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TAIWAN (TWD) TAIWAN YUAN
The yuan is the official currency of Taiwan. It is also referred to as the new
Taiwan dollar. This currency was originally issued by the Bank of Taiwan, but
since 2000 this has been assumed by the Central Bank of the Republic of China.
Although the yuan is split into 100 cent (or fen), this is no longer used. The
international currency code is TWD.
Currently in circulation
Coins come in the denominations of 1, 5, 10 and 50 yuan, although you will
occasionally also see the ½ yuan and 20 yuan. Banknotes are to the values of
100, 500 and 1,000 yuan most commonly. On rarer occasions you will also see
banknotes of 200 or 2,000 yuan.
Exchange facilities and traveller’s cheques
In the largest cities in Taiwan you will find banks and other official bureaux
de change where you will be able to exchange money. Although Taiwan has made
attempts to attract tourists from the USA and Japan, it is not particularly
geared towards this industry, with this in mind it may be better to steer clear
of using traveller’s cheques.
Using credit/debit cards
This seems a little bit of a grey area as there is conflicting information in
this regard. In general, it would not appear to be a problem when using credit
cards in Taiwan. Especially in Taipei and the other large cities. ATM machines
also seem to be prevalent across the country. However, there seems to be some
problems coming to light with a number of different organisations closing their
doors to the acceptance of credit cards. It may be wise to keep a close eye on
this situation before you intend to travel to this part of Asia.
Restrictions
For any amounts between TWD 8,000 and TWD 40,000, you will need a permit from
the Ministry of Finance for importing the local currency into Taiwan. You are
not permitted to import any amount over TWD 40,000. You may export up to TWD
40,000 and would require a permit for any higher amount. For foreign currency,
whilst there is no restriction in place, you are still required to complete a
declaration on arrival. You may export up to the equivalent of USD 5,000 in
banknotes or for passengers leaving within 6 months.
Taiwan: an overview
Taiwan lies some 80 miles off the coast of mainland China and its official title
is very confusingly the ‘Republic of China’. Around two thirds of the country is
very inhospitable due to mountain terrain and the majority of the population
tend to be found on the lower western lands. Taiwan is a very advanced society
and is trying to expand its tourist industry towards western visitors.
Taiwan is not the cheapest country to visit in the world. Most Taiwanese are
comfortably off and are prepared to pay that little bit extra for goods and
services. Taiwan has been described as being the most consumerist society on
earth.
