The new Taiwan Dollar has has five denominations in paper money and five in coins. Paper money comes in denominations of NT$2000, NT$1000, NT$500, NT$200, and NT$100. Coins come in NT$50, NT$20, NT$10, NT$5 and NT$1 denominations. Images of the notes and coins can be found on the Tourism Bureau of the Republic of China’s website.
The New Taiwan Dollar is used exclusively in Taiwan, unlike the currency of most Asian countries. It is recommended that you convert money from American Dollars as you will usually get the best exchange rate.
Where to exchange money
Remember to bring some NT$s exchanged at home to avoid converting money at the airport or hotels, as these are usually the most expensive places to exchange currency.
Once in Taiwan, the cheapest way to exchange money is via government-designated banks or ATM machines. Each bank will charge a different exchange rate, so it is important to use a currency converter to be aware of the current exchange rate. The banks should print a receipt which will show you the bank charges.
Converting money by using a credit card is usually the cheapest way to exchange money, as credit card companies will usually have better access to rates than individuals. Make sure that you are especially careful when using your credit card when your home currency is weakening, as the transactions will not be converted instantly. There is a chance that you will end up with a less favorable conversion rate a few days later, when the transaction is processed.
If you choose to exchange your money through an ATM machine withdrawal, be sure to always select your own currency when choosing which currency you wish to charge your bank with. You must also look out for how ATM machine charges, as your bank back home cannot control these charges.
Although quite old fashioned, travellers cheques are a convenient way to exchange money at banks. They can be used freely at an exchange bureau, and they are easily replaceable if lost or stolen. Be aware, however, travellers cheques are not usually accepted as a form of payment in Taiwan.
Although Taiwan is one of the leading manufacturers in computer technology, many expatriates have trouble sending money online from their local bank account in Taiwan to their bank accounts back home. This is usually because the banks’ websites are not up to date and are not compatible with browsers such as Firefox or Safari.
This of course, varies from bank to bank. There has been a great improvement over the last few years in online banking services, as they become more widely used. Remember to check with your bank the charge for transferring money to a foreign account in order to avoid surprise additional charges.
Transferring money from an account back home to an account in Taiwan is usually a lot more straightforward. Again, do check with your bank if there is a charge to send money to a foreign account. You may also need a card reader which should be provided by your bank back home. It is best to check with your bank the terms for transferring money to a foreign account before leaving the country.
Another way for you to transfer money back home is to use a service such as MoneyGram or Western Union which let you wire money internationally. Be very careful with these companies as they will charge you a high fee for the service. You should check the percentage charge before committing to any transfer and you should verify that the service is legitimate, as there are many companies which operate scams.