What Is the Official Currency of Taiwan?
Unlock essential insights into Taiwan's official currency, its characteristics, and practical methods for financial navigation.
Understanding the currency of a foreign country is a fundamental aspect of preparing for travel or engaging in international commerce. Familiarity with local tender streamlines transactions and helps manage financial aspects effectively. Knowing the specific currency details, including its forms and how it is utilized, allows for smoother financial interactions abroad. This preparation helps individuals confidently handle their finances.
The New Taiwan Dollar
The official currency of Taiwan is the New Taiwan Dollar, abbreviated as NTD or NT$. Its international ISO 4217 code is TWD. It serves as the sole legal tender for all financial transactions within Taiwan. The New Taiwan Dollar has been in circulation since 1949, replacing the Old Taiwan Dollar. The Central Bank of the Republic of China (Taiwan) has issued the currency since 2000.
Banknotes and Coins
The New Taiwan Dollar is available in both banknotes and coins. Common banknote denominations include NT$100, NT$500, and NT$1,000. NT$200 and NT$2,000 banknotes exist but are less frequently encountered. Banknotes feature distinct designs, often showcasing historical figures and cultural landmarks.
For smaller transactions, coins are widely used, with denominations of NT$1, NT$5, NT$10, and NT$50 being the most prevalent. A NT$20 coin also exists but is not commonly circulated. Each coin denomination has unique characteristics, such as different sizes and imagery.
Exchanging and Using Currency
Visitors to Taiwan can obtain New Taiwan Dollars through several options. Currency exchange services are available at major international airports, though city banks often offer more favorable rates. Banks throughout Taiwan provide exchange services during standard business hours and generally require a passport. Automated Teller Machines (ATMs) are widely available in banks, convenience stores, and department stores. Most ATMs accept international debit and credit cards linked to major networks like Plus and Cirrus.
For purchases, major credit and debit cards are widely accepted across Taiwan, especially in larger establishments like department stores, chain restaurants, and hotels. However, carrying cash is advisable for smaller transactions, such as at local markets, street vendors, or for public transportation, where card acceptance may be limited. When using a credit card, it is recommended to opt for transactions charged in New Taiwan Dollars to avoid less favorable dynamic currency conversion rates.