Local Currency and Exchange Information

The local currency in Taipei, Taiwan, is the New Taiwan Dollar (TWD). As of October 2023, the exchange rate is approximately 1 USD = 30 TWD, but this can fluctuate. It is advisable to check current rates before your trip.

Currency exchange services are widely available at airports, banks, and currency exchange kiosks throughout the city. However, it is often more favorable to exchange money at banks or ATMs than at airports due to lower fees.

Payment Methods and Banking Options

ATMs

ATMs are prevalent in Taipei and typically accept international debit and credit cards. Look for ATMs with a Plus or Cirrus logo to ensure compatibility. Most ATMs dispense cash in New Taiwan Dollars and offer English language options for ease of use.

Credit Cards

Credit cards are widely accepted in hotels, restaurants, and shops, especially in tourist areas. However, keep in mind that some smaller vendors and markets may only accept cash. Visa and MasterCard are the most commonly accepted cards, while American Express may have limited acceptance.

Cash Usage

Cash is still king in Taipei for street food, small shops, and local markets. It's advisable to carry a reasonable amount of cash for these transactions, typically around 1000 to 3000 TWD.

Tipping Customs and Payment Etiquette

Tipping is not a common practice in Taipei, as service charges are often included in the bill. However, rounding up the bill or leaving small change for exceptional service in restaurants is appreciated.

When paying in restaurants, it's polite to place your cash directly on the table rather than handing it to the server. For taxi rides, rounding up the fare is a good gesture.

Cost Considerations and Budgeting Tips

• Accommodation: Budget hotels start at around 1000 TWD per night, while mid-range hotels can range from 2000 to 5000 TWD.
• Food: Street food can cost as little as 50 TWD, while a meal at a restaurant may average 300 to 800 TWD.
• Transportation: The Taipei Metro (MRT) is very affordable, with fares starting at 20 TWD and a one-day pass costing around 150 TWD.

To budget effectively, consider setting a daily spending limit that covers accommodation, meals, transportation, and activities. Aim for a total daily budget of around 1500 to 3000 TWD for a comfortable experience.

Practical Financial Advice for Travelers

• Notify Your Bank: Inform your bank of your travel plans to avoid any issues with card access while abroad.
• Keep an Eye on Fees: Be aware of any transaction fees your bank may charge for international withdrawals or purchases.
• Use a Local SIM Card: Consider getting a local SIM card for easy access to financial apps and maps without relying on public Wi-Fi.
• Keep Emergency Cash: Always have a small amount of cash set aside for emergencies or situations where cards may not be accepted.

By staying informed about the local currency, payment options, and budgeting wisely, you can enjoy a financially stress-free visit to Taipei.