How to manage money when traveling in Taiwan.
The News Lens
By: Steven Crook
Taiwan’s economy is still largely based on cash transactions, especially when
compared to places like Australia and South Korea, so visitors should always carry a decent amount of paper currency. The good news is that almost every business can provide change if you pay for a small item with an NT$1,000 (US$33) note, so there’s no need to hoard coins or NT$100 notes. Because Taiwan is a safer-than-average society, people don’t think twice about carrying around substantial amounts of cash.
Outside of banks and major post offices, money-changing options are limited. Unlike in some other Asian countries, open-all-hours money-changing kiosks don’t exist in Taiwan. Some department stores are able to change U.S. dollars, euros, Japanese yen and Chinese RMB. When buying NT dollars, you will likely get a better rate of exchange in Taiwan than in your home country, so consider waiting until you have arrived and then changing money at the airport. The banks in Taoyuan and Kaohsiung airports keep very long hours for the convenience of international travelers. The rates they offer are as good as those posted in city-centre banks.