Taiwan’s currency is the New Taiwan dollar. Keep reading to learn more about it.
I’ve been living here for a while and want to help you understand everything about Taiwan’s currency. That’s what I’ll do in this guide.
There’s nothing else to talk about here. Let’s dive in.
What is the Currency in Taiwan?
The currency in Taiwan is the New Taiwan dollar (TWD). It’s commonly abbreviated as NT$, 元 (yuán), or NTD$. The most used denominations are NTD$100, NTD$500, and NTD$1,000 bills.
| Currency Code | TWD |
| Local Name | 塊 (Kuài) |
| Authority | Central Bank of the Republic of China |
| Banknote Material | Paper |
Other banknotes include NT$200 and NT$2,000.
The most common coin denominations are NT$1, NT$5, NT$10, and NT$50.
There are also NT$20 coins and ½ dollars. The half dollar isn’t in circulation, anymore. But it’s interesting.
When you hear someone say “塊,” you’re hearing a dollar amount. This term means “piece.”
Most of the time, they’ll likely just show you a calculator with the dollar amount. If you’re at a store with a point of sale (POS), you’ll see the price on the screen.
Wait:
What happened to the Taiwan dollar?
Why is it Called the New Taiwan Dollar?
The “New” in New Taiwan dollar distinguishes it from its predecessor. Introduced in 1949, it replaced the hyperinflated old Taiwan dollar after the Chinese Civil War. This new currency aimed to stabilize Taiwan’s economy.
When switching, the exchange rate was 40,000 old Taiwan dollars to 1 New Taiwan dollar.
This isn’t a post about the Taiwan dollar’s history. It’s just to help you understand the country’s currency.
Part of that might be understanding what designs you’ll encounter.
What Designs Are on the New Taiwan Dollar?
Let’s begin with the designs on the banknotes:
| Value | Front | Back | Color | Watermark |
|---|---|---|---|---|
| NT$100 | Sun Yat-sen | Yangmingshan Zhongshan Hall | Red | “100” and plum blossoms |
| NT$200 | Chiang Kai-shek | Taipei Presidential Office | Green | “200” and orchids |
| NT$500 | Junior baseball players | Mount Dabajian and Formosan sika deer | Dark brown | “500” and bamboo |
| NT$1,000 | Elementary school students | Sunrise, Jade Mountain, the Mikado pheasant, and Cirsium kawakamii hayata | Blue | “1,000” and a chrysanthemum |
| NT$2,000 | Satellite dishes, Formosat-1, and a rocket launch | Nahu Mountain and Formosan landlocked salmon | Purple | “2,000” and a pine tree |
Here’s what they look like:
If you’re coming or moving to Taiwan, you’ll also need to know whether you have fake cash.
Here’s a video that gives you a brief overview:
In short, follow these steps:
- Look: Find the watermark.
- Tilt:
- You should see the colorful line change colors.
- The dollar’s printed denomination should change colors.
- A series of repeating patterns will appear in the corner.
- Feel: The denomination amounts should feel raised.
Let’s move onto the coins:
| Value | Front | Back | Material |
|---|---|---|---|
| NT$1 | Chiang Kai-shek | 圓壹1 | Copper |
| NT$5 | Chiang Kai-shek | 圓伍5 | Cupronickel |
| NT$10 | Chiang Kai-shek | 圓拾10 and plum blossoms | Cupronickel |
| NT$20 | Mona Rudao and Wushe Incident Memorial | Yami tribe canoes and 20圓 | Outer: Aluminum bronze |
| Inner: Cupronickel | |||
| NT$50 | Sun Yat-sen | 50圓 and rice stalks on each side | Outer: Aluminum bronze |
| Inner: Cupronickel | |||
| Sometimes: All aluminum bronze |
Notes:
- 圓; Yuán = piece
- The numbers following the term are the coin’s denomination.
Here are what the coins look like (overall view):
I couldn’t get a good close up picture of each coin in the above picture.
Here’s a gallery that might help:
Taiwan also has commemorative coins and banknotes, which look cool.
Check out the Central Bank of Taiwan’s website for more information.
You might not be here to find neat information about Taiwan’s currency. If you just want to know how folks pay for things in Taiwan, keep reading.
How Do People Pay for Things in Taiwan?
As of 2021, around 77% of surveyed Taiwanese said they use cash daily. 80% use credit cards. And 58% use stored-value cards (e.g., EasyCard) [1].
A survey in 2022 in Taipei City suggests that 49% prefer cash and 49% prefer cashless.
Let’s break this down further [2]:
- 25% of the cashless side preferred credit cards
- 7% used “electronic tickets;” and
- 18% preferred mobile wallets
LINE Pay is the most popular mobile payment provider, as 57% of surveyed users use it.
Apple Pay trails at 31.6%.
Then the majority of stores have their own payment apps (e.g., PX Pay for PX Mart). These typically offer cashback, discounts, or points to entice customers.
The majority of Taiwanese don’t use checks.
As someone who lives in Taiwan, I mostly use cash and an EasyCard. I’m considering going with Google Pay.
What if you want to use cash? You should know how much to carry.
How Much Cash Should You Carry in Taiwan?
I recommend carrying at least NT$3,000 in Taiwan unless you have a big purchase in mind. This allows you to pay for most things without worry.
I can’t convert currencies for you since they fluctuate.
Use the next section to see how far your currency will go in Taiwan.
Taiwan Dollar Currency Conversions
FAQs
Does Taiwan Accept USD?
Taiwan does not accept USD for purchase at any store or for any service.
Is Taiwan Cheap?
Taiwan is a cheap country to visit. Budget travelers could spend as little as NT$1,847 a day. It’s also affordable to live in. The average Taiwanese household pays NT$53,361 (1,659 USD) a month for all expenses.
Sources
- Cash is no longer king. Taipei Times. 2/01/2021.
- Half of Taipei citizens prefer to go cashless. Taipei Research, Development, and Evaluation Commission.
