Taiwan Currency Guide: Explore with the New Taiwan dollar
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Taiwan with the New Taiwan dollar
What's in this Taiwan currency guide?
What currency is used in Taiwan?
The official currency of Taiwan (country code: TW) is the New Taiwan dollar, with symbol NT$ and currency code TWD.
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Frequently Asked Questions
What currency should I use in Taiwan?
The domestic currency in Taiwan is the New Taiwan dollar.
What is the New Taiwan dollar currency code and symbol?
The three letter currency code for the New Taiwan dollar is TWD — symbol is NT$.
What doe the New Taiwan dollar look like?
Here is an example New Taiwan dollar banknote:
Which countries use the New Taiwan dollar?
It is the domestic currency in Taiwan.
Is the New Taiwan dollar a closed currency?
No, the New Taiwan dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and TWD?
Here are some popular conversion amounts for USD to TWD (US dollar to New Taiwan dollar)*.
| USD | TWD |
|---|---|
| $ 30.31 | NT$ 1,000 |
| $ 151.55 | NT$ 5,000 |
| $ 606.18 | NT$ 20,000 |
| $ 3,031 | NT$ 100,000 |
More amounts
*Converted at the current USDTWD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the New Taiwan dollar
One Taiwan dollar is subdivided into 100 cents. Conveniently, when shopping in Taiwan, cents are rarely needed because virtually all products sold in the country are priced in whole dollars.
The official name of Taiwan’s currency is the ‘New Taiwan Dollar’, although the prefix ‘New’, which distinguishes the current currency from the original Taiwan dollar used in and prior to 1949, is used only in very formal settings, such as in legal contracts.
Taiwan’s central bank, the Central Bank of the Republic of China (Taiwan), operate a flexible exchange rate system, which means that the Taiwan dollar’s valuation is, for the most part, determined by market forces. The bank’s policy does state, however, that they will intervene in foreign exchange markets “when the market is disrupted by seasonal or irregular factors.”
Historically, the US dollar to Taiwan dollar exchange rate has met strong resistance at 35.0. Several times since the late 1990s USD/TWD has reached close to, or slightly breached, the 35.0 level, but each time the rate has reversed strongly.
Since 1990, the Taiwan dollar’s absolute lowest valuation came in March 2009 when USD/TWD reached 35.24. The currency was strongest in July 1992 when USD/TWD fell to just 24.50.
Here are some things you might want to know about the New Taiwan dollar:
- The New Taiwan dollar is the official currency of Taiwan. It is represented by the symbol "NT$" and is abbreviated as TWD.
- The New Taiwan dollar was introduced in 1949, replacing the Old Taiwan dollar. It is divided into 100 cents.
- The physical currency consists of coins and banknotes. The coins come in denominations of 1, 5, 10, and 50 cents, and 1, 5, and 10 dollars. The banknotes come in denominations of 20, 50, 100, 200, 500, and 1,000 dollars.
- The banknotes feature images of famous Taiwanese historical figures, such as Sun Yat-sen and Chiang Kai-shek. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
- The value of the New Taiwan dollar has been relatively stable over time, due to the country's strong economic performance and low levels of inflation. The New Taiwan dollar is not pegged to any other currency, and its value is determined by market forces.
Travel money for Taiwan
Using Wise for New Taiwan dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in New Taiwan dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want New Taiwan dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the TWD cash locally or even on travel day at the airport.
Towering sea cliffs, marble-walled gorges, and lush tropical forests set the stage for an unforgettable journey in Taiwan. Whether hiking colonial-era mountain trails, cycling along the Pacific Coast with volcanic arcs as a backdrop, or simply soaking in the stunning landscapes, Taiwan offers breathtaking scenery at every turn. Adventurers can even climb Yushan, Taiwan’s highest peak at 3952m.
Taiwan’s culture is equally captivating, blending diverse influences into a unique and vibrant religious tradition. With over 15,000 temples across the island, these spaces serve as places of worship, cultural festivals, and art showcases. From witnessing a plague boat burn at Donglong Temple to joining a pilgrimage or admiring intricate temple mosaics, Taiwan's spirituality is deeply intertwined with its daily life.
Currency in Taiwan
Taiwan uses the New Taiwan Dollar (TWD or NTD), the only accepted currency outside of some duty-free shops. Credit cards are often not accepted, especially at small shops, night markets, and street vendors. Cash is king, so it's wise to withdraw or exchange currency upon arrival.
Currency exchanges can be done at banks, major hotels, or department stores, though banks generally offer better rates. Be sure to exchange leftover TWD before leaving Taiwan, as it can be difficult to exchange abroad.
Getting Around in Taiwan
- City Travel: Taipei and Kaohsiung are equipped with efficient MRT systems featuring English signage, ticketing, and bus transfer information, making navigation simple.
- Buses: Taiwan’s 24-hour bus network is a budget-friendly option for travel between cities.
- High-Speed Rail (HSR): The HSR connects Taipei to Kaohsiung at speeds of up to 300 km/h, providing a fast and comfortable option for long-distance travel.
- Other Trains: Conventional trains offer scenic and convenient travel to cities and villages.
- Flights: Flights are available but often unnecessary due to the efficiency of Taiwan’s rail network, except when visiting outlying islands.
Travel Tips for Taiwan
- Food Scene: Taiwan is a foodie’s paradise, known for bustling night markets and street food. Don’t miss local specialties or the many charming micro-roaster coffee bars.
- Festivals: The Taiwan Lantern Festival, held annually near Chinese New Year, is a must-see. In PingXi, thousands of lanterns light up the night sky in a magical display.
- Shopping: Night markets are a hub for eating, shopping, and games. Bartering is common, though foreigners may be quoted higher prices.
- Nature Highlights: Visit Sun Moon Lake, Taiwan’s largest lake, known for its sun-shaped eastern side and moon-like western side. The lake offers spectacular sunrises and is a top tourist destination.
Whether you’re here for the natural beauty, rich culture, or delicious food, Taiwan promises a journey full of unforgettable experiences.
USD/TWD Market Data
The below interactive chart displays the USD/TWD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Taiwan - Best Rates
To get a good (and fair) exchange rate when sending money to Taiwan you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Taiwan
When sending money to Taiwan it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or New Taiwan dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted TWD amount will be transfered to the recipient account you specify in Taiwan.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more New Taiwan dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Taiwan
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand New Taiwan dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the TWD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local New Taiwan dollar bank account: A local TWD bank account can make it easier for you to manage your finances and pay bills while you are in Taiwan. It may also be more convenient to use a local TWD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Taiwan. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Taiwan. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Taiwan, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Taiwan.
Are there limits on foreigners buying property in Taiwan?
There are no special limits on foreigners, except for Chinese, buying property in Taiwan.
Foreigners and foreign companies who purchased property after the beginning of 2016 will have to pay extra taxes on any profit when they sell. This tax will vary depending on the length of ownership.
What you can buy for...
US$500,000: Old apartment, no lift or parking.
US$1,000,000: New apartment, lift plus parking, roughly 90-110 sqm
US$5,000,000: High-end residential apartment 300-400sqm
You can read about the best providers and compare the latest deals for international money transfers to Taiwan in our Send Money to Taiwan guide.
