Currency Exchange Guide for Taiwan 2024: The Easiest and Best Ways to Swap Your Cash

When it comes to exchanging currency in Taiwan, you've got plenty of options whether you're converting foreign money into New Taiwan Dollars (NTD) or vice versa. This guide will walk you through the different methods available, pointing out the pros and cons of each. By the end, you'll know exactly how to handle your currency exchange in the most convenient and beneficial way possible.

Swapping your cash at banks in Taiwan is a popular and safe option.

• You'll find the exchange rates to be quite stable, often better than what you'd get at airports or hotels.
• You can exchange large sums of foreign currency without any hassle.
• Banks offer a wide range of currency exchange services to suit your needs.

A Few Things to Keep in Mind:

• Don't forget to bring a valid ID, like your passport.
• There might be service fees if you aren't a customer of the bank.
• Banks have limited hours and might be closed on weekends, so plan accordingly.

Top Picks: China Trust Commercial Bank, Cathay United Bank, Taishin International Bank, and more.

For those touching down in Taiwan, swapping your cash at the airport is the easiest way to go.

• Open around the clock, so you can exchange money anytime
• Handles a variety of currencies
• No need to book in advance, and the service is speedy

A few things to keep in mind:

• The exchange rates here are usually not as good as what you’d get at a bank
• There might be limits on how much you can exchange each day
• It’s smart to exchange just a small amount for immediate needs

Major Airports in Taiwan: Taoyuan International Airport, Kaohsiung International Airport

If you need cash while exploring Taiwan, using your international credit or debit card at ATMs is super convenient.

• ATMs are accessible 24/7 and can be found all over the island
• You'll get New Taiwan Dollars straight from the machine
• Exchange rates are usually determined by your bank back home

A Few Things to Keep in Mind:

• Watch out for withdrawal fees and possible currency conversion charges
• There might be limits on how much cash you can take out at once
• Make sure your card is set up for international use before you travel

Top ATM networks to look for: CTBC Bank, Cathay United Bank, and others

When you're in Taiwan's bustling cities, you'll come across plenty of dedicated currency exchange shops.

• These shops often offer better exchange rates compared to banks
• They provide speedy service, and you don't need to open an account
• Many of them also stay open longer hours

Things to Keep in Mind:

• It's a good idea to shop around as rates can vary quite a bit
• For larger amounts, you might need to book an appointment
• Always make sure the shop is licensed

Many high-end hotels offer currency exchange services, mainly for the convenience of their guests.

• Super convenient – no need to step out of the hotel
• Perfect for exchanging small amounts

Things to Keep in Mind:

• Rates are often not as good as other places
• Limited currency options available
• Best to use this service only if you really need to

Lately, a bunch of banks and fintech companies have started rolling out online currency exchange services.

• Super convenient and available around the clock
• You can compare real-time exchange rates
• Some platforms even offer special promotions

Things to Keep in Mind:

• You might need a bank account
• First-timers may have to go through identity checks
• Watch out for information security and beware of scams

Top Picks: Taiwan Bank Online Banking, E.SUN Bank Digital Services, and more.

1. Best Time for Currency Exchange: For the most stable exchange rates, head to the bank during their operating hours, Monday through Friday.
2. Documents to Bring: Don't forget to bring your passport and identity card when you're exchanging currency.
3. Cash Limit: If you're carrying over NT$100,000 or its equivalent in foreign currency into Taiwan, make sure to declare it as per the local regulations.
4. Exchange Rate Inquiry: Check the real-time exchange rates on the Taiwan Bank's official website or other financial sites.
5. Small Amount Exchange: It's a good idea to exchange a small amount of New Taiwan Dollars first to cover your initial expenses.
6. Credit Card Usage: Many places in Taiwan accept international credit cards, which can cut down your need for cash and might offer some extra perks.

And that wraps up our guide on currency exchange in Taiwan. Each option has its own set of advantages and disadvantages. Make sure you keep an eye on both the exchange rates and any service fees to avoid unexpected costs! We also suggest using credit cards and other electronic payment methods to minimize the risk of carrying too much cash. Here are some additional travel tips and recommendations for your trip to Taiwan: