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    Currency in Taiwan TWD - Things to know

    Foreign exchange guide to Taiwan and the New Taiwan dollar

    Taiwan

    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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    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:

    1. The New Taiwan dollar is the official currency of Taiwan. It is represented by the symbol "NT$" and is abbreviated as TWD.
    2. The New Taiwan dollar was introduced in 1949, replacing the Old Taiwan dollar. It is divided into 100 cents.
    3. 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.
    4. 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.
    5. 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.

    An example New Taiwan dollar banknote

     

    Travel money for Taiwan

    Save money and time by Ordering your New Taiwan dollar online from Travelex, you get better rates and can pick up the TWD cash locally or even on travel day at the airport.

    Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

    For card purchases if offered a choice of currencies always select to Pay in New Taiwan dollar otherwise you may get much worst exchange rates.

     
     

    Travel Ideas and Money Tips for Taiwan

    Towering sea cliffs, marble-walled gorges and tropical forests are just the start of your journey, which could take you as far as Yushan, Taiwan's 3952m alpine roof.In Taiwan you can criss-cross mountains on colonial-era hiking trails or cycle a lone highway with the blue Pacific on one side and green volcanic arcs on the other. And if you simply want a classic landscape to enjoy, you'll find them around every corner.

    Over the centuries the people have blended their way into a unique and tolerant religious culture that's often as ritual heavy as Catholicism and as wild as Santeria.Taiwanese temples (all 15,000) combine worship hall, festival venue and art house under one roof. Watch a plague boat burn at Donglong Temple, go on a pilgrimage with the Empress of Heaven, study a rooftop three-dimensional mosaic, and learn why a flag and ball have come to represent prayer.

    What currency to use in Taiwan?

    The currency in Taiwan is the New Taiwan Dollar (TWD or NT/NTD). It is the only currency that can be used in Taiwan, all others will not be accepted except in some duty-free shops.

    Something to warned about is that most credits cards are often not accepted and many places in Taiwan. By a rule unless the place you are trying to use you card is an international chain or a very large restaurant or store, cards won't be accepted. Those that do will charge a 10% fee. As in most countries normal street vendors or night markets won't accept cards. So be sure to get some cash at the airport. It is usually possible to exchange major currencies into TWD at banks in Taiwan, many hotels and department stores do as well but usually at a worse rate. So you usually don't need to worry about how to exchange money.

    When leaving Taiwan keep in mind that not all banks elsewhere in the world will exchange TWD, so if you don't want to get stuck with lots of useless TWD bills when you leave be sure to exchange your TWD into other currencies before leaving the airport.

    Getting around in Taiwan.

    Taiwan has two major cities, Taipei and Kaohsiung, and getting around them is easy due to their 'Mass Rapid Transit' (MRT) metro systems. They are reliable, efficient, and comfortable. All signs and ticket machines are in English, as are many signs in the stations which show directions to nearby sights. The are many signs also showing bus transfer routes.You can use the metro systems websites for excellent information and maps. Getting around Taiwan, if you want to budget then bus. The bus network runs 24 hours a day and offer comfortable routes between most cities.

    Taiwan also has a high speed bullet train, one of the fastest in the world, between Taipei and Kaohsiung which travels at 300 km/hour. Other trains go most places, cities and villages, and offer a convenient and comfortable journey. Flights are available but considering how efficient and cheaper the train system is, to some the extra price may seem unnecessary, Unless of course you are going to one of the islands.

    Travel tips for Taiwan.

    Taiwan is a popular destination for foodies with a bustling street food culture. Taiwan is also full of little neighbourhood coffee espresso bars with their own micro-roasters many of which are very good.

    Taiwan Lantern Festival – one of the biggest and best in Asia – is held every year close to Chinese New Year and attracts visitors from around the world. Blending the best of traditional lantern-making with high-tech innovation, the festival takes place in multiple locations. In PingXi, a small town about 30 kilometres from Taipei, thousands of flying lanterns are released into the night sky.

    One of the most popular things to do in Taiwan. Make sure to sample the food, play some games, eat, shop for cheap stuff and oh did I mention eat? Feel free to barter which is common but if you look like a foreigner, expect to pay more.

    This famous lake in Nantou county is the largest body in Taiwan and is one of the most popular tourist destinations due to the shape. The east side of the lake resembles a sun while the west side looks like a moon, hence the name and has spectacular sunrises.

     
       

    USD/TWD Market Data

    The below interactive chart displays the USD/TWD change and UP📈 DOWN📉 trends over the past 1 Year.

     
    1 USD =
    32.30We compare provider deals to this wholesale mid-market rate. Read more
    TWD
      1 TWD = 0.030961 USD   (Inverse rate)
     
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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$.

    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
    $ 1 NT$ 32.30
    $ 5 NT$ 161.50
    $ 10 NT$ 323.00
    $ 20 NT$ 646.00
    $ 50 NT$ 1,615
    $ 100 NT$ 3,230
    $ 250 NT$ 8,075
    $ 500 NT$ 16,150
    $ 1,000 NT$ 32,300
    $ 2,000 NT$ 64,600
    $ 5,000 NT$ 161,500
    $ 10,000 NT$ 323,000
    $ 20,000 NT$ 646,000
    $ 50,000 NT$ 1,615,000
    $ 100,000 NT$ 3,230,000
    USD TWD
    $ 0.0310 NT$ 1
    $ 0.1548 NT$ 5
    $ 0.3096 NT$ 10
    $ 0.6192 NT$ 20
    $ 1.5481 NT$ 50
    $ 3.0961 NT$ 100
    $ 7.7403 NT$ 250
    $ 15.48 NT$ 500
    $ 30.96 NT$ 1,000
    $ 61.92 NT$ 2,000
    $ 154.81 NT$ 5,000
    $ 309.61 NT$ 10,000
    $ 619.22 NT$ 20,000
    $ 1,548 NT$ 50,000
    $ 3,096 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.

    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 :

    1. Open an account with a BER reviewed FX provider (id docs may be required)
    2. You specify the local or New Taiwan dollar amount you want to transfer
    3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
    4. 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!

     

    Expat Money & Business Guide to 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.

    By following these tips and 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

    Managing your finances in Taiwan

    Here we list some key points for expats and businesses to consider when managing financial dealings in Taiwan:

    1. 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 currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    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.

     
     

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