Money & Banking
Taiwan’s currency is known as the New Taiwan Dollar (NTD, TWD or NT$).
Typical Exchange Rates
1 Euro = NT$46.40
1 GBP = NT$58.17
1 USD = NT$31.13
1 CAD = NT$29.23
Aus = NT$27.23
NZ = NT$21.86
RSA = NT$3.99
Check this website for the latest rates: www/xe.com
Currency Denominations
Notes – NT$ 100, NTS$ 200, NT$500, NT$1,000 and NT$2,000 (rarely seen).
Coins – NT$1, NT$5, NT$10, NT$50
Banking
ATM Cards
International ATM cards that offer Plus or Cirrus logos on the card can be used in Taiwan. Ask your home bank about this before you depart for Taiwan.
Credit Cards
Although you can’t use them everywhere, and charges for cash withdrawals are prohibited, major credit cards and widely accepted by hotels and large retailers.
Banks & Transfers:
Bank hours are from 9.00am to 3.30pm, Monday through Friday, and closed for public holidays.
Banks
We recommend using the following bank;
- International Commercial Bank of China
- Bank of Taiwan
- HSBC
To open a bank account you will need your Alien Resident Certificate (ARC). You can send money home more easily if you have your own bank account. But don't forget to bring your home account IBAN number (International Bank Account Number) with you as this will make the process of sending money home run more smoothly.
Note:
We don’t recommend to bringing traveller cheques, as they are very difficult to exchange.
When changing money, remember to bring your passport and keep your exchange receipts.
How much should I bring?
It is entirely up to you but from our experience we suggest that you bring at least NT$50,000 to NT$$60,000. This should be enough to cover your first month, including start up costs such as housing deposits etc. You should have changed your money into NT dollars on arrival at Taiwan’s CKS International Airport. – it is very difficult to exchange any currency except US dollars in Taiwan banks.
How much can I save?
Again it depends on the person, how many hours you work, how much you spend on rent, food and entertainment. You will always save a lot more in your second year than in your first year as a result of raises and bonuses.
If you’re only interested in the experience and not so much the saving potential, then you might take part-time hours and study Chinese, learn martial arts, travel all over Asia or pursue other interests. The money you earn teaching part time is definitely enough to live on.
Cost of Living in Taiwan:
Here’s a rough guide of what you could expect to spend in a month. Depending on how to spend your time in Taiwan, you may have more or less expenses.
Apartment: NT$6,000 – NT$18,000
Utilities: NT$ 1,000
Food: NT$6,000 – NT$12,000
Public Transport: NT$1,500
Entertainment: NT$5,000 – NT$10,000
Chinese Course: NT$6000