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, Easy Card and iPass. Checks are not normally used in Taiwan for payment of everyday expenses.