When traveling abroad, one of the first things to think about after boarding the plane is currency exchange. Many people exchange some money at the arrival airport, but some—especially those with arranged transportation—may choose to wait and exchange later in the city where the rates might be better.
So, in Taipei, a top destination for “affordable, close, and short” overseas trips, where and how should you exchange money? Here’s a summary of the latest currency exchange situation in Taipei.
1. General Information on Exchanging to New Taiwan Dollars (NT$)
Where in Taipei can you exchange most advantageously?
You can exchange currency in many places in Taipei—airports, hotels, banks, souvenir shops, etc. Generally, the rates are said to be better in the following order:
(Best rates) Banks with good rates in the city / Large souvenir shops / Banks at the airport / Banks with poor rates in the city / Department stores and DFS / Hotels (Worst rates)
Of course, besides the rate itself, people have personal constraints—such as the time it takes to find the location—so keep these points in mind when deciding where to exchange.
2. Overall Recommendation: Banks at the Airport
One thing to know when exchanging in Taipei is that although the rates vary by location, the difference is generally not very big. So, think about other factors too and exchange wisely.
For short trips, you’ll want to minimize the time spent exchanging. Running around the city looking for the best bank rate might make your trip less enjoyable. In this regard, banks at the airport are convenient—no need to search, and their rates aren’t particularly bad.
At Taoyuan Airport, you can exchange money at Taiwan Bank (pink sign) and Mega International Commercial Bank (blue sign) right outside the customs exit in both Terminals 1 and 2. The same two banks are available at Taipei Songshan Airport, also located right at the customs exit.
3. If You’re Particular About Rates, There’s a Hidden Spot!
For those who are absolutely particular about getting the best rate, a recommended currency exchange spot in Taipei is Sheng Shang Cha Hang, an old-established tea shop founded in 1981. They speak English and even offer tea tasting.
It’s about a 10-minute walk from MRT Zhongshan Station. To give easy directions, starting from the Ambassador Hotel Taipei (a popular hotel among foreign travelers), head south on Zhongshan North Road toward the intersection with a GUCCI store on the corner. Turn left onto Changchun Road, and at the second large intersection, you’ll see a FamilyMart on the right. The tea shop is right next to it. They charge no handling fee and offer exchange rates comparable to good banks.
Name: Sheng Shang Cha Hang
Address: 1F, No. 52 Changchun Road, Taipei City
Official Website: http://www.shengshang.com.tw/jp/about/index.html
4. Notes and Additional Information on Currency Exchange
First, a caution—currency exchange in Taipei, including at the airport, comes with handling fees. The fee varies depending on the exchange office. For example, banks at Taoyuan and Songshan airports charge NT$30 per transaction. Even the same bank may charge different fees at different branches, and in some cases, the fee could be zero. If you plan to make multiple small exchanges, be sure to consider the fee.
Next, even banks in Taipei with good rates may require some waiting time. As in other countries, you take a number ticket and wait for your turn. If it’s busy, be prepared for the process to take longer than expected.
Lastly, if you have leftover Taiwan dollars, it’s more advantageous to exchange them back to yen in Taipei rather than in your home country.
◎Summary
This has been an overview of currency exchange in Taipei. The main takeaway is that exchanging local currency to Taiwan dollars in your home country is not recommended. Other than that, while there are small differences in rates locally, the gap is generally not large. Consider the effort and time involved when deciding where to exchange.
If you have leftover Taiwan dollars, you can re-exchange them at banks in the airport—just note that you may be asked for the record of your initial exchange, so don’t lose your receipt!