So you're heading to Taipei or maybe just trying to figure out how much that fancy mechanical keyboard from a Taiwanese vendor is going to cost you in real money. You see "TWD" on one site, "NT$" on another, and then some travel blogger starts talking about "kuai." It’s confusing. Honestly, it’s a bit of a mess if you aren't used to it.
The short answer? The official name for Taiwan's money is the New Taiwan Dollar.
What is Taiwan Money Called Officially?
The most accurate name is the New Taiwan Dollar. If you’re looking at a currency exchange board at the airport or checking your bank app, you will almost always see the ISO code TWD.
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However, when you’re actually walking around the streets of Kaohsiung or Taichung, you’ll see the symbol **NT$** plastered on every price tag. Some people just use NT. It’s all the same thing. Basically, TWD is the international banking version, and NT$ is what the locals and shops use daily.
Wait, why "New"? Because before 1949, there was an "Old" Taiwan Dollar. It suffered from some pretty gnarly hyperinflation after World War II. To fix the economy, the government swapped the old stuff for the new stuff at a staggering rate of 40,000 to 1. Imagine carrying 40,000 bucks just to trade it in for one single dollar. Wild, right? That’s why the "New" stuck around for over 75 years.
The Mandarin Names You’ll Actually Hear
If you want to sound like you know what you’re doing, you’ve got to learn the local terms. In formal Mandarin, the unit is the yuan (圓). You’ll see this printed on the actual banknotes.
But nobody says "yuan" in a night market. It’s too formal.
Instead, everyone uses the word kuai (塊). It literally translates to "piece" or "chunk." If a bowl of beef noodles costs 180 dollars, the vendor will say "yī bǎi bā shí kuái." It’s the equivalent of saying "bucks" in English.
- Official: New Taiwan Dollar (TWD)
- Symbol: NT$
- Formal Mandarin: Yuan
- Street Mandarin: Kuai
- Hokkien (Local Dialect): Kho
The Cash You’ll Carry: Bills and Coins
Taiwan is surprisingly cash-heavy for a high-tech society. You can't just rely on Apple Pay for everything, especially at the smaller stalls.
The Banknotes
The $100 bill is red and has Sun Yat-sen on it. It’s the most common bill you’ll handle. Then there’s the $500 (dark brown/green with baseball players) and the $1,000 (blue with kids looking at a globe).
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Now, here is a pro tip: there are $200 and $2,000 bills. They exist. But they are sort of like the $2 bill in the US—rare and kinda weird. Some smaller shops might even look at a $2,000 bill with suspicion because they don't see them often. If a bank gives you these, maybe ask for $1,000s instead just to make your life easier.
The Coins
Coins are everywhere. Your pockets will get heavy.
- $50: Gold-colored and pretty big.
- $10: Silver-colored. There are a few different designs floating around.
- $5 and $1: Small silver coins.
- $20: Rare silver-and-gold coin. Again, you probably won't see it much.
What is the Exchange Rate Like?
As of early 2026, the New Taiwan Dollar has been hovering around 31 to 32 TWD for 1 US Dollar. It fluctuates, obviously. Last week, it hit about 31.59.
Prices in Taiwan generally feel "lower" than in the US or Europe, but don't let the big numbers on the price tags scare you. If you see a shirt for 600 dollars, just remember that’s only about 19 or 20 USD.
Paying for Stuff: Cash vs. Plastic
Don't be that tourist trying to swipe a Visa at a street food stall. They will just point you to the nearest 7-Eleven.
The 7-Eleven Lifecycle
In Taiwan, 7-Eleven and FamilyMart are the centers of the universe. You can do your banking there, pay parking tickets, and most importantly, use the ATMs. Most "7-11" ATMs accept international cards (look for the Cirrus or Plus logos).
The EasyCard (Yoyo Card)
If you don't want to carry coins, get an EasyCard. You can buy one at any metro station or convenience store. You tap it for the subway (MRT), buses, and even at most convenience stores and some taxis. It’s basically "shadow money" in Taiwan.
Practical Advice for Your Trip
- Exchange at the Airport: Unlike many countries, the exchange rates at Taiwan’s airports (Taoyuan, Songshan) are actually very fair. Don't stress about finding a "secret" booth in the city.
- Keep Your Receipts: Taiwan has a "Receipt Lottery." Every receipt has a number on top. Every two months, the government draws winning numbers. You could literally win millions of NT$ just by buying a bottle of water.
- Check Your Bills: Banks in Taiwan are notoriously picky. If your US dollars have a tiny tear or someone scribbled a pen mark on them, the bank might refuse to exchange them. Keep your home currency crisp.
If you’re planning your budget, aim for about 1,500 to 2,000 NT$ per day for a comfortable mid-range experience including food and transport. You'll spend less if you stick to the night markets, but those $100 "kuai" plates of fried chicken add up fast when everything smells that good.
Next Steps for You:
Check your bank's international ATM fee policy before you fly. Most Taiwanese ATMs charge a small local fee, but your home bank might hit you with a "foreign transaction" percentage that hurts. If you're already in Taiwan, grab an EasyCard at the airport MRT station immediately—it’ll save you from carrying a mountain of $1 coins on your first day.