By Jenna Jolie
Taiwan, a country in East Asia, is known for its dynamic night markets teeming with mouthwatering street food, stunning beaches, and majestic mountains. This country draws millions of international travelers each year, making it one of the top destinations to visit in Asia. Not only blessed with breathtaking landscapes, Taiwan also boasts a vibrant and prosperous economy, supported by a robust currency known as the New Taiwan Dollar (TWD). The Taiwan currency plays a crucial role in facilitating domestic and international transactions and reflecting Taiwan's economic growth and stability. This overview provides insights into the historical background, exchange rates, and security features of Taiwan’s currency.
The Overview of the Taiwan Currency
The roots of Taiwan currency system can be traced back to its complex history. The first new dollar was issued in 1949 to replace the previous Taiwanese dollar. The fundamental objective of this new dollar was to end the hyperinflation suffered by Taiwan and China during the Chinese Civil War. Since then, Taiwan's currency has evolved to adapt to economic changes and maintain stability.
In July 2000, the New Taiwan Dollar (TWD) was established as the official currency of the Republic of China (ROC). Concurrently, the Central Bank of China, now recognized as the Central Bank of the Republic of China, commenced the issuance of New Taiwan Dollar banknotes. This led to the withdrawal of the old notes previously issued by the Bank of Taiwan from circulation.
The New Taiwan Dollar is the official currency of Taiwan
The official Taiwan currency name is the New Taiwan Dollar, denoted by the currency code TWD and symbolized by the character "元" (pronounced "yuan"). The currency symbol signifies the basic unit of value and is commonly used in transactions, price listings, and financial markets. The Central Bank of the Republic of China (Taiwan) is the legal authority to oversee Taiwan's monetary policy. Its function is formulating and implementing policies to maintain price stability, promote economic growth, and safeguard financial stability.
The New Taiwan Dollar is issued in both banknotes and coins. Banknotes are available in various denominations, including NT$100, NT$500, and NT$1,000, each featuring unique design elements that reflect Taiwan's culture, history, and achievements. Coins are minted in denominations of NT$1, NT$5, NT$10, NT$20 and NT$50.
Taiwan Money Exchange: Essential Information Travelers Should Know In Prior To Their Taiwan Trip
New Taiwan Dollar Exchange Rates
Taiwan money exchange rate plays a crucial role in Taiwan's international trade and tourism sectors. The value of the New Taiwan Dollar is determined by market forces, with factors such as supply and demand, interest rate differentials, and macroeconomic indicators influencing its fluctuations. The government and central bank closely monitor exchange rates and intervene in the foreign exchange market when necessary to maintain stability and prevent excessive volatility.
New Taiwan dollar (TWD) exchange rate to US dollar (USD):
- 1 New Taiwan Dollar = 0.0318945713 United States Dollar
The exchange rate from Taiwan's new dollar to the US dollar
Payment Methods Accepted In Taiwan
As a favorite destination for international travelers, most tourist attractions in Taiwan enable visitors to choose from various payment options, many forms of which have become ubiquitous around the globe. It's advisable to carry a mix of cash, cards, and utilize digital payment options when traveling to Taiwan. With these payment options at hand, international travelers will have no trouble navigating the payment landscape in Taiwan.
Cash: While Taiwan is moving towards a cashless society, cash is still widely accepted, especially in smaller establishments and local markets. Therefore, carrying some Taiwanese New Dollars (TWD) is recommended for convenience. You can exchange cash for Taiwan dollars at a bank in advance of your arrival in the country or at exchange bureaus upon arrival.
Credit and Debit Cards: Major credit and debit cards, such as Visa, Mastercard, and American Express, are widely accepted in most hotels, restaurants, and larger retail stores. It's important to note that some smaller establishments and markets may only accept cash.
Mobile Payments: Taiwan is highly advanced in terms of digital payment systems. Mobile payment apps like Apple Pay, Google Pay, and Alipay are widely used, allowing travelers to make purchases by simply tapping their smartphones or smartwatches at supported payment terminals. This convenient and contactless method is gaining popularity across the country.
ATMs: ATMs are readily available throughout Taiwan, allowing travelers to withdraw cash using their international debit or credit cards. However, it is important to check with your bank about any international withdrawal fees and inform them of your travel plans beforehand.
Payment methods accepted throughout Taiwan
Where to exchange money in Taiwan?
Currency exchange services in Taiwan are subject to strict government regulations. Banks and authorized businesses are the only establishments where currency exchange is permitted. Unlike other Asian cities, there are no independent money changers operating on the streets. Please remember to bring your passport when conducting a money exchange transaction in Taiwan, as it is a requirement.
As a result, tourists are strongly advised to exchange money at one of these local banks in Taiwan: Bank of Taiwan, China Trust Bank, and South China Commercial Bank. These banks are known for offering competitive rates.
If you find yourself with remaining Taiwan cash at the end of your trip, you should exchange it before departing, even if you are at one of Taiwan's international airports. This is because exchanging Taiwan's currency abroad, even within Asia, is difficult.
Taiwan should be on your travel bucket list in Asian countries, owing to its unique fusion of cultures, superb cuisine, and stunning natural sceneries. As a part of the preparation for your Taiwan trip, applying for a Taiwan visa online is strongly recommended. Let's check out the top attractions in Taiwan and arrange the best travel to Taiwan with our assistance at Taiwan Immigration Services.