Taiwan travel currency exchange issues

-Must-read for traveling to Taiwan-Tips for traveling to Taiwan Font size: Large, medium and small New Taiwan dollar and RMB exchange time:

The exchange rate is: RMB 1 yuan = Taiwan dollar 4 yuan

You can exchange Taiwan dollars at government foreign exchange-designated banks or international tourist hotels. The receipt obtained during the exchange must be kept properly. If you want to exchange unused New Taiwan dollars before leaving the country, you must present this receipt.

According to Taipei news: Starting from June 30, the RMB can be exchanged in both directions on the main island of Taiwan. Natural persons holding valid identity documents (island residents holding ID cards, tourists and foreigners holding passports) can redeem each RMB. The amount of redemption per person shall not exceed RMB 20,000.

The buying price listed by the Bank of Taiwan is 4.339 yuan and the selling price is 4.552 yuan. That is, if you buy RMB from the Bank of Taiwan, every NT$4,552 can be exchanged for 1,000 yuan; if you sell the RMB to the Bank of Taiwan, Every 1,000 RMB can be exchanged for NT$4,339.

Experts remind: Do not exchange Taiwan dollars privately when traveling in Taiwan [Date: 2009-07-13]

Experts remind: It is more cost-effective for mainland tourists to exchange New Taiwan dollars in Taiwan

Starting from the end of last month, Taiwan, China, has officially launched a two-way exchange business for RMB. Natural persons can exchange it freely with valid identity documents (island residents hold ID cards, tourists and foreigners hold passports). Previously, mainland residents could exchange the RMB freely in Taiwan. Travel in Taiwan is often done through the "black market" or private exchange. Bankers remind citizens that it may not be cost-effective to exchange Taiwan dollars privately, and they should also be aware of the risks of charging old currency with new currency.

Taiwan’s listed exchange rate fluctuates every day

It is understood that the buying and selling prices of RMB banknotes listed by financial institutions in Taiwan refer to the international exchange rate of RMB, acquisition costs and The price is set by the interbank quoted exchange rate, which fluctuates every day.

Thirteen banks in Taiwan have obtained the qualification to exchange RMB in Taiwan. Taking the exchange rate on the 30th as an example, the buying price of RMB cash listed by local financial institutions was 4.339 yuan, and the selling price was 4.552 yuan. In other words, if you use RMB to buy Taiwan dollars in a bank in Taiwan, every 1,000 yuan can be exchanged for NT$4,339; if you use Taiwan dollars to buy RMB, every NT$4,552 can be exchanged for 1,000 yuan.

It is not cost-effective to exchange New Taiwan Dollars in the Mainland

In the Mainland, Bank of China is the only institution that offers the business of converting Taiwan Dollars to RMB. Taking the 30th as an example, the exchange rate of Taiwan Dollars to RMB was 0.2202 yuan. . In other words, NT$1,000 can be exchanged for NT$220.2. If compared with the exchange rate in Taiwan, the same NT$4,552 can be exchanged for RMB 1,002.35, which is 2.35 yuan more than the exchange price in Taiwan.

Since the "unilateral" exchange opened by Bank of China can only convert Taiwan dollars into RMB, if you need to exchange RMB into Taiwan dollars, you can usually exchange them through personal relationships or find a "black market" exchange. It is understood that the current "black market" personal exchange price is about 1 yuan for 3.6 NT dollars. In other words, 1,000 yuan can only be exchanged for 3,600 NT dollars, which is 739 NT dollars less than the exchange after arriving in Taiwan. It is almost a loss. 17%.

Relevant people from mainland banks said that the price of exchanging RMB for New Taiwan dollars on the "black market" may be higher than the bank's price. It is recommended that tourists to Taiwan exchange after arriving in Taiwan.

"Black market" exchange is risky

Some people in the industry also said that in addition to being uneconomical to exchange through the "black market", there are also risks such as the use of new and old currencies and the identification of genuine and counterfeit currencies.

Since the vast majority of mainland people do not recognize the New Taiwan Dollar, there have been cases in the Mainland of criminals exchanging old Taiwan Dollars for New Taiwan Dollars; in addition, there are also great difficulties in identifying genuine and counterfeit Taiwan Dollars. Be careful and you may be deceived.

Li Xue, a financial planner at the Bank of China, suggested that when traveling to Taiwan, you can exchange RMB for New Taiwan dollars at 13 banks in Taiwan. You only need to bring your passport, ID card and other documents.

Bring the right bank card when traveling to Taiwan

What is the most convenient payment method for traveling in Taiwan? Bankers remind that some domestic bank cards may not be used in Taiwan. Therefore, you need to bring a certain amount of cash with you and choose a suitable bank card when traveling to Taiwan.

Although UnionPay cards are widely issued across the country, they have not yet launched business in Taiwan. Bankers suggest that when traveling to Taiwan, you may wish to bring a small amount of cash and one or two MasterCard or VISA credit cards. By then, you can swipe your credit card when making large purchases to reduce the trouble of carrying cash.

In addition, according to the relevant regulations of financial institutions in Taiwan, when handling the business of exchanging RMB for Taiwan dollars in Taiwan, you need to present valid identification such as your passport, and go to a legal bank to go through the exchange procedures.