1. What is the official currency of Taiwan?

The official currency of Taiwan is the New Taiwan dollar (NT$).

2. Are there any restrictions on foreign currency transactions in Taiwan?

Yes, there are certain restrictions on foreign currency transactions in Taiwan:

1. Exchange Control Regulations: Taiwan has an active exchange control system that governs the purchase and sale of foreign currencies by individuals and businesses. Under this system, residents are required to provide supporting documents for transferring funds abroad.

2. Reporting Requirements: Any transaction involving more than US$5000 or its equivalent must be reported to the Central Bank of the Republic of China (Taiwan). This includes both incoming and outgoing transfers.

3. Capital Controls: Taiwanese residents are subject to capital controls, which limit the amount of foreign currency they can remit out of the country per year. Currently, this limit is set at US$50,000 per person per year, but it may change according to government regulations.

4. Approval from Authorities: Prior approval is required from the Ministry of Finance for large or significant foreign exchange transactions, such as investments or loans exceeding US$10 million.

5. Restrictions on Credit Cards: Non-Taiwanese credit cards can only be used up to a maximum amount set by local banks. To make payments that exceed these limits, prior permission from the bank is needed.

6. Prohibition on certain Transactions: The Foreign Exchange Control Act prohibits certain foreign currency transactions such as speculation in foreign currencies, unauthorized trading in offshore non-deliverable forward contracts (NDF), and transactions that violate economic sanctions or laws against money laundering.

7. Sanctions and Special Measures List: Taiwan follows international sanctions imposed by the United Nations Security Council and has a special measure list of countries and regions with which financial transactions are prohibited unless specially permitted by authorities.

Overall, Taiwan’s restrictions on foreign currency transactions aim to protect its economy from potential risks associated with excessive capital flows and illicit activities such as money laundering and terrorism financing. However, these restrictions may affect ease of doing business for foreigners in Taiwan. It is advisable to consult with legal experts before engaging in any foreign currency transactions in Taiwan.

3. What is the current exchange rate for local currency to US dollar in Taiwan?

As of October 2021, the current exchange rate for local currency to US dollar in Taiwan is 1 NT$ (New Taiwan Dollar) to approximately $0.036 USD (US dollar).

4. Is it better to use cash or credit cards for purchases in Taiwan?

It depends on personal preference and the specific situation. Generally, credit cards are widely accepted in Taiwan and offer convenience and security. However, some places may only accept cash, such as smaller local shops or markets. It is recommended to have a mix of both cash and credit cards for your purchases in Taiwan. Additionally, using a credit card may come with added fees, while paying with cash eliminates this possibility.

5. Do businesses in Taiwan typically accept US dollars or do they prefer local currency?

Most businesses in Taiwan prefer to be paid in local currency, which is the New Taiwan Dollar (TWD). While some larger businesses or tourist-oriented establishments may accept US dollars, it is not common. It is always best to have TWD on hand when visiting Taiwan so you can easily pay for goods and services.

6. Are there any hidden fees or charges when exchanging money in Taiwan?

Yes, there may be hidden fees or charges when exchanging money in Taiwan. These can include handling fees, commission fees, and unfavorable exchange rates. It is important to research the fees and charges of different exchange services before making a transaction. Additionally, some ATMs and banks may charge a foreign transaction fee when using an international debit or credit card.

7. Can I use ATMs from my home country bank in Taiwan to withdraw money?

It depends on your bank and the availability of their partner ATMs in Taiwan. Some international banks may have partnerships with local banks in Taiwan, which would allow you to use their ATMs without additional fees. It is best to check with your home bank before traveling to Taiwan to confirm their ATM availability and any associated fees.

8. Is it necessary to tip service workers and what is the customary amount in Taiwan?

In Taiwan, it is not necessary to tip service workers. In fact, tipping is not a part of the cultural norm and can sometimes be seen as offensive or uncomfortable for service workers. The price listed on a bill or menu will usually include all service charges. However, if you feel that the service was exceptional and really want to show appreciation, a small tip of around 5-10% is considered generous.

9. Can I purchase traveler’s checks before traveling to Taiwan, and are they widely accepted?

Yes, you can purchase traveler’s checks before your trip to Taiwan. They are widely accepted at banks, larger hotels, and some tourist attractions. However, they may not be accepted at smaller establishments such as local shops and restaurants. It is advisable to carry a combination of cash and credit/debit cards for convenience.

10. Are there any restrictions or limits on bringing foreign currency into or out of Taiwan?

Yes, there are restrictions and limits on bringing foreign currency into or out of Taiwan. Travelers entering or leaving Taiwan must declare any amount of foreign currency exceeding US$10,000 (or its equivalent in other currencies).

There is also a limit on the amount of local currency that can be brought into or out of Taiwan. The limit for Taiwanese residents is NT $40,000, while the limit for non-residents is NT $100,000.

In addition, travelers must have valid documentation to prove the source and purpose of the funds being brought in or taken out of Taiwan. Failure to comply with these restrictions may result in fines or confiscation of undeclared funds.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Major hotels and restaurants in the US almost always accept credit cards. The most commonly accepted types are Visa and Mastercard, followed by American Express and Discover. However, some smaller or independent establishments may only accept certain types of credit cards or cash. It is always a good idea to ask about accepted forms of payment before making a reservation or placing an order.

