A common question among travelers is: Where can I exchange currency in Taiwan? Although exchanging currency may not be as convenient as say, Bangkok, you will most likely get the best deal in Taiwan.
And, that’s not to say exchanging currency in Taiwan is difficult, it’ll just require a little bit more time to research if you don’t plan on exchanging all your money at once.
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Taiwan Currency Exchange Rate
The exchange rate for New Taipei Dollars (NTD) is relatively stable, but it doesn’t mean the exchange rate won’t fluctuate like with every other currency.
Expect to receive between $29 to $34 NTD for every $1 USD at any given moment. To find out the actual live exchange rate for USD or whatever currency you have, just do a quick Google search for: “Taiwan Exchange Rate.”
Not to worry though, the great thing about exchanging money in Taiwan is that they will usually offer exact exchange rates if you go to the right places.
New Taiwan Dollars Denominations:
Paper Bills – $100, $200, $500, $1000
Coins – $1, $5, $10, $50
Exchanging Currency in Taiwan Banks
There are many banks all around Taiwan (especially Taipei) that will help you exchange your money for the live rate. However, to really find the best deal possible, you need to be picky about the bank you go into.
The Problem With Banks
Some banks will take a flat fee of $100 to $300 NTD no matter how many you want to exchange. So trying to get some quick cash for your last dinner in Taiwan wouldn’t be ideal in this situation.
Other banks will take a small percentage, meaning going here in the beginning of your trip to exchange all your money would be a terrible idea.
Sometimes the percentage or fee to exchange money will depend on whether you have an account with them. And if you’re just visiting, it will make no sense to open up an account with that bank.
The Solution: Mega Bank in Taiwan
I actually went into First Bank to try to exchange money, but the nice Taiwanese staff informed me about Mega Bank and suggested I go there instead.
I wasn’t sure what I was more impressed by, the honest bank staff of First Bank or the mega deal offered at Mega Bank. If you land in Taiwan and are in need on Taiwan Dollars, use Google Maps to find the closest Mega Bank.
They are a big bank chain and there should be plenty. Not only is it completely FREE to exchange your money, but you get the exact live exchange rate for it. Mega deal, indeed.
Currency Exchange in Taoyuan Airport
I don’t usually recommend exchanging your currency at airports because they really rip you off on the exchange rates, but Taoyuan International Airport is different.
There is a Mega Bank inside the airport, which will offer you the live exchange rate or just pennies below. Last time I checked, the exchange rate was 30.7 and they offered 30.6. How do they even make money? To be honest, I’m not sure.
My recommendation is to exchange the bulk of your currency, just in case. Whatever you don’t use on your trip, just exchange it back at the airport before going home.
Note: If you plan to go to other countries on your trip, exchange your currency to USD because it’s hard to exchange TWD outside of Taiwan. And if you do find a place, you will get a terrible deal. Just from personal experience.
Now that you’ve figured out how to exchange for currency, the question is, how much money should you bring on your Taiwan trip?