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Foreign Exchange Guide to Taiwan

Read this currency guide to Taiwan with money transfer and travel tips.   [USD/TWD=30.82]

 
Taiwan
Country Code:
TW
Domestic Currency:
New Taiwan Dollar
Symbol - Code:
NT$ TWD
Telephone Prefix:
+886

This is a foreign exchange guide to Taiwan, the New Taiwan Dollar currency plus TWD transfers and travel tips.


In this Taiwan currency guide we take a look at :

  1. New Taiwan Dollar info - general info about the New Taiwan Dollar
  2. New Taiwan Dollar in the markets - recent TWD moves and predictions from the FX markets
  3. Travelling in Taiwan - currency & money saving tips
  4. Buying New Taiwan Dollar cash online - travel money for Taiwan
  5. Sending money to Taiwan - save on New Taiwan Dollar bank transfers to Taiwan
  6. New Taiwan Dollar exchange rates - latest & historic exchange rates.

New Taiwan Dollar (TWD) general currency information


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.

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.


New Taiwan Dollar (TWD) in the markets

28-December-18: Global trade tensions placed a cap on Taiwan dollar appreciation in 2018. With tensions in play, Taiwan’s central bank had little choice but to leave interest rates unchanged at extremely low levels (1.375 percent) at its December meeting; it feared a reduction in global trade would hurt Taiwan’s export-dependent economy.

Against the US dollar, the Taiwan dollar lost 3.5 percent of its value in 2018, to NT$30.78, but lost only 1 percent in the second half of the year.

Against the euro, it gained 1.6 percent, to NT$35.11, and against the Australian dollar, gained a handsome 7 percent, to NT$21.63.

In December, TradingEconomics.com forecast USD/TWD at 31.06 at 2019 year-end, indicating little change from current levels.

The interactive chart below shows the USD to TWD 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.


USD-TWD 3 Month chart
Loading USD/TWD Chart
USDTWD currency converter

Travel, Currency and Money saving 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.

 

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.

   

Taiwan Trip Checklist    

 
  1. Compare TWD travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Taiwan
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 90-110 sqm

US$5,000,000: High-end residential apartment 300-400sqm


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 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!

   

Bank Transfers to Taiwan

Compare Transfer Rates

 

Popular TWD cross rates


TWD/USD - New Taiwan Dollar to United States Dollar - 10 Year History

DateExchange RatePeriod
06 Jan 20190.03251 Week
14 Dec 20180.03241 Month
17 Jul 20180.03286 Months
13 Jan 20180.03381 Year
13 Jan 20170.03162 Years
14 Jan 20140.03335 Years
15 Jan 20090.030010 Years

TWD/EUR - New Taiwan Dollar to Euro - 10 Year History

DateExchange RatePeriod
06 Jan 20190.02851 Week
14 Dec 20180.02871 Month
17 Jul 20180.02816 Months
13 Jan 20180.02771 Year
13 Jan 20170.02972 Years
14 Jan 20140.02435 Years
15 Jan 20090.022810 Years

TWD/GBP - New Taiwan Dollar to British Pound Sterling - 10 Year History

DateExchange RatePeriod
06 Jan 20190.02551 Week
14 Dec 20180.02571 Month
17 Jul 20180.02506 Months
13 Jan 20180.02461 Year
13 Jan 20170.02602 Years
14 Jan 20140.02025 Years
15 Jan 20090.020510 Years

TWD/JPY - New Taiwan Dollar to Japanese Yen - 10 Year History

DateExchange RatePeriod
06 Jan 20193.52461 Week
14 Dec 20183.67631 Month
17 Jul 20183.70576 Months
13 Jan 20183.75101 Year
13 Jan 20173.62332 Years
14 Jan 20143.46305 Years
15 Jan 20092.682210 Years

TWD/AUD - New Taiwan Dollar to Australian Dollar - 10 Year History

DateExchange RatePeriod
06 Jan 20190.04561 Week
14 Dec 20180.04511 Month
17 Jul 20180.04446 Months
13 Jan 20180.04271 Year
13 Jan 20170.04222 Years
14 Jan 20140.03715 Years
15 Jan 20090.045310 Years

TWD/CAD - New Taiwan Dollar to Canadian Dollar - 10 Year History

DateExchange RatePeriod
06 Jan 20190.04341 Week
14 Dec 20180.04341 Month
17 Jul 20180.04336 Months
13 Jan 20180.04211 Year
13 Jan 20170.04152 Years
14 Jan 20140.03645 Years
15 Jan 20090.037610 Years

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