Study in Taiwan Learning plus Adventure

Money and cost

  • Bank Accounts

    Most banks offer foreign currency exchange and bank services in NT dollars. A foreign national wishing to open an account with a Taiwanese bank must visit the bank in person, bringing along the Alien Resident Certificate (ARC) and other identity documents that can serve as proof of identity, such as the National Health Insurance card, passport, driver’s license or Student ID Card, etc. Minors must also submit a letter of permission from their guardian in Taiwan.

    For more details, please refer to the Living in Taiwan website..
    Website: https://goo.gl/EjGMnv

  • Tuition fee

    Taiwan is well-known as a country where you can enjoy high quality education and modern living at an affordable cost. There are two semesters: Spring (February) and Fall (September) in one academic year. The tuition fee may vary from program to program within a university.

    Typical costs of tuition and miscellaneous academic fees

    Bachelor’s degree (around US$1,500 - $1,800 per semester)

    Master’s degree / Ph.D. (around US$1,600 - $2,000 per semester)

  • Living Costs

    The New Taiwan dollar is the official currency of Taiwan. The currency code is TWD and this is commonly abbreviated as NT$ or NTD$. The most commonly used denominations are the NTD$100, NTD$500, and NTD$1000 bills. There are also NTD$200 and NTD$2000 bills in circulation but you will very rarely encounter them. The coins used are the NTD$50, NTD$10, NTD$5, and NTD$1 denominations. Cash payment is common in Taiwan though many shops also accept credit cards. Checks are not normally used in Taiwan for payment of everyday expenses.

    Apart from your tuition fees, your accommodation costs will be your biggest financial burden. It’s worth doing some research about your accommodation options before you arrive, and remember to include the cost of things such as utilities (electricity, gas, water, and telephone), public transportation, food, and so on. The cost of many things might vary depending on the area you’ll be living in.

    Taiwan is well-known as one of the countries with a lower cost of living, but with a high quality of living. A few examples of the prices of goods are given below. You can exchange major currencies at banks handling foreign currency exchange.

    Bread (a loaf)
    NTD$50 about USD$1.6
    Gasoline (1L)
    NTD$34 about USD$1.1
    Cabbage (1Kg)
    NTD$39 about USD$1.2
    Movie Ticket
    NTD$260 about USD$8.1
    Hamburger
    Hamburger
    Rice (2kg)
    NTD$120 about USD$3.8
    Milk (1800ml)
    NTD$150 about USD$4.7
    Eggs (10 eggs)
    NTD$40 about USD$1.3
     
    Coca Cola (600ml plastic bottle)
    NTD$30 about USD$0.9
    Taxi (1.25km)
    NTD$70 about USD$2.2
     
    *USD$1 is approximately NTD$32