Taiwan's official state currency was introduced in 1949. This happened almost immediately after the formation of an independent island state. 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 is positioning itself. The monetary unit of the country is called the new Taiwan dollar.
Currency Description
The generally accepted international alphabetic currency code looks like this: TWD. Its abbreviated spelling is presented in the following form: NT $.
Currently in circulation are coins in denominations of half a dollar, 1, 5, 10, 20 and 50 dollars and paper banknotes in denominations of 100, 200, 500, 1000 and 2000 dollars.
One new Taiwan dollar contains 100 cents. The banknotes depict portraits of influential Taiwanese figures, as well as significant objects of industry and culture of the country. A $ 1,000 banknote shows a scene from the life of schoolchildren, where several children study a globe of the globe. This symbolizes how important people, science and education are to the people of Taiwan.
The government of the country pays a lot of attention to these points, investing huge amounts of money in the education system, scientific developments and improving the life of the population.
History of origin and development
After the outbreak of the civil war in China, the island of Taiwan proclaimed its sovereignty, having separated from the mainland. Since then, states began to develop apart from each other. Taiwan headed for the construction of 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 accept financial reform and replace the old-style dollar with Taiwan's new currency. The main reason for making this decision is hyperinflation, which was observed in the country in the late 40s. 20th century.
Since then, this monetary unit of Taiwan, which has passed the test of time, has been used on the territory of the island.
Rate
As of July 2018, the approximate value of Taiwan's money to the Russian national currency is 1: 2. That is, for one TDW you can get about 2 rubles. Accordingly, in one ruble there are about 0.5 TDW.
The Taiwan dollar against the ruble and other currencies is relatively stable, since the currency is firmly held in the global financial market, although it is not in great demand among exchange speculators. If you compare it with the American dollar, the ratio will look something like this: for one USD you will get 30 TDW. Consequently, about one half of the American dollar is contained in one Taiwan dollar.
When comparing Taiwan's currency with the euro and the British pound, the situation will be approximately the same as when comparing with the American currency.
Exchange operations
Taiwan is a highly developed country where innovative technology, science and development are at the forefront of everything. In addition, it causes great interest among tourists from all over the world, so finding a way to exchange your own currency for the local one will not be difficult.
The easiest way is to exchange money at the airport, banks, exchange offices, hotels, large restaurants. The commission for the operation is different everywhere, so it’s better to find out in advance which organization has the most favorable rate and conditions.
Relatively few Russian tourists come to the island, although interest in the country is growing, so it is 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.
The best option would be American dollars, because they change everywhere, and the rate is quite profitable. Therefore, before traveling, 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 advantageous for Russian tourists.
Cashless payments
In Taiwan, you will not have any difficulties with paying for purchases or services using a bank plastic card. There are terminals for cashless payments everywhere: in supermarkets and small shops, in cafes and restaurants, boutiques and markets, in taxis and public transport. Moreover, in addition to payment by card, you can perform similar actions using mobile applications for contactless payment, such as Apple Pay or Android Pay.
There are practically no remote villages where there are problems with bank transfer, as is the case in many Asian countries. 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.
ATM cash withdrawals
The Taiwan dollar against the ruble may change due to the instability of the Russian currency, so it is better that your bank account be in dollars or euros. This will greatly simplify the use and help save money.
If you urgently needed cash, then you can easily withdraw it at an ATM, which are located at every step 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 cashier of the institution.
ATMs, as a rule, charge a certain commission for the operation, it must be clarified in advance and be prepared for this. It is generally not too big, but it is better to withdraw money in large amounts, so as not to pay a fee again.
The government of the country and big business are actively developing non-cash methods of payment and storage of money, therefore, the currency of Taiwan is increasingly turning into a virtual one. Many residents believe that this is the future of the financial sector.
Interesting Facts
In Taiwan, when writing, the term "yuan" is often used to denote the national currency, and in colloquial speech public money is often called "kwai".
To protect the notes, watermarks are used in the form of a chrysanthemum flower and a digital denomination, hidden texts, intaglio (metallographic printing), special signs that are felt upon tactile contact with a banknote. Special paint, shimmering from different angles. A holographic strip and a thread threaded through paper are also used.
All protection methods on Taiwan bills are identical, only images and location differ.
Some features
Despite the high standard of living of Taiwanese, prices in the country are not too high, but because of the depreciation of the ruble for Russians, they are rather big. A budget tourist for a day with ease is enough for 50-60 US dollars.
As for cash, you can withdraw it at any ATM. The withdrawal limit for foreign cards is quite high and is set at 20,000 Taiwan dollars. This is more than enough for one or two average tourists. If you wish, you can keep within a smaller amount.
It is worth considering that housing in the country is quite expensive, so it will make up the bulk of the costs. A considerable share will also be transport and food.
Conclusion
Before traveling abroad, you must necessarily familiarize yourself with the financial system of the country where you plan to go. This will help not only to get rid of unwanted problems with exchanging money for the local currency, but also to 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, which denominations are in use, etc. The national currency is a symbol of the country, along with a flag, coat of arms or anthem. Of course, this does not apply to all countries, but the people of Taiwan are sensitive to their homeland and everything connected with it, since they consider their country to be true China.
Taiwan is a combination of ultramodern technologies and a highly developed economy with the historical and cultural traditions of the East. There are many modern and ancient attractions 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, developing the tourism sector.
Along with the development of tourism and the economy as a whole, interest in Taiwan's national money, which is increasingly involved in operations in the global financial market, is growing. Thanks to these processes, the exchange rate is gradually strengthening, and it becomes more significant in the international monetary system.