Exchange rates and fees for foreign currency

Business Money
1

I’ve read on another thread that China Trust and the “Uighur guys who stand outside the foreigner hotels” are places to get good exchange rates. But I know that the fees per transaction vary from 30NT (at the airport) to 100NT or even 300 NT. Exchange rates seem generally quite good, assuming I don’t exchange in a hotel, but do you have suggestions for where I get low fees?

And if I go with the grey market (e.g. Uighur guys), should I be concerned about counterfeit money in Taiwan?

Thanks.

2

No answer…

So, has anyone changed cash (other than at the airport or a hotel with an awful exchange rate) and paid a fee of less than 100 NT?

3

I never change US$ to NT$, but when I exchange from NT$ to US$, I just go to the bank.

4

[quote=“Sola Topee”]I’ve read on another thread that China Trust and the “Uighur guys who stand outside the foreigner hotels” are places to get good exchange rates. But I know that the fees per transaction vary from 30NT (at the airport) to 100NT or even 300 NT. Exchange rates seem generally quite good, assuming I don’t exchange in a hotel, but do you have suggestions for where I get low fees?

And if I go with the grey market (e.g. Uighur guys), should I be concerned about counterfeit money in Taiwan?

Thanks.[/quote]

I hear that jewelry stores will exchange money for cheap rates. Not sure how true it is, but doesn’t hurt to give it a try.

5

Bank of Taiwan near the Presidential building … good rates, no fees …

6

If you have USD then at Bank of Taiwan they do currency exchanges for free, aside from a small NTD$30 for every US$100 if the bills aren’t the newest “big heads” colored ones.

7

I don’t know what you mean by free, since as you just said they charge 30NT for each 100; that’s already 1%, and in my experience the rate they give you on top of that is by far the worst of any bank out there, with the 1% add-on I think it’s about 5%. I’ve found a few other banks that charge as little as 1.5% free and clear. Trouble is I never write the damn names down which is why i’m now searching for exactly that information :stuck_out_tongue: Only advantage is Taiwan bank will take the money no other banks will accept, again at egregious rates, I think you can pay nearly 15% if you have old bills and the ‘bad’ serial numbers on top of that, for example.