Taiwan's currency is New Taiwan Dollar (TWD; symbol NT$) that equals 100 cents.
Notes are available in following denominations: of NT$2,000, 1,000, 500, 200 and 100.
Coins are in denominations of NT$50, 20, 10, 5 and 1.
TWD is the only currency accepted in Taiwan. Cash has to be exchanged first before making any payments at stores, hotels or restaurants. Cash is most popular form of payment and it's not uncommon to see people carrying large amounts of cash.
Cash and Money Exchange
Foreign currency can be exchanged at banks, hotels or department stores. There are almost no private moneychangers in Taiwan. If bringing cash in US dollars, travelers should be aware that damaged as well as old bills may not be accepted.
Travelers should retain all exchange receipts until departure. The bills will be necessary to exchange unused TWD back to the foreign currency. Changing TWD in their home country (or many other countries, even in Asia) may be very difficult.
ATMs are widely available, most of them 24 hours a day. A lot of ATMs use Plus or Cirrus systems providing easy way to withdraw money from many international credit or debit cards. A large number of Cirrus/Plus ATMs is located in the 7-Eleven stores around the country.
Credit cards are accepted by hotels, departments stores and larger restaurants. Small stores or restaurants will likely not accept cards.
Most common cards are Visa, MasterCard and JCB.
Traveler's Checks are accepted by most hotels, restaurants and larger stores.
Checks in US dollars are advisable, since the commission to cash them will usually be lower than in other currencies.
Usual banking hours are Monday to Friday, from 9:00am to 3:30pm.
A Value Added Tax (VAT) is applied to most purchases. Foreign travelers are eligible to claim VAT refund at the departure, provided that:
- they make a purchase in one of designated Tax Refund Shopping (TRS) stores,
- they make a purchase of at least NT$3000 in the same store, the same day,
- they show their passport, purchase documents at the Foreign Passenger VAT Refund Service Counter, located at the airport or seaport (Taoyuan Airport, Keelung Harbour, Hualien Airport, Hualien Harbour, Kaohsiung Airport or Kaohsiung Harbour),
- they present the purchased items at the above counter,
- the claim is made within 30 days of purchase.
Tipping is normally not required and not expected for any services, including restaurants, hotels, bars, or taxis.
Current Taiwan New Dollar Rates
For other currencies or conversion amounts go to Currency Converter