Taiwan

Money & costs

Costs

A bed in a dorm room will cost from NT300 to NT400 on average, while a room in a hotel your mother might find acceptable starts at NT1200. Campsites average NT200 per person if you have your own tent. Consider B&Bs if your budget is NT2000 to NT4000 a night as they are much better value than most midrange hotels. Top-end hotels are overpriced in general (even the tourism board thinks so), especially when full rates are charged. The corollary is they are often good value in the off-season.

The typical lunch or dinner might cost NT80 to NT250. A bowl of noodles or dumplings costs NT40 to NT50 but is not usually enough to be considered a meal. Realistically, backpackers should budget NT200 to NT300 a day for food and water; those on a higher budget, NT500 to NT1000. Breakfast tends to be cheap, NT40 for an egg sandwich and a soy milk drink, and many hotels, including budget ones, include it free.

For the budget traveller, then, basic expenses could run from NT400 to NT600 a day. For the greatest savings, hit resort areas midweek and areas that have dorms or campgrounds on the weekends. Adventure travellers, such as cyclists and hikers will spend little except on food and water (and some transport), as you can usually camp in the mountains or on the beaches for free. Midrange travellers should budget for at least NT2000 per day (based on double occupancy as hotels charge by room, not person). For those opting for resorts and western style meals, NT3000 to NT5000 a day (again, based on double occupancy) is a good start.

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Tipping

Tipping is not customary in restaurants or taxis (but is still appreciated). However, if a porter carries your bag at a hotel or the airport, a tip of NT100 is considered courteous. Also, many foreigners tip at better bars and clubs, especially those run by expats, and so staff may expect this. Note that the 10% service charge added to the bill at many restaurants is not actually a tip to be shared with the staff.

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Money

Taiwan’s currency is the New Taiwanese Dollar (NT). Bills come in denominations of NT50, NT100, NT200, NT500, NT1000 and NT2000, while coins come in units of NT1, NT5, NT10 and NT50.

Unlike some other countries in Asia, Taiwan uses the local currency exclusively.

Foreigners can open Taiwanese bank accounts even without an ARC if they get a identification number at the local police office.

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ATMs

ATMs are the easiest way to withdraw cash from your home account, and 7-Elevens are usually our first choice as they are always on the international Plus or Cirrus network and have English-language options; and 7-Elevens are literally everywhere in the country (there are around 4000 of them).

Many ATMs at banks around the country are also on the Plus and Cirrus networks, and as sometimes on Accel, Interlink and Star. networks. Keep in mind that there may be limits on the amount of cash that can be withdrawn per transaction or per day, and that your home financial institution may charge a fee on withdrawals from other banks. Banks islandwide charge a NT7 fee per withdrawal for all but their own customers.

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Cash

Nothing beats cash for convenience – or for risk if it’s lost or stolen. For peace of mind, keep any extra cash in the safe deposit box at your hotel. If you’re carrying foreign cash to exchange, the most widely accepted currency is US dollars.

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Credit cards

Credit cards are widely accepted. The bottom-of-the-barrel budget hotels won’t take them, but if your room costs more than NT1000 a night, the place will most often be set up for credit cards. Most homestays, however, do not accept them.

Small stalls or small food joints never take credit cards. Most midrange to top-end restaurants do but always check before you decide to eat. We’ve been caught without cash a few times, but the staff have never had a problem with us leaving to withdraw money.

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Moneychangers

Private moneychangers do not proliferate in Taiwan like they do elsewhere. Hotels will change money for their guests, but banks are the most common option.

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Travellers cheques

As with cash, it’s best if your travellers cheques are in US dollars. You get a slightly better rate on exchange, but that can be cancelled out by commissions so check carefully before you change money.

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Residents

If you’re a working resident of Taiwan, you are responsible for paying Taiwanese taxes. You can find complete information in English on the website of the National Tax Administration (www.ntat.gov.tw).

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Value added tax refunds

Visitors with foreign passports and others with certain ROC documents are eligible to receive refunds of Taiwan’s 5% value added tax (VAT). There are catches, however. First, just a small number of shops are registered as Tax Refund Shopping (TRS) stores: mostly large department stores and shopping malls in major cities. Second, you must make a minimum purchase of NT3000 in a single day at a single store. Third, when you leave Taiwan you must present your items with your passport, plus an original copy of the uniform invoice to the ‘Foreign Passenger VAT Refund Service Counter’ at the airport or seaport. You may claim your refund at Taoyuan International Airport (either terminal), Keelung Harbour, Hualien (airport or harbour) or Kaohsiung (airport or harbour).

For further information, contact the visitor centre at the airport or seaport when you arrive.

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