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Taiwanese Currency

The currency of Taiwan is the New Taiwan Dollar (NTD, but also referred to as TWD), with one unit known locally as NT, yuan when written in Chinese or colloquially in Mandarin as the kuai. One unit is known colloquially as the kho͘ in the Taiwanese dialect.

Easy rules of thumb are that NT$100 roughly equals $3/€2.5; hence NT$1,000 roughly equals $30/€25. Coins come in denominations of NT$0.50, NT$1, NT$5, NT$10, NT$20 and NT$50. The NT$0.50 coin is rare because of its small value and has very little practical use. Banknotes come in denominations of NT$100, NT$200, NT$500, NT$1,000 and NT$2,000. Perhaps due to counterfeiting problems, the NT$200 and NT$2,000 banknotes are rarely seen.

Taiwanese currency is fully convertible and there are no restrictions on taking currency into or out of the island. Currency exchange is possible internationally, although you will get a much better rate if you wait until you arrive at the airport to exchange currency at the 24 hour window. Most banks in Taipei and Kaohsiung will also exchange money or offer cash advances on credit or debit cards. Should you bring American currency, please be sure to bring newer bills as the banks and exchange-centres (such as in department stores) will only accept the newer bills (bills from 1996 and 2003 are not accepted at most places, due to a high proportion of forgeries bearing these years). Bills which are torn or damaged will probably not be changed, and old-style small-bust bills are not accepted. Taiwan National Bank will take older bank notes and bank notes that are wrinkled or torn for exchange. Department stores will not exchange bills older than 1997. Don't forget to show your passport.

If you've forgotten to bring any money at all, but have your credit or debit card handy, no worries. Taiwan's banking system is light-years ahead of most other countries, with the ability to use any of the abundant 24-hour ATMs to withdraw cash from anywhere in the world using the Plus or Cirrus systems. Certain banks' ATMs will even tell you your available balance in your own currency or in NT$. There is a per transaction limit of NT$20,000 for ATM cash withdrawals (HSBC Global Access customers may withdraw NT$30,000 from HSBC ATMs). Visa debit cards are not accepted in many places, but can be used at ATMs in Chinatrust banks (but not those in 7-11s).





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