Taiwan Currency, Exchanging Money, and Money Tips

While this may be true the world over, the old saying “Cash is king” holds extra currency in Taiwan (sorry, I couldn’t help myself). From night market stands to nicer restaurants, most small businesses accept cash only. For the sake of convenience and financial planning (many financial advisors recommend always buying with cash to avoid unnecessary and unbudgeted purchases that are all to easy using “plastic money”), do yourself a favor and carry cash instead.

Here are some tips on exchanging, using and carrying cash in Taiwan.

Exchanging Money

If you get to the airport during normal working hours, the money exchange booths should be open. The rates at the airport are more or less comparable to banks in the city, so you might as well exchange money at the airport for the sake of convenience.

It is a good idea to exchange at least 10,000 NT as this gives you enough for the shuttle bus, cabs, food, and any other unexpected expenses you may encounter your first week.

Currency

Taiwan uses the New Taiwan Dollar, often called NT or NTD for short. At the time of writing, 1 USD = 29.0020 TWD. Go here to see the current exchange rate between New Taiwan Dollars and major world currencies.

Traveler’s Checks

Most stores and restaurants do not accept traveler’s checks. Those that do will usually charge a transaction fee.

In my experience, the hassle far outweighs the safety they afford. So unless you need to carry huge sums of money, just stick with cash.

To find out if traveler’s checks are accepted, just ask:

Cash Tips

While Taipei is typically safe, there’s no need to take any foolish risks with your cold hard deniro:

• Don’t carry large wads of cash.

• Split up your money into small denominations stored in various places.

• Although pick-pocketing is not that common (or at least not as common as it is in Italy for example), it is still a good idea to carry a money belt, especially until you get used to your surroundings.

• Don’t let people see where you store your money (especially after getting money out of an ATM).

Credit and Debit Tips

While it may be necessary to use a credit card once in a while for online purchases, plane tickets, etc, you would be wise to minimize their use as you will be charged international transaction fees, and because they are usually only accepted at pricier restaurants and stores (many of which also add an additional 10% service charge).

Also, make sure to avoid using (or even carrying) check cards (debit cards attached to your checking account with a Visa or MasterCard logo on them). If your check card is stolen, unauthorized charges are far harder to reverse than with regular credit cards.

For safety, carry one credit card on your person with a relatively low limit, one at home with a higher limit, and leave one with a trusted friend or relative back home for paying unexpected bills.