When it comes to currency in Taiwan, the basic unit is the New Taiwan Dollar (NTD). The New Taiwan Dollar is the official currency of Taiwan and is commonly abbreviated as NT$.
The New Taiwan Dollar has been the currency of Taiwan since 1949, after the Republic of China moved to Taiwan. It replaced the Old Taiwan Dollar at a ratio of 40,000 to 1. The New Taiwan Dollar is issued by the Central Bank of the Republic of China and is available in various denominations, including coins and banknotes.
In terms of currency code, the New Taiwan Dollar is represented as TWD. This currency code is widely recognized and used in financial transactions and international exchange rates.
One New Taiwan Dollar is further divided into smaller units called cents. Each New Taiwan Dollar consists of 100 cents. The cent is represented by the symbol "ยข" and is commonly referred to as "jiao" in Mandarin Chinese. However, due to its low value, cents are not frequently used in daily transactions, and prices are typically rounded to the nearest dollar.
The New Taiwan Dollar is widely accepted in Taiwan and can be used for various purchases, including food, transportation, and accommodation. It is also accepted in some duty-free shops and tourist destinations. However, it's worth noting that in certain areas, especially more rural or remote locations, cash might be preferred over credit cards or electronic payments.
For visitors traveling to Taiwan, it's advisable to exchange some currency to New Taiwan Dollars upon arrival. Currency exchange services are available at airports, banks, and authorized exchange offices. Additionally, ATMs are widely available throughout Taiwan, allowing visitors to withdraw New Taiwan Dollars using their debit or credit cards.
In conclusion, the New Taiwan Dollar (NTD) is the basic unit of currency in Taiwan, represented by the currency code TWD. This currency is widely accepted and used for daily transactions, making it essential for visitors and residents alike to familiarize themselves with its denominations and value.
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