Foreign Exchange Guide to Taiwan
The domestic currency in Taiwan is the New Taiwan dollar with currency code TWD. Read this foreign exchange guide to Taiwan and the New Taiwan dollar with money transfer and travel tips plus New Taiwan dollar exchange cross rates.
In this guide we review :
- New Taiwan dollar info - general info about the New Taiwan dollar
- New Taiwan dollar in the markets - recent TWD moves and predictions from the FX markets
- Travelling in Taiwan - currency & money saving tips
- Buying New Taiwan dollar cash online - travel money for Taiwan
- Sending money to Taiwan - save on New Taiwan dollar bank transfers to Taiwan
- New Taiwan dollar exchange rates - latest & historic exchange rates.
New Taiwan dollar (TWD) general currency information
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.
What is the New Taiwan dollar currency code and symbol?
The three letter currency code for the New Taiwan dollar is TWD and the symbol is NT$.
Which countries use the New Taiwan dollar?
It is the domestic currency in Taiwan.
New Taiwan dollar (TWD) in the markets
By late April 2018, against the US dollar, TWD had weakened slightly from February’s five-year high of 28.95 to levels in the mid-29s. Against the yen, it traded in the centre of its long-term trading range, buying 3.686 yen. Against the euro, TWD remained virtually unchanged since the middle of 2017, at rates near 36.0 per euro.
“We remain positive on the Taiwanese dollar due to sound fundamentals,” said Scotiabank in April.
A twelve-month forecast was offered in April by TradingEconomics.com, who predicted USD/TWD rising (TWD weakening) to 30.24.
The interactive chart below shows the TWD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for 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.
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.
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 bank 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 Taiwan, if you want to budget then bus. The bus network runs 24 hours a day and offer comfortable routes between most cities.Baby did that
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.
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.
Taiwan Trip Checklist
- Compare TWD travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Taiwan
- Lonely Planet - world's best travel guide (coupon and deals)
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 Money for Taiwan
Sending money to Taiwan
When searching around for information on how to get a good exchange rate when sending money to Taiwan you need to start with finding out the latest New Taiwan dollar foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
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 90-110sqm
US$5,000,000: High-end residential apartment 300-400sqm
Getting a better deal when sending money 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 our Send to TWD 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!