The currency of Taiwan is the new Taiwan dollar: appearance, history of creation and rates

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Taiwan's official national currency was put into circulation in 1949. This happened almost immediately after the formation of an independent island nation. Initially, the Bank of Taiwan was engaged in the production of banknotes. But since 2000, this function has been transferred to the Central Bank of the Republic of China, as the state positions itself. The country's currency is called the New Taiwan Dollar.

Description of currency

The generally accepted international alphabetic currency code looks like this: TWD. Its abbreviated spelling is presented as follows: NT$.

Half dollar, $1, $5, $10, $20 and $50 coins and $100, $200, $500, $1000 and $2000 paper notes are currently in circulation.

There are 100 cents in one New Taiwan dollar. The banknotes depict portraits of influential Taiwanese figures, as well as significant industrial and cultural objects of the country. The $1,000 note shows a scene from the life of schoolchildren, where several children study the globe of the globe. It symbolizeshow important people, science and education are to the people of Taiwan.

The government of the country pays special attention to these points, investing huge funds in the education system, scientific research and improving the life of the population.

History of emergence and development

After the start of the civil war in China, the island of Taiwan declared its sovereignty, separating from the mainland. Since then, states began to develop apart from each other. Taiwan has taken a course towards building a capitalist state, actively attracting investment from the West.

However, because of the war, the country was going through hard times, so in 1949 the government was forced to adopt financial reform and replace the old-style dollar with the new currency of Taiwan. The main reason for this decision is the hyperinflation that was observed in the country in the late 1940s. 20th century.

Since then, this currency of Taiwan has been used on the island, which has stood the test of time.

Currency rate

As of July 2018, the approximate value of Taiwanese money against the Russian national currency is 1:2. That is, for one TDW you can get approximately 2 rubles. Accordingly, there are about 0.5 TDW in one ruble.

Taiwanese dollar exchange rate against ruble and other currencies is relatively stable, as the currency is firmly held in the global financial market, although it is not in great demand among stock speculators. Compared to the US dollar,then the ratio will look something like this: for one USD you will receive 30 TDW. Therefore, one Taiwanese dollar contains about half of the US.

When comparing the currency of Taiwan with the euro and the British pound, the situation will be approximately the same as when comparing with the US banknote.

Exchange transactions

Taiwan is a highly developed country where technology innovation, science and development are at the forefront. In addition, it is of great interest to tourists from all over the world, so finding a way to exchange your own currency for a local one will not be difficult.

The easiest way to exchange money is at the airport, banks, exchange offices, hotels, large restaurants. Commissions for the operation are different everywhere, so it is better to find out in advance which organization has a more favorable rate and conditions.

There are still relatively few Russian tourists on the island, although interest in the country is growing, so it’s better not to take rubles with you. It will be quite difficult to find a company that works with the currency of the Russian Federation.

US dollars will be the best option, since they are changed everywhere, and the exchange rate is quite favorable. Therefore, before the trip, it is better to exchange rubles for dollars in advance, and then for local money.

You can also take euros, which are also often exchanged at local banks and other financial institutions. It is relatively easy to exchange Chinese yuan and Japanese yen, but such an exchange is not always beneficial for a Russian tourist.

Cashless payment

In Taiwan, you will not have any difficulties with paying for purchases or services with a bank plastic card. Terminals for cashless payments are everywhere: in supermarkets and small shops, in cafes and restaurants, boutiques and markets, in taxis and public transport. Moreover, in addition to paying with a card, you can perform similar actions using mobile applications for contactless payment, such as Apple Pay or Android Pay.

Remote villages where there are problems with cashless payments, as is the case in many Asian countries, there are practically no on the island. Therefore, you can safely take a credit card with you and pay with it wherever you want. However, you need to check with the bank that issued your card in advance whether it works in Taiwan.

Cash withdrawal from ATMs

Taiwanese dollar/ruble exchange rate may fluctuate due to the instability of the Russian currency, so it is better that your bank account is in dollars or euros. This will greatly simplify the use and save money.

If you urgently need cash, you can easily withdraw it at an ATM, which are located at every turn in the cities of the country (in shopping centers, supermarkets, cafes, on the street, etc.). In addition, bank branches are also common here, so you can withdraw money through the cash desk of the institution.

ATMs, as a rule, charge a certain commission for the operation, you need to clarify it in advance and be prepared for this. It's mostly not too big, but it's betterwithdraw money in large amounts so as not to pay the fee again.

The government of the country and large businesses are actively developing non-cash methods of payment and storage of money, so the currency of Taiwan is increasingly becoming virtual. Many residents of the country believe that this is the future of the financial sector.

Interesting facts

In Taiwan, when writing, the term "yuan" is often used to refer to the national currency, and in colloquial speech, state money is often called "quai".

To protect banknotes, watermarks are used in the form of a chrysanthemum flower and a digital designation of the denomination, hidden texts, intaglio (metalographic printing), special signs that are felt when tactile contact with the banknote. Special paint that shimmers from different angles. It also uses a holographic strip and thread through the paper.

Taiwan banknotes are all identical, only the images and location are different.

Some Features

Despite the high standard of living of Taiwanese, prices in the country are not too high, but due to the depreciation of the ruble, they are rather big for Russians. For a budget tourist, 50-60 US dollars is enough for a day.

As for cash, you can withdraw it at any ATM. The withdrawal limit for overseas cards is quite high, set at NT$20,000. This is more than enough for one or two average tourists. If desired, you can fit intoa smaller amount.

It should be borne in mind that housing in the country is quite expensive, so it will be the bulk of the cost. A significant share will also be the cost of transport and food.

Conclusion

Before traveling abroad, it is imperative to familiarize yourself with the financial system of the country where you plan to go. This will help not only get rid of unwanted problems with exchanging money for local currency, but also learn more about the history, laws and culture of the state where you will spend your vacation.

Find out in advance the name of the currency, the international currency code, what denominations are in use, etc. The national currency is a symbol of the country, along with the flag, coat of arms or anthem. Of course, this does not apply to all countries, but the people of Taiwan are kind to their homeland and everything connected with it, because they consider their country to be the true China.

Taiwan is a combination of cutting-edge technology and a highly developed economy with the historical and cultural traditions of the East. There are many modern and ancient sights that are worth exploring. Therefore, the interest of tourists from all over the world, including Russia, is growing every year, and local authorities and businessmen are actively contributing to this by developing the tourism sector.

Together with the development of tourism and the economy as a whole, interest in the national money of Taiwan is also growing, which are increasingly involved in operations in the global financial market. Thanks to these processes, the exchange rate is gradually strengthening,and it becomes more significant in the international monetary system.