12. Are there any unique features of the currency used in Taiwan, such as coins with different values or special designs?

Yes, Taiwan uses the New Taiwan Dollar (NTD) as its currency. The NTD is divided into denominations of coins and bills. The coins used in Taiwan have face values of 1, 5, 10, and 50 NT$, while the paper bills have denominations of 100, 200, 500, and 1000 NT$.

Some unique features of Taiwanese coins include:
– The five-dollar coin is square-shaped.
– The ten-dollar coin has a hole in the middle.
– The fifty-dollar coin has a scalloped edge.

Additionally, the designs on Taiwanese coins and bills often feature important cultural symbols or landmarks, such as the national flower plum blossom or Taipei 101 building.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Haggling is usually acceptable in markets and smaller shops, but it may not be appropriate in larger stores and chain retailers. It is important to keep in mind the local customs and cultural norms when haggling, as it may differ from country to country. In some places, haggling is expected and considered part of the shopping experience, while in others it may be seen as rude or offensive. It is always a good idea to approach haggling with respect and be prepared for the possibility of both success and rejection.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

It depends on the specific country and store or vendor. In some places, both local currency and US dollars are accepted and can be used interchangeably. However, in other countries, it may be more common for only local currency to be accepted. It’s best to check with the specific store or vendor before attempting to pay with a mix of currencies.

15. What is the most convenient way to exchange money while traveling through different regions of Taiwan?

The most convenient way to exchange money while traveling through different regions of Taiwan is to use an ATM or withdraw cash directly from your bank account. Most ATMs in Taiwan allow you to use international cards and charge a small fee for the transaction. You can also exchange money at banks, currency exchange booths, or hotels, but they may have higher fees and less favorable exchange rates. It is also a good idea to notify your bank before traveling so that they can pre-authorize your card for use in Taiwan. Another option is to bring a travel credit or debit card with no foreign transaction fees, which will allow you to make purchases and withdraw cash without additional charges.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Taiwan?

Yes, there are alternative forms of payment available in Taiwan. Some popular options include mobile payments (such as Apple Pay, Google Pay or Samsung Pay), digital wallets (such as LinePay or Easycard), and QR code payments (such as WeChat Pay or Alipay). These options are widely accepted at various retail stores, restaurants, and public transportation systems across Taiwan.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Taiwan?

Tipping is not generally expected in Taiwan, but it is becoming more common in certain industries. Tipping is not expected or necessary during taxi rides, as the fare is already included in the cost of the ride.

In hotels, it is not customary to tip housekeeping staff, but you may choose to leave a small amount if you feel that their service was exceptional. Tipping at spas and salons is also not expected, but some establishments may include a 10-15% service charge in the bill. If this charge is not included, a small tip can be left if desired. Ultimately, tipping is at your discretion and should only be given for exceptional service.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Taiwan?

Yes, there are designated tax refund stores in Taiwan where eligible tourists can receive a tax refund on their purchases before leaving the country. These stores will have a “tax refund” sign displayed and may have specific procedures for processing the refund. Some popular tax refund stores in Taiwan include department stores, duty-free shops, and shopping centers in major tourist areas such as Taipei 101 and Ximending. It is recommended to ask the store staff about their tax refund policy before making purchases.

19..How should I handle my leftover foreign currency when departing from Taiwan, including coins and smaller bills?

When departing from Taiwan, you can handle your leftover foreign currency in the following ways:

1. Exchange it at the airport: The most convenient option is to exchange your remaining foreign currency at the airport before you leave Taiwan. Most international airports in Taiwan have currency exchange counters where you can convert your coins and smaller bills into local currency or other accepted currencies.

2. Use it for purchases: If you have a significant amount of coins or smaller bills, you can use them to make purchases at duty-free shops, convenience stores, or other retailers before leaving Taiwan. This way, you can avoid exchanging them back into your local currency and potentially losing some money on exchange fees.

3. Keep it as a souvenir: Consider keeping some of the leftover foreign currency as a souvenir of your trip. Coins and smaller bills with unique designs or colors can make for interesting keepsakes.

4. Donate it: Another option is to donate your leftover foreign currency to charity organizations that accept foreign currencies. Some airports or airlines may also have donation boxes where you can drop off any remaining coins and bills.

5. Exchange it in your home country: If you were unable to exchange your leftover foreign currency before leaving Taiwan, you can always do so in your home country at a bank or currency exchange center. However, keep in mind that some currencies may not be easily exchanged outside of their respective countries and may require additional fees.

6. Keep an eye on expiration dates: Some countries may have expiration dates for their currency, so if you know you will not be returning to Taiwan anytime soon, it’s best to exchange your remaining coins and small bills before they become obsolete.

Overall, it’s always best to try and use up as much of your foreign currency as possible before leaving the country to avoid unnecessary fees or wasting money on small amounts that cannot be exchanged later on.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Taiwan each day?

Yes, there is usually a limit on the amount of local currency that can be withdrawn from ATMs in Taiwan each day. The exact limit may vary depending on the bank and your individual account restrictions. Some banks may have a daily withdrawal limit of 20,000 NT dollars (approximately 645 USD), while others may have higher or lower limits. It is best to check with your bank beforehand or consult their website for more information.