the amount, or a Chinese character 元 (pronounced yuán) following the amount.
For example, prices could either be displayed as: "NT$30" or "30元".
Current exchange rates are listed below.
The official name of the New Taiwan dollar in Chinese is 新台幣 (新台币 in simplified Chinese), pronounced Xīntáibì.
Many people refer to currency in Taiwan as kuài (塊, or pieces) as an informal way to describe amounts of money, as yuán is difficult to pronounce repeatedly and is reserved for more formal situations. For example, NT$30 could be stated as "thirty NT", "thirty dollars", "thirty yuan", or, most commonly in informal situations, "thirty kuai".
NT dollars are most commonly denominated in NT$100, NT$500, and NT$1000. While NT$200 and NT$2000 bills are in circulation, they are very rarely encountered. Hard coin currency is denominated in NT$50, NT$10, NT$5, and NT$1 (the smallest denomination).
It is very easy to convert foreign currency such as US Dollar, Hong Kong Dollar, Philippine Peso, and others at most banks and select department stores in Taipei City. It is recommended to use an ATM card to withdraw cash at a 7/11 for convenience and the best rates.
Where do I change money?
Taiwanese law mandates that currency exchanges must be carried out by a bank or licensed partner. Most banks in Taiwan will perform currency exchange, but the process requires bringing a passport for identity verification. Department stores such as Shin Kong Mitsukoshi (新光三越) in Xinyi Shopping District nearby Taipei 101 are also licensed to exchange currency. It is recommended to exchange currency at the airport (due to good market competition), or even better to directly use an ATM card.
There is an NT$100 surcharge for 7/11 CTB ATMs, while the Family Mart ATMs do not appear to have a surcharge, however 7/11 ATM seems to be more reliable for foreign cards. All ATMs dispense NT$1,000 banknotes, and some may also dispense NT$100 banknotes. Note that there may be charges between none and 3% on a currency change and cross-border transaction for certain cards (carried out by the MasterCard/Cirrus or VISA/Plus network), and remember to inform your bank of intent to visit Taiwan so the transaction is not blocked.
Credit cards are widely accepted in shops, and most vendors will only accept cash. Payment cards that can easily be used in Taiwan include Visa, Mastercard, JCB, AE (less common), and Unionpay. Using a credit card when possible is recommended since exchange rates will be offered at or close to the interbank wholesale rate. Many credit cards, especially those tailored for travellers, offer 0% fees on cross-border and currency exchange transactions. The best advice is to call your card's issuing bank and ask them to explain the fees. In general, the convenience of not having to worry about too much cash is worth a few percentage points, which will be further off-set by the preferable exchange rate over cash.
It is not recommended to exchange Thai Baht (บาท) cash, HK Dollar cash, or Singaporean Dollar cash due to terrible cash exchange rates and limited acceptance in Taiwan. Use an ATM or change US Dollars. Bank of Taiwan (台灣銀行) generally provides the largest acceptance and best rates, and Singapore Dollars are best exchanged at Mega Bank (兆豐).
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