Best way to withdraw money in Taiwan

If you are moving to Taiwan for the first time, one of the first practical questions you will have is simple: how do I get cash?

Taiwan is modern, safe, and full of convenient payment options, but cash is still very important. You will need New Taiwan Dollars, usually written as NTD or TWD, for night markets, small restaurants, local breakfast shops, older landlords, laundromats, scooter parking, traditional markets, and sometimes even rent deposits.

For short trips, withdrawing money from an ATM is usually the easiest choice. For students, exchange students, interns, and expats staying longer in Taiwan, the best strategy is slightly different: bring a good international debit card, withdraw carefully during your first weeks, then open a Taiwan bank account if you have an ARC and plan to stay for a semester or longer.

Taiwan Uses the New Taiwan Dollar

Taiwan’s official currency is the New Taiwan Dollar. You will usually see prices written as NT$, NTD, or sometimes simply with the dollar sign.

For example:

NT$50 = a drink or simple breakfast
NT$100–150 = a basic lunch
NT$1,000 = useful amount for daily spending
NT$10,000–25,000 = common monthly rent range for many international students renting rooms or studios in Taipei

Taiwan is not a country where you need to carry a huge amount of cash every day, but it is smart to keep some cash with you. A good daily amount is usually NT$1,000 to NT$3,000, depending on your plans. For rent payments or deposits, you may need much more, so plan ahead instead of waiting until the last minute.

If you are still estimating your monthly budget, read this guide too: Cost of Living in Taiwan

Can You Withdraw Money from ATMs in Taiwan with a Foreign Card?

Yes, most international students and travelers can withdraw money from ATMs in Taiwan using a foreign debit card, as long as the card is enabled for international withdrawals.

Before leaving your home country, check these things with your bank:

• Your card must work overseas.
• Your PIN should be 4 to 6 digits and usable at international ATMs.
• Your bank should know you are traveling or living in Taiwan.
• Your daily withdrawal limit should be high enough.
• You should understand your bank’s foreign transaction fee and ATM fee.

This matters because the ATM in Taiwan is only one part of the cost. You may also be charged by your home bank. Some banks charge a flat overseas ATM fee, some charge a percentage, and some charge both. If you have time before moving, choose a card with low foreign withdrawal fees or one that refunds ATM fees.

A good setup is to bring two cards from different banks. Keep one in your wallet and one in your luggage or apartment. If one card gets blocked, lost, swallowed by an ATM (this actually happens more often than you think), or rejected, you still have a backup.

Best ATMs to Try in Taiwan

ATMs are everywhere in Taiwan. You can find them in convenience stores, MRT stations, shopping malls, post offices, and bank branches.

The easiest ATMs to find are inside:

• 7-Eleven
• FamilyMart
• Hi-Life
• OK Mart
• Bank branches
• Major train and MRT stations
• Airports

7-Eleven states that its stores have ATMs, support English, and allow withdrawals in New Taiwan Dollars, though international withdrawal fees may apply. I have a US Citibank ATM card and it works fine at 7-11 and Family Mart.

For foreign cards, common banks and ATM networks students often try include:

• CTBC Bank
• Cathay United Bank
• E.SUN Bank
• Taishin Bank
• Mega Bank
• Bank of Taiwan
• Taiwan Cooperative Bank
• Post Office ATMs
• HSBC ATMs, where available

Not every ATM works with every foreign card. If one ATM rejects your card, do not panic. Try another bank’s ATM instead. Many foreigners in Taiwan find that one bank works better for their specific card than another.

A useful habit is to test a small withdrawal first, such as NT$2,000 or NT$3,000, before trying a larger amount.

How Much Can You Withdraw at One Time?

Taiwan ATM limits vary depending on the ATM, the bank, your card network, and your home bank’s limit. Many ATMs allow withdrawals around NT$20,000 per transaction, while some may allow NT$30,000 or more.

Your own bank may set a lower daily limit, so check before you arrive. This is important if you need cash for:

• First month’s rent
• Security deposit
• Temporary accommodation
• Scooter rental
• Tuition-related payments
• Emergency expenses

For example, if your home bank only allows you to withdraw the equivalent of NT$15,000 per day, but your landlord needs NT$40,000 for deposit and rent, you may need several days to collect enough cash. Plan this before signing a lease.

