Money and Cost

Money and Living Costs in Taiwan

Currency

Taiwan uses the New Taiwan Dollar (TWD), often symbolized as NT$. The most frequently used banknotes include NT$100, NT$500, and NT$1000, although NT$200 and NT$2000 notes also exist but are rarely seen. Coins come in denominations of NT$1, NT$5, NT$10, and NT$50.

While cash remains the most common payment method, many businesses also accept credit cards, EasyCard, and iPASS. Cheques are generally not used for daily transactions.

Average Monthly Living Expenses by City (Reference Only)

● Taipei

NT$28,550

● New Taipei City

NT$22,419

● Taichung

NT$23,267

● Kaohsiung

NT$21,674

● Tainan

NT$19,536

Note: Costs may vary based on personal lifestyle and spending habits.
To explore more detailed city-wise cost breakdowns, visit the websites of:

Directorate-General of Budget, Accounting and Statistics (Taiwan)
National Statistics, Taiwan (English)

Tuition Fees

Taiwan offers a high standard of education and quality living at relatively low costs. Each academic year consists of two semesters-Spring (February) and Fall (September). Tuition fees vary by university and program but typically range between US$800 and US$15,000 annually, including miscellaneous fees.

Opening a Bank Account

Most banks in Taiwan handle both NT$ and foreign currency services. To open an account, international students must visit the bank in person and present the following:

  • Alien Resident Certificate (ARC)
  • Additional ID such as passport, National Health Insurance card, student ID, or driver’s license
  • Minors will also need a letter of consent from a guardian based in Taiwan

More details can be found on the Contact Taiwan website.

Phone and Internet Services

Taiwan’s major telecom providers include Chunghwa Telecom, Taiwan Mobile, Far EasTone, and T Star. Their websites offer information on pricing plans and service options.

While many rental apartments already include internet and cable TV, if yours doesn’t, broadband connections are widely available through the above providers.

A local mobile contract is a reliable option for long-term stays and typically includes more data and call time.

Food Expenses

Taiwan is known for its rich and diverse food culture. Meals are budget-friendly:

  • Street/local food (rice, noodles, soups, dumplings): NT$40–100
  • Fast food combo (e.g., McDonald's): NT$150–170
  • Dinner for two at a good restaurant: ~NT$1,000

Supermarkets offer both local and international products at reasonable prices. Vegetarian food is easy to find, and Halal food options are available in many areas.

Housing and Rent

Housing is generally of good quality but tends to be smaller, especially in larger cities. Rent varies depending on city, size, furnishings, and whether it’s a shared or private accommodation.

Typical monthly rent:

  • Taipei and Taichung: NT$8,000 – NT$16,000
  • Other regions: Generally lower

Most apartments are unfurnished, though previous tenants or landlords may leave basic items. Air conditioning is standard; however, central heating is uncommon. Washing machines and refrigerators are not always included.

Transportation

Taiwan has an excellent and affordable public transport network:

  • MRT systems: Available in Taipei, Kaohsiung, Taoyuan, New Taipei, and Taichung
  • Local train fares: ~NT$60 across cities
  • Bus fares: NT$15–25
  • Taxi fares in Taipei: Start at NT$70, with NT$20/km added

Upon arrival, it’s highly recommended to purchase an EasyCard or iPASS (NT$100). These cards are usable across public transport systems and accepted in many retail stores. You can recharge them at MRT stations or convenience stores.

Entertainment & Leisure

Movies

  • Ticket prices range from NT$250–320, depending on the city
  • DVD rentals: ~NT$50 per title

Museums

  • Taipei Fine Arts Museum: NT$30
  • MOCA: NT$50
  • National Palace Museum: NT$150
    Discounts available with international student ID Visit the Tourism Bureau for more cultural sites.

Sports & Fitness

  • Annual gym memberships: NT$10,000 – NT$40,000
  • Public sports centers in major cities offer budget-friendly fitness options

KTV (Karaoke)

  • Room rental: ~NT$500/hour
  • Additional per person charge: ~NT$150
    Prices vary based on time and location

Alcohol

  • Local beers (Taiwan Beer, Heineken):
    NT$35–40 Moderate drinking is advised for students

Hiking

  • Taiwan features many scenic trails that are free of charge
  • Visit the Tourism Bureau website for trail maps and details

Cycling

  • With an EasyCard or credit card, you can rent Ubikes in most major cities
  • Rates are affordable and rental steps are easy to follow
  • More info at the Ubike website

Surfing

  • Surfboard rentals: Around NT$500 per da
  • Taiwan has several well-known surfing beaches

Scuba Diving

  • Certified divers can explore great dive sites across Taiwan
  • Visit the Diving Taiwan website for locations and regulations