Taiwan operates on the New Taiwan Dollar, abbreviated as TWD or NT$. Exchange rates fluctuate between approximately 30-32 TWD per 1 USD as of 2024, though travelers should verify current rates before departure. The currency uses coins in denominations of 1, 5, 10, and 50 TWD, with banknotes of 100, 200, 500, 1000, and 2000 TWD. The 200 and 2000 notes are less common in daily circulation. ATMs are widely available in urban areas and dispense cash in multiples of 100 or 1000 TWD depending on the machine. Most international cards work at 7-Eleven, FamilyMart, and bank ATMs, with withdrawal fees typically ranging from 100-150 TWD per transaction. Credit cards are accepted at hotels, department stores, and chain restaurants, but many local establishments, night markets, and smaller shops operate cash-only.
Budget accommodations in Taipei start around 800-1200 TWD per night for hostel dormitory beds in districts like Ximending or near Taipei Main Station. Private rooms in hostels or budget hotels range from 1500-2500 TWD per night in the capital. Mid-range hotels in Taipei typically cost 2500-4500 TWD per night, while business hotels near major stations run 3000-5000 TWD. Outside Taipei, accommodation costs drop noticeably. In Taichung, Tainan, or Kaohsiung, equivalent hostel beds cost 600-1000 TWD, and mid-range hotels run 2000-3500 TWD per night. Rural areas like Hualien, Taitung, or Alishan offer guesthouses and minsu (family-run bed and breakfasts) for 1500-3000 TWD per night. Booking platforms like Agoda, Booking.com, and local site Eztravel provide options, though some smaller minsu only take reservations by phone. Couchsurfing exists but has limited active users compared to peak years around 2015-2018.
Food costs in Taiwan rank among the lowest in developed East Asia while maintaining high standards. A meal at a traditional breakfast shop costs 50-100 TWD for dan bing, soy milk, and youtiao. Lunch or dinner at a local eatery serving lu rou fan, beef noodle soup, or rice plates runs 80-150 TWD per person. Night market meals cost 40-100 TWD per item, with most people spending 200-400 TWD for a full dinner trying multiple stalls. Chain restaurants like Sanshang Qiaofu beef noodles charge around 200-280 TWD per bowl. A sit-down meal at a mid-range restaurant in Taipei costs 250-500 TWD per person before drinks. Convenience stores sell onigiri for 35-45 TWD, bento boxes for 60-89 TWD, and sandwiches for 35-50 TWD, making them viable budget options. Taiwanese breakfast chains like Yonghe Soy Milk or Fuhang Soy Milk in Taipei charge 25-40 TWD per item. Bubble tea from established chains like 50 Lan or Chun Shui Tang costs 45-75 TWD for regular sizes, while night market stands sell it for 30-50 TWD.
Public transportation in Taiwan is efficient and inexpensive, particularly in major cities. Taipei Metro (MRT) fares range from 20-65 TWD depending on distance, with most trips within the city costing 20-30 TWD. A stored-value EasyCard reduces fares by 20% and works on buses, metro, convenience stores, and some taxis. The card costs 100 TWD refundable deposit plus initial load. Buses in Taipei charge 15 TWD for trips under 10 kilometers with an EasyCard. The Kaohsiung Metro charges similar rates, 20-55 TWD per trip. Taiwan Railways Administration (TRA) connects major cities with unreserved seats on local trains costing approximately 1.46 TWD per kilometer. Taipei to Taichung costs around 375 TWD for an unreserved local train seat, taking three to four hours. Express trains cost more, with Tze-Chiang trains from Taipei to Taichung at approximately 375 TWD reserved. Taiwan High Speed Rail (THSR) runs from Nangang in Taipei to Zuoying in Kaohsiung, covering the route in roughly 100 minutes for 1490 TWD standard class. Early bird discounts offer 35% or 20% off if booked 28 or 8 days in advance. Intercity buses provide cheaper alternatives, with operators like UBus and Kuo-Kuang Motor Transport charging 200-300 TWD for Taipei-Taichung routes that take three hours.
Renting a scooter is common practice in Taiwan and costs 300-500 TWD per day depending on the city and rental duration. Multi-day rentals reduce the daily rate to 250-400 TWD. An international driving permit is technically required though enforcement varies by rental shop. Gasoline costs approximately 30-35 TWD per liter as of 2024. Scooters typically achieve 35-45 kilometers per liter, making fuel costs minimal for most travel. Car rentals start around 1500-2000 TWD per day for compact vehicles through companies like Hertz, Avis, or local chains like Hotai. Highway tolls use electronic ETC systems, with rental companies charging tolls post-rental based on eTag records. The Hsuehshan Tunnel toll between Taipei and Yilan costs 50 TWD for cars. Parking in Taipei costs 30-60 TWD per hour at roadside meters, 40-80 TWD per hour in commercial lots.
Attraction costs are generally low compared to Western countries. The National Palace Museum in Taipei charges 350 TWD for general admission. Taroko National Park has no entrance fee, though the Taroko Gorge shuttle bus costs 50 TWD per trip. Alishan National Scenic Area charges 300 TWD entrance during peak seasons, 150 TWD off-peak, with the narrow-gauge forest railway costing an additional 150 TWD one-way to Zhushan. Sun Moon Lake has no entrance fee for the lake itself, but boat tours cost 300-500 TWD per person and the ropeway charges 300 TWD one-way, 500 TWD round-trip. Fo Guang Shan Monastery in Kaohsiung charges no entrance fee. Most temples including Longshan Temple and Xingtian Temple in Taipei are free to enter. Taipei 101 observatory tickets cost 600 TWD for adults. Hot spring facilities range widely, with public baths in Beitou costing 40-150 TWD for basic entry to 1000-3000 TWD for private room rentals with meals at upscale facilities.
Night markets are Taiwan's main entertainment and dining venue, requiring only transportation costs to access. Shilin Night Market, Raohe Night Market, and Ningxia Night Market in Taipei charge no entrance. Fengjia Night Market in Taichung and Liuhe Night Market in Kaohsiung operate on the same free-entry model. Most visitors spend 200-500 TWD per visit on food and games. Karaoke (KTV) costs 200-400 TWD per person for three to four hours at chains like Partyworld or Holiday KTV, with higher rates on weekends and evenings. Movie tickets cost 280-350 TWD at theaters like Vie Show Cinemas or Ambassador Theatres.
A daily budget for basic backpacker travel in Taiwan runs approximately 1200-1800 TWD, covering hostel accommodation (800-1200 TWD), street food and cheap restaurant meals (300-500 TWD), and local transportation (100-200 TWD). This excludes intercity travel and paid attractions. Mid-range daily budgets of 3000-5000 TWD allow for private hotel rooms (2000-3000 TWD), sit-down restaurant meals including one nice dinner (700-1200 TWD), and attraction entries (300-800 TWD). Higher-end travel at 8000-15000 TWD daily covers four-star hotels, multiple restaurant meals, taxis, and premium activities.