Although the widespread use of electronic payments and card transactions, cash is still king in many small shops across Taiwan. As in Taiwan’s famous night market snacks, where cash is often the only accepted form of payment. Additionally, foreign cards might not always be reliable, making it essential to carry some Taiwanese dollars while traveling in the country.
While it’s a good idea to prepare some local currency before your trip, unforeseen circumstances can arise—like running out of money or misplacing it. Although we hope such situations don’t occur, it’s important to be prepared to exchange currency in Taiwan if needed.
Another important point to consider is getting the best exchange rate for your money. Since Taiwanese dollars are not widely circulated outside of Taiwan, exchange rates abroad can be less favorable, sometimes even expensive. As a result, withdrawing Taiwanese dollars after arriving in Taiwan is usually the most cost-effective option—but how exactly should you go about this?
Fortunately, there are several convenient and economical ways to exchange foreign currency for Taiwanese dollars within Taiwan. By choosing the right method, you can ensure you have enough cash to cover your expenses, making your trip smoother and more enjoyable. Curious about the details? Keep reading!
Table of Contents
Where to Exchange Currency in Taiwan?
1. Currency Exchange Offices at Airports and Major Stations: Convenience at a Cost
Taiwan’s main international airports (such as Taipei Taoyuan International Airport and Kaohsiung International Airport) and some major high-speed rail and train stations have currency exchange offices. These offices usually offer a variety of foreign currency exchange services, but the exchange rates are typically higher compared to exchanging before departure, and not as favorable as those at banks or exchange points in the city.
Currency exchange services are available at the following locations:
- Taipei Main Station (Taipei Metro)
- Taipei Main Station (Train)
- Taoyuan International Airport MRT Station
- Taichung Station (High-Speed Rail and Train)
- Kaohsiung Station (High-Speed Rail and Train)
- Tainan Station (Train)
- Chiayi Station (Train)
While it’s possible to exchange currency after leaving the airport, the primary advantage of doing so at the airport is convenience. At Taoyuan Airport, for example, you’ll find both bank service counters and currency exchange machines readily available. If you’re carrying foreign cash and need to convert it into Taiwanese dollars, visiting a bank service counter is often the most convenient option—just be sure to check the counter’s operating hours. If you’re not sure where to find the currency exchange offices in the airport, click here to check the location.
For those who prefer using an exchange machine, it’s important to note that the machines at Taoyuan Airport only accept USD, JPY, and RMB for conversion into Taiwanese dollars. If you have a different currency, you’ll need to visit a counter instead.
These currency exchange services are mostly located in the arrival area, specifically designed to cater to travelers just arriving in Taiwan. Once you leave this area, finding currency exchange services in the airport can become more challenging. Even if you do come across a currency exchange office elsewhere, its main function might be to assist departing travelers by converting Taiwanese dollars into foreign currencies before heading back to their home countries, and it may not offer services for converting foreign currencies into Taiwanese dollars.
2. Banks/Currency Exchange Vendors: The Traditional Go-To Option
If you need to exchange currency in Taiwan, visiting a bank counter is a reliable option. Major banks in Taiwan, such as CTBC Bank, Taipei Fubon Bank, and Cathay United Bank, all offer foreign currency exchange services. Generally, the exchange rates provided by banks in urban areas are more competitive than those at the airport. However, keep in mind that bank operating hours are limited, typically Monday to Friday from 9:00 AM to 3:30 PM, and not all branches offer this service. Smaller branches might not provide foreign currency exchange, so it’s wise to confirm availability beforehand. Don’t forget to bring your passport, as it’s required for the transaction.
Alternatively, using an ATM to withdraw cash with a debit card is a more flexible option since it’s not restricted by operating hours. In addition to Taiwanese banks, international banks like HSBC and DBS Bank also offer ATM services to exchange currency in Taiwan. If you use an ATM from an international bank where you already have an account, you can avoid paying withdrawal fees, making this one of the most cost-effective methods to exchange currency. Before you travel, however, make sure to check with your bank that your debit card is enabled for international withdrawals. Each bank has different policies, and not all cards are accepted abroad.
In tourist areas like Taipei and Ximending, you’ll also find specialized currency exchange vendors. These vendors sometimes offer better exchange rates than banks, but it’s essential to choose reputable and trustworthy ones. The downside is that they are less common than banks and may not always be available when you need them.
3. Post Office or Convenience Store: For ATM Withdrawals
In Taiwan, one of the most convenient ways to withdraw money is through ATMs at Chunghwa Post or convenience stores, which are ubiquitous and offer competitive exchange rates. In Taipei, for instance, there’s an average of one convenience store per 0.2 square kilometers, and it’s not uncommon to find three convenience stores within a 200-meter stretch of road. Chunghwa Post, Taiwan’s postal service, not only handles mail and parcels but also provides banking services, including savings and withdrawals. Some post offices even offer counter services for exchanging foreign cash into Taiwanese dollars and have 24-hour ATMs, making them extremely convenient. However, just like with bank ATMs, you’ll need to activate the international withdrawal functionality on your card before you leave your home country.
When compared to bank, withdrawing money from convenience store ATMs comes with a surcharge of NTD 100, and there’s a withdrawal limit of NTD 20,000 per transaction. Chunghwa Post ATMs charge a fixed fee of NTD 100 plus any additional fees from the issuing or intermediary banks, with the same transaction limit of NTD 20,000. These ATMs use international exchange rates, so you won’t need to worry about unfavorable rates when you try to exchange currency in Taiwan.
Their ATMs support various international credit and debit card networks, including but not limited to:
- Visa
- MasterCard
- Plus
- JCB
- UnionPay
4. Online Currency Exchange Card: For Apple Pay
If you want to use e-wallet services in Taiwan, the most commonly used local service is Line Pay, provided by the social media platform Line, or Apple Pay/Google Pay linked to a bank card. Compared to Line Pay, using Apple Pay or Google Pay might be more convenient for travelers, but there are concerns about exchange rates and fees. If the linked bank card cannot process payments in Taiwanese dollars, you may not be able to use it in Taiwan, or you may have to pay expensive fees and incur exchange rate losses with each transaction.
To solve this problem, we can use Revolut or Monzo. These kind of online currency exchange services allows you to set up wallets in different currencies within one account and transfer funds between wallets. Additionally, they also offers a virtual card service that can be directly linked to Apple Pay or Google Pay, enabling mobile payments. When using Uber in Taiwan, you need to link a card, and Monzo or Revolut cards can be used for this purpose. You can also apply for a physical card, which can be used to withdraw cash from convenience store ATMs in Taiwan.
Therefore, for travelers who want to use mobile payments and whose original cards cannot be used in Taiwan at all, it is recommended to get some multicurrencies card, top it up, and then use it to withdraw cash and make mobile payments in Taiwan.
Conclusion and Important Notes
It’s not that complicated right? However I still have somethings to remind you all:
- When exchange currency in Taiwan, always keep the receipt for future reference if needed.
- Check the exchange rates and fees of various channels in advance to choose the most cost-effective method.
- If you encounter any problems, don’t hesitate to seek help from locals, especially at banks or official exchange points.
By following these methods, you can conveniently exchange currency in Taiwan, ensuring a smoother and more enjoyable trip or stay.
Thanks for reading! Let’s stay tune for more useful tips for Taiwan.
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