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Learn about Taiwan Currency Taiwan Currency: A Comprehensive Guide to the Currency in Taiwan
If you’re planning a trip to Taiwan, understanding the local currency is essential for a smooth and enjoyable experience. The official currency in Taiwan is the New Taiwan Dollar (TWD).
Whether you’re exploring Taipei’s skyscrapers, enjoying the night markets, or hiking in Taroko Gorge, knowing how to use and manage the currency of Taiwan will enhance your trip. This guide will help you navigate the New Taiwan Dollar with ease.
What is the Currency in Taiwan?
The New Taiwan Dollar (TWD) is the official currency of Taiwan. Often symbolized as “$” or “NT$”, the New Taiwan Dollar is subdivided into 100 cents.
Cash is widely used throughout Taiwan, especially in small businesses and rural areas.
A Brief History of Taiwan Currency
The New Taiwan Dollar was introduced in 1949, replacing the Old Taiwan Dollar to stabilise the economy.
Today, the currency of Taiwan reflects the country’s robust economy, which thrives on technology, exports, and tourism.
How to Recognise Taiwan Currency Banknotes and Coins
The currency in Taiwan is available in both coins and banknotes, with various denominations for different transactions.
Banknotes:
- 100 Dollar
- 200 Dollar
- 500 Dollar
- 1,000 Dollar
- 2,000 Dollar
Each banknote features important cultural symbols, landmarks, and figures from Taiwan’s history.
Coins:
- 1, 5, 10, 20, and 50 Dollar coins
Coins are frequently used for small purchases, such as snacks, local transport, and items at night markets.
Why You Need Taiwan Currency During Your Trip
While credit and debit cards are widely accepted in urban centers, the Taiwan currency is essential for smaller transactions, especially at night markets and rural areas.
Here’s why carrying Taiwan currency during your trip is beneficial:
- Cash-Friendly Economy: Although cards are accepted in most hotels and large retailers, smaller businesses, local vendors, and street markets often prefer cash payments.
- Tipping: Tipping is not customary in Taiwan, but if given, it’s usually done in cash.
- Local Shopping: From bustling night markets to small-town shops, having Taiwan currency on hand will make transactions easier and faster.
Where to Use Taiwan Currency
- Restaurants: Most restaurants in Taiwan accept credit cards, but smaller eateries and food vendors may prefer cash in New Taiwan Dollar.
- Public Transport: Payment for buses, trains, and metro rides often requires cash in New Taiwan Dollar unless using a contactless card like EasyCard.
- Tourist Attractions: Entry fees for national parks, cultural sites, and museums are typically paid in New Taiwan currency, so carrying cash is recommended.
Travel Tips for Managing Currency in Taiwan
Here are a few tips to help you effectively manage your currency in Taiwan during your travels:
- Carry Small Bills: It’s helpful to carry smaller denominations for daily purchases, as some vendors may not have change for larger notes.
- Stay Secure: Taiwan is one of the safest travel destinations, but it’s always wise to keep your cash secure in a money belt or hotel safe.