If you are coming to Taipei for housing, you can also read:
Getting Started in Taipei
How to Save Money in Taiwan

ATM Fees in Taiwan: What to Expect

When you withdraw money in Taiwan with a foreign card, there may be three different costs:

First, the Taiwan ATM may charge a local withdrawal fee. Many foreign card users report fees around NT$100 per withdrawal, though the amount depends on the ATM provider and can change. Some ATMs may show the fee clearly before you confirm the transaction.

Second, your home bank may charge an international ATM fee.

Third, your card network or bank may apply an exchange rate markup.

This is why making many small withdrawals can become expensive. If your card is charged NT$100 each time, withdrawing NT$2,000 five times costs much more than withdrawing NT$10,000 once.

For short-term students, a practical approach is to withdraw larger amounts less often, while still keeping cash safe. For example, instead of withdrawing NT$2,000 every two days, withdraw NT$10,000 or NT$15,000 and keep most of it in your room.

Domestic Taiwan interbank ATM withdrawal fees are regulated separately and are much lower for Taiwan-issued cards; Taiwan’s Financial Supervisory Commission shows domestic interbank withdrawal fees are capped at NT$6, but this does not mean foreign cards will be that cheap.

Should You Choose “Local Currency” or “Home Currency” at the ATM?

If a Taiwan ATM asks whether you want to be charged in your home currency or in New Taiwan Dollars, choose New Taiwan Dollars.

This is important.

When an ATM offers to convert the transaction into your home currency, it is usually using something called dynamic currency conversion. It may look convenient because you can see the amount in your own currency, but the exchange rate is often worse.

The better choice is usually:

• Withdraw in TWD / NTD
• Let your own bank or card network handle the exchange
• Avoid ATM-provided currency conversion when possible

So if the screen asks something like “Continue with conversion?” or “Charge in your home currency?”, read carefully. The cheaper choice is usually to decline the ATM’s conversion and continue in Taiwan dollars.

Airport ATM or City ATM: Which Is Better?

When you first land in Taiwan, it is fine to withdraw a small amount at the airport. You may need cash for transportation, a SIM card, food, or your first taxi ride.

A good airport withdrawal amount is usually NT$3,000 to NT$6,000.

You do not need to withdraw all your cash at the airport unless you have a specific reason. After you settle in, you can compare ATMs near your apartment or school and see which one works best with your card.

If you are arriving in Taipei, there are ATMs at Taoyuan International Airport and in the city. Once you are in Taipei, convenience store ATMs are extremely easy to find.

Should You Bring Cash and Exchange It in Taiwan?

Bringing some emergency cash is a good idea. Many students bring a small amount of their home currency, especially USD, EUR, GBP, JPY, or HKD, and exchange it only if needed.

However, do not rely only on cash exchange for your entire stay. Banks in Taiwan may require your passport, may only exchange certain currencies, and may have limited service hours. You also do not want to carry too much cash while traveling.

For most students, the best arrival setup is:

• One main debit card
• One backup debit card
• One credit card for emergencies
• A small amount of emergency cash
• Enough Taiwan dollars for the first few days

Currency exchange is useful, but ATMs are usually more convenient for normal living.

Bank of Taiwan also provides foreign currency ATM services in selected locations, including withdrawals of currencies such as USD, HKD, JPY, and CNY for eligible card/account types, but most new students mainly need Taiwan dollars for daily life.

Can You Use International Credit Cards in Taiwan?

Credit cards are accepted in many places in Taiwan, especially in Taipei. You can usually use cards at:

• Department stores
• Some Large supermarkets
• Hotels
• Many chain restaurants
• Major retailers
• Some cafés
• High-speed rail ticket purchases
• Airline and travel bookings

But many everyday places still prefer cash or local payment methods. These include:

• Night market stalls
• Small noodle shops
• Breakfast shops
• Traditional markets
• Some local landlords
• Coin laundries
• Small family-owned restaurants
• Some scooter repair shops

Some supermarkets like PX Mart only accept Taiwan credit cards. In addition, online platforms like Shopee, Momo and PCHome only accept Taiwan credit cards

This is why you should not arrive in Taiwan expecting to use a credit card for everything.

Also, avoid using a credit card to withdraw cash unless it is a real emergency. Credit card cash advances often come with high fees and interest.

