for Indian Travellers
Planning a trip to Taiwan? Knowing the currency is key! This guide answers “what is currency in Taiwan” and helps you prepare for your amazing Taiwanese adventure. You’ll learn about the New Taiwan Dollar, exchange rates, and how to manage your money while exploring this beautiful island. This post will ensure a smooth and financially stress-free trip.
Understanding the New Taiwan Dollar (TWD)
What is the New Taiwan Dollar?
Taiwan’s official currency is the New Taiwan Dollar (TWD), often shortened to NT$. It’s the currency you’ll use for virtually all transactions during your trip. The New Taiwan Dollar is divided into 100 cents, though you’ll rarely encounter cents in everyday transactions. Think of it similar to how we rarely see paise in India anymore. While you’ll see the TWD symbol used both digitally and physically (we would write 2000 NT$ or like this: 2,000NT$) it is crucial to learn to identify the money to avoid being accidentally taken advantage of regarding rates. While it won’t take a long time, it’s best to look up what bills and types of coins you will receive for your exchange in order to avoid any issues with conversion fraud.
TWD Symbol and Exchange Rate
The New Taiwan Dollar is symbolized as TWD or NT$. Its value constantly fluctuates against other major currencies, including the Indian Rupee (INR). You should always check the current exchange rate before your trip and while you are there – ideally through multiple sources to keep currency exchange informed and secure. It’s helpful to regularly compare bank rates to online exchange providers or, for an easy solution, apps. You’ll also come across other options for keeping the correct conversion between NT$ USD and INR throughout your excursions, though if you have the time to frequently check the conversions, using a standard online tracker will do well in preventing losses where even a small error adds up! Most exchange services or facilities also will inform you on the daily average of an online service, helping you maintain the confidence you receive to avoid any unfortunate exchange rates should the fluctuating rates take a hard turn! Keep an eye on economic news or finance to see if there could be major influences altering foreign trade. Remember to check currency fluctuation trends to make more mindful, advantageous, choices.
Where to Exchange Indian Rupees (INR) to TWD
You’ll see plenty of methods, each effective at their point. Before you go, It’s always best to do some research; However given its efficiency for larger transactions, consider exchanging some currency at your bank in India before departing; this will potentially grant faster, smaller, exchange when landing through their local exchanges. Once you touch the ground, Airports usually have exchange bureaus offering several methods that may or may not suit for an occasional visitor to take your rupees for their New Taiwan Dollar rate – however their exchange rate can be high when done frequently as their mark-ups usually increase the overall price for your conversions. Exchange bureaus may exist separately, usually in large cities but rates vary depending once again. So, do your research.
Consider carrying at least a small amount of TWD when you touch down to avoid trouble. This initial amount is ideal for minor transactions as many transportative systems such as buses and/or taxis work best using cash compared to other payment methods available.
Best Ways to Pay in Taiwan
Using Credit and Debit Cards
Major credit and debit cards are widely-acceptable in Taiwan, particularly in larger hotels, chain restaurants, and and stores. However, smaller establishments on the side streets are the type only handling transactions of physical cash. Always keep that in mind
Using ATMs
ATMs (automated teller machines) are readily available throughout Taiwanese cities – sometimes almost every convenience store will have one ATM machine provided directly towards their store – offering very convenient access to withdrawal in local currency if your debit card permits this method of transaction.
Carrying Cash
Its generally good practice always in travel to remain conservative until you gauge for yourselves what types of payment you will be receiving regularly and even then, keeping a bit aside for small purchases as safety or backup plan.
Tips for Managing Your Money in Taiwan
Avoiding Exchange Rate Losses
Utilize your bank cards or ATM access alongside a mix of exchanged physical money as methodically using certain alternatives is usually more time-savvy. Plan your expenditure so as to minimize or evenly portion the usage of exchange rate from differing banks to balance costs, such using your bank rates while making an online payment to your airbnb before arriving would minimize direct expenses of an extra added transaction, even allowing an optional buffer with extra money for last-minute events should something more urgent needing higher costs be required – but avoid keeping all money only at a certain source! Avoid using cash when possible for rates too high versus alternatives (card, net-payments). By strategically managing these factors, the likelihood of minimizing expenses via clever choice of your exchanges becomes significantly greater despite fluctuations
Budgeting for Your Trip
Plan your personal daily budget accounting your overall travelling period – plan wisely which expenses and overall planning is set as early in advance to best provide optimal budget – including daily expenses factoring a safety measure buffer margin for unforeseen events.
Staying Safe with Your Money
In almost every case, keep smaller bills in reach should your primary method -cards/ digital currency, temporarily become disabled unexpectedly- alongside any emergencies you feel you possibly might happen – it is advisable especially being in a foreign country. If necessary get to inform individuals you’re travelling with regarding where and when money will or may possibly transfer. Only inform those that will know regarding when you make certain decisions via payment. Avoid disclosing transactions if no such trust with someone is necessary. Protect your cards as you commonly would, informing others you are traveling alongside, only if required, will have them with you even in situations where you don’t really see a need.
Common Taiwanese Currency FAQs
What’s the best way to exchange INR to TWD before my trip?
Exchanging a small portion at your bank before your journey simplifies initial arrival with enough to avoid major complications, while strategically maintaining greater rates by converting larger amounts into TWD locally using better banks after that. Consider doing research beforehand to determine the optimal balance of transaction and budget for travel as every source operates with its own unique pricing. However note as with all sources of fluctuating prices that each option carries with their unique differences in exchange rate and commission. Ultimately many methods balance cost benefits against conveniences; research well beforehand that balances costs.
Are credit cards widely accepted in Taiwan?
Credit cards are used widely among larger franchises within major cities with multiple outlets; yet the coverage becomes less reliable travelling towards the outer less densely populated areas – it ultimately matters which cities and travel within. Always carry some cash.
How easy is it to find ATMs in Taiwan?
ATMs have rather wide coverage and are frequently accessible. Expect the machines to display options with foreign language such as English despite them predominantly servicing Taiwanese clientele who handle only transactions predominantly and natively the language – yet often will accomodate tourists as a result.
What’s the typical cost of things in Taiwan?
This really depends significantly varies considerably depending and heavily relies a choice of location and types of experiences you are aiming. Yet your planning including food choices lodging and activity involvement will drastically influence this aspect while setting a fixed price point in range. Factor in for emergency events such unexpected illness. This is something always to keep note of in any travelling plan.
Can I use USD in Taiwan?
While USD to other major currencies such as Euros are generally accepted by shops and various outlets, rates will not reflect the same conversion if your preferred payment option is primarily based in USD alone compared if it initially was TWD. Its generally advisable best practice planning a journey involves using and carrying either locally exchanged rates or relying as many possible to payments via card rather than attempting using too excessive exchanges solely based currencies other than the local Taiwanese New Yuan.
Ready to Explore Taiwan? What’s more interesting with Taiwan?
Remember the New Taiwan Dollar (TWD) is your key to a smooth trip! Even once you arrive in the midst of experiencing their culture there are many sites including night markets available! Share your experiences in the comments below!
