Currency - New Taiwan Dollar (新台幣, NT$, TWD )
The official currency used in Taiwan, the New Taiwan Dollar is a stable, freely-convertible currency used in the territories of the R.O.C., including Taiwan, Penghu, Kinmen, and Matsu.
The New Taiwan dollar is referred to in English as "NT dollars", the colloquial Chinese-language "kuài (塊)", or the more formal "yuán (元)". For example, an amount of NT$50 may be stated at "50 NT", "50 NT dollars", "50 kuài", or "50 yuán". The formal name of the currency in Chinese is "xīn tái bì (新台幣)", and amounts may also be stated as "50 tái bì", but usually only in situations where the NT needs to be differentiated from other dollar-denominated currencies such as the US dollar.
Historically, the exchange rate for the NT dollar has shifted between NT$29 - NT$31 per 1 US dollar.
NT dollar cash is issued by the Central Bank of the Republic of China (中央銀行) in both banknotes and coins. Banknotes are issued in NT$1,000, NT$500, and NT$100 denominations, with rarely-encountered NT$2,000 and NT$200 bills, and coins are issued in NT$50, NT$10, NT$5, NT$1 denominations, with rarely-encountered NT$20 coins. The lowest value is NT$1, and there are no sub-units such as cents in public usage. Business and financial institutions will generally account for fractions of dollars, however final amounts will round to solid integers.
Cash can be obtained from government-authorized converters such as banks, department stores, or most conveniently from an ATM. Cash exchange is best done at the airport due to healthy market competition, and is most efficiently done with US dollars. Philippine peso, HK dollar, Malaysia ringgit, and Singapore dollar cash generally do not offer good rates, and US dollar cash is recommended. A better alternative is to use a debit card at an ATM at the market rate and accept a conversion fee from the card network. Larger banks such as those operating ATMs in convenience stores and the MRT have better acceptance of foreign ATM cards, and may charge an access fee.
In Taiwan, foreign cash such as US dollar and China renminbi are not accepted at merchants and only NT dollars will be accepted. Only larger department stores and duty-free shops that have a government-issued license are permitted to accept foreign cash. Please be aware that a passport is required when using these services. For those without NT cash, it is recommended to use a credit or debit card as the credit card network will pay in Taiwan dollars while deducting its native currency. Some credit cards such as MasterCard World Elite, Visa Signature / Infinite, AMEX, and Discover It may offer cross-border transaction promotions and no service charges, while Unionpay (银联) may offer Taiwan-focused promotions. International transactions may be blocked by the issuing bank due to suspected fraud (especially with smaller, local banks), so be sure to first place a travel advisory on the card.
Credit card payments are widely accepted in Taiwan at stores, and less accepted at small shops and vendors. Popularly-accepted networks include Apple Pay, Samsung Pay, Google Pay, Visa, MasterCard, JCB, American Express, and Unionpay (银联). Networks such as Diners Club and Discover may only be accepted at terminals operated by NCCC or Taishin. Some merchants may not have their terminals set up to accept foreign-issued credit cards, and may only accept Taiwan-issued credit cards.
Payments may also be made by IC cards such as Easycard and iPass, rechargeable transit cards that may be used as a debit card and reloaded by NT dollar cash anywhere it can be used. Alternative payment methods such as Line Pay and others from mainland China such as Alipay (支付宝) or WeChat Tenpay (微信支付) may also be accepted at merchants.