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Money and Banking

Money and Banking in Taiwan

The currency in Taiwan is the New Taiwan Dollar, abbreviated to "NT$".

The coins come in $1, $5, $10, $20 and $50 (2 varieties) and the notes $100, $500, $1000, $2000.

Taiwan is an inexpensive country to live in, however in major cities like Taipei, the cost of living is higher. Many foreigner English teachers make as much as doctors and lawyers do in Taiwan.

To open a back account you are required to provide your passport and ARC card. All banks have some English speaking staff. Most banks are closed on Saturdays, but are open later on weekdays.

ATM - Cash Machines

ATMs are very common ad most have an English option and support most major western banking card systems. You can pay all your bills and transfer money through ATMs. Many international banks (ex: HSBC, Citi Bank, RBC) have branches in Taipei and in other major cities. Taiwan is a cashed based society and you are able to withdraw up to NT$20,000 per transaction until either you or the machine is out of money.

Credit Cards

Bring’em if you got’em. All major credit cards are accepted in Taiwan. It is possible of applying for a credit card in Taiwan, but I wouldn’t hold your breath on actually being issued one.

Sending Money Home From Taiwan

Taiwan Information - Money and Banking in Taiwan

So you've made a bundle and now you need to get it out of the country. Have you been watching the exchange rate? Is now a good time? Sometimes holding on for a week can be the difference between $100 more to you or... or $100 more from you...

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Kara Stirling

Kara Stirling “My experience in Korea was one of the best of my life. I know, I know…so cliché…but it WAS. I am also of the opinion that Footprints Recruiting ROCKS. My year in Korea went off without a hitch…until…sigh, the end of my contract and my last paycheck. My director tried to scam me out of about 700 USD. I contacted Footprints and they stepped in and took action against my employer. Footprints has your back during the placement and throughout your contract. Make sure you cover your butt, go with a great recruiter.”