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.

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 fees

Around US$800 - $15,000 per year.

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 Contact Taiwan Website.

Some of the largest mobile providers in Taiwan are Chunghwa Telecom, Taiwan Mobile, Far EasTone and T Star. Their websites have detailed price plans and the full list of services available to customers. A mobile phone contract will give expats a much more permanent solution to communications in Taiwan, with more services and talk time with monthly bills. Most apartment rentals include cable and internet service. For those that don't, all three telecom companies offer home broadband service.

Taiwan is world-known for its great varieties of cuisine, and the cost is quite affordable. You can easily find local rice, noodle, soup, or dumplings dish for between NT$40 and NT$100. A Big Mac, fries, and soda set from McDonald’s costs about NT$150-170. Dinner for two in a good restaurant will cost about NT$1,000. Supermarkets sell local and imported product at average prices. Finding vegetarian food is not very difficult and Halal food is less abundant but still available.

Housing standards here are generally quite acceptable, but apartments are usually smaller than you might be used to, especially in big cities like Taipei. Rent varies considerably depending on location, sharing arrangements, and quality of apartment. The majority of our international students in Taipei and Taichung pay between NT$8,000 and $16,000 per month. Elsewhere, rent is cheaper. Apartments usually come unfurnished, but sometimes the landlord or the previous occupants leave basic furnishings. Air conditioning is common, but central heating is very rare as there is little need for it. Some apartments may not have a washing machine or refrigerator.

Movies: Movie tickets cost about NT$250-320 base on which city you are living. Rent new releases at the DVD store for NT$50.
Museums: The cost for the Taipei Fine Arts Museum (TFAM), the Museum of Contemporary Art (MOCA), or the National Place Museum are NT$30, NT$50, and NT$150 admission respectively (with international student identity card). Just to name a few. For more details of the museums in Taiwan please visit the Tourism Bureau website.
Sports: A year's gym membership can be ranging from NT$10,000 to NT$40,000. If you are looking for an more affordable option, every districts of the major cities in Taiwan have a public sports center.
KTV (karaoke): A room costs about NT$500/hour plus expect to pay around NT$150/person on top of that. But please note that fees vary at different time.
Drinking: The two most popular beers are Taiwan Beer and Heineken, costing NT$35-40 per can or bottle from the convenience store. But students are not encouraged to drink much.
Hiking: Taiwan has many great hiking trails and most of them are free for charge! If you want to know more about the hiking trails please check out the webiste of Tourism Bureau.
Cycling: If you have an Easycard or credit card, you can rent a Ubike in all major cities of Taiwan. The process is very easy and the rate is affordable. For more detaiils please check out the Ubike website.
Surfing: Taiwan has many great surfing spots. Please check out here for some details. Surfboards renting usually cost NT$500/day.
Scuba Diving: If you are a scuba diving lover and got a certificate for diving, Taiwan also got many great spots for you. Check out Diving Taiwan website for more details.