EasyCard Is Useful, But It Is Not a Bank Card

One of the first things you should get in Taiwan is an EasyCard. It is mainly used for MRT, buses, YouBike, convenience stores, and small daily purchases.

You can buy and top up an EasyCard at most convenience stores and MRT stations. It is especially useful for students because it reduces the need to carry coins and small bills.

You can use EasyCard for:

• Taipei MRT
• Buses
• YouBike
• Convenience store purchases
• Some supermarkets
• Some cafés and food courts

However, EasyCard is not a full replacement for cash or a debit card. You still need cash for rent, deposits, traditional shops, and many local restaurants.

Should Students Open a Taiwan Bank Account?

If you are staying in Taiwan for only one or two months, you may not need a Taiwan bank account. A foreign debit card plus some cash may be enough.

If you are staying for a semester, one year, or longer, opening a local bank account can make life easier.

A Taiwan bank account can help with:

• Receiving salary from part-time work or internships
• Receiving scholarship payments
• Paying rent or utilities
• Making local bank transfers
• Reducing ATM withdrawal fees
• Using local financial services
• Managing money without relying on foreign cards

However, opening a bank account in Taiwan is not always instant. Requirements vary by bank and branch. You may need your passport, ARC, local phone number, student ID or enrollment letter, and sometimes proof of address. Some banks are more foreigner-friendly than others.

For a more detailed step-by-step explanation, read:
How to Open a Bank Account in Taiwan

What If the ATM Swallows Your Card?

This is rare, but it can happen.

If an ATM keeps your card, do not leave immediately if the ATM is inside a bank branch during business hours. Go inside and ask for help. Bring your passport or ID.

If the ATM is inside a convenience store, the store staff usually cannot open the ATM. You may need to call the ATM bank’s customer service number or contact your home bank.

Taiwan’s banking rules explain that when a card is retained by an ATM, the depositor may need to go to the bank with ID to retrieve it or receive a replacement, depending on the situation.

This is another reason to carry a backup card.

Practical Money Advice for Your First Week in Taiwan

During your first week, your goal is not to find the perfect financial system. Your goal is to avoid stress.

Here is a simple plan:

• Before flying to Taiwan, tell your bank you will be abroad.
• Bring two debit cards and one emergency credit card.
• Withdraw a small amount at the airport.
• Buy an EasyCard.
• Use convenience store ATMs first because they are easy to find.
• Try different bank ATMs if your card is rejected.
• Withdraw larger amounts less often to reduce fixed fees.
• Keep most cash safely in your room.
• Open a Taiwan bank account later if you stay long-term.

For example, an exchange student arriving in Taipei might withdraw NT$5,000 at the airport, buy an EasyCard, then withdraw NT$15,000 near their apartment after checking which ATM works best. If they later need to pay a deposit, they should start withdrawing several days early or arrange a bank transfer if the landlord accepts it.

Common Mistakes to Avoid

• Do not arrive with only one card. If it fails, you may be stuck.
• Do not assume every ATM accepts your card. Try another ATM before assuming your card is blocked.
• Do not accept poor currency conversion at the ATM. Choose to be charged in Taiwan dollars.
• Do not withdraw tiny amounts too often. Fixed ATM fees add up quickly.
• Do not carry your rent deposit around all day. Withdraw it close to when you need it and keep it secure.
• Do not depend only on credit cards. Taiwan still uses cash for many daily expenses.
• Do not forget your home bank’s daily limit. This can cause problems when paying deposits or large upfront costs.

Best Overall Way to Withdraw Money in Taiwan

For most international students and expats, the best way to withdraw money in Taiwan is to use a low-fee international debit card at major ATMs, choose to be charged in New Taiwan Dollars, withdraw larger amounts less often, and keep a backup card.

For your first few weeks, ATMs are the most convenient solution. After you settle in, if you have an ARC and plan to stay longer, opening a Taiwan bank account is usually worth it.

Taiwan is very convenient once you understand how payments work. Use cash for small local places, EasyCard for transport and daily purchases, credit cards for larger stores, and a Taiwan bank account if you are staying long-term.

Managing money well from the beginning will make your first month in Taiwan much easier, especially when you are also dealing with housing, school registration, transportation, SIM cards, and getting used to daily life.

For more practical first-arrival guides, you may also find these useful:
Getting Started in Taipei
How to Save Money in Taiwan
Food in Taiwan
Preparing to Study Abroad in Taiwan