Money Matters In Taiwan

If you're planning a holiday to Taiwan, this is what you need to know about currency, cash and credit cards.

Currency
The unit of currency in Taiwan is the New Taiwan dollar (TWD). Notes come in denominations of TWD2000, TWD1000, TWD500, TWD200, TWD100 and TWD50, and coins come in denominations of TWD50, TWD10, TWD5 and TWD1.

Taking cash and cards to Taiwan
ATMs are widespread throughout Taiwan and cash advances can be obtained, but these can incur a relatively large fee so it's best to check with your card issuer before travelling. Plus, Circus and Maestro are the most prevalent cards accepted, and you will be able to use your Visa and Mastercard for cash advances. You may want to notify your bank before leaving home, as some will automatically cancel your card after withdrawals from exotic destinations as a fraud prevention method. The more remote areas have fewer ATM's so it is worth planning your expenditure to ensure you have enough money to survive in these areas.

Private and government offices are open either from 8:00 a.m. to 5:00 p.m. or from 9:00 a.m. to 6:00 p.m. Most commercial establishments are open from 10:00 a.m. to 8:00 p.m. daily. Banks are open from 9:00 a.m. to 3:00 p.m., Mondays to Fridays, with automated teller machines (ATM) operating 24 hours a day.

Sterling, US dollars and other foreign currencies are generally not accepted in most places throughout Taiwan, You will find money changers at most banks and major hotels, although it is highly recommended to exchange at least some of your money into TWD when you enter the country. If you are carrying foreign currency that is not particularly common in Asia be sure to make your exchange at one of the several airport banks as they will carry a greater variety of currencies than other banks in Taiwan.

There are plenty of ATM’s and money changers at the airport on arrival, so purchasing TWD before leaving home is not really necessary. If you do wish to change money before you arrive, be aware that the rates will not be as good as those you will get in Taiwan so it is probably worth changing as little as possible.

It is also important to be aware that the import and export of local currency is limited to 40,000TWD and a permit from the ministry of finance is required for amounts over 8,000TWD. The import and export of foreign currency is unlimited, although amounts over the value of 10,000TWD must be declared on arrival.

Best prepaid cards for Taiwan
Prepaid credit cards are now the safest way to travel with money, and are much more cost effective and convenient than Travellers Cheques (which are slowly becoming obsolete). We recommend the Caxton FX Global Traveller card which offers a fixed exchange rate at 2.75% below the prevailing interbank rate when spending overseas and withdrawing local currency from ATMs. Unlike credit cards the application process is straightforward, but you need to allow 7 days for delivery of the card.

Using credit cards in Taiwan
If you travel regularly it will pay to apply for one of the specialist credit cards for travellers that offer excellent rates of exchange and charge zero "load" fees when purchasing items, or withdrawing local currency from ATMs whilst abroad. For up to date information on the best specialist credit cards for travellers we suggest visiting one of the price comparison websites.

See our full range of tours of Taiwan. To discuss your travel needs, you can complete an enquiry form or call our Asia experts on 020 7720 9285.