I heard that a lot of businesses in Taiwan don
I’ve never heard of businesses taking them. I think banks aren’t too used to them either. Here’s another thread about them: forumosa.com/taiwan/viewtopic.php?t=10892
There is an American Express Bank in Taipei city that will cash them for you. Location is corner of minsheng and dunhwa corner bldg 2nd floor (a mcdonalds is nxt door).
Danimal,
Only in high end shops and malls will they even contemplate accepting a travellers check. For the most part its still a cash base society in Taiwan.
Thanks for the info. This will definitely help. 
my friend came to visit with AMEX traveller’s check and we had some minor problems at the bank. The rates are great–then after my friend signed the check and lady went off to photocopy stuff and whatnot, she came back and said “oh i’m sorry…i didn’t mention there would be a 300NT processing fee”
Yeah maybe we should have known things were too good to be true for the rate offered but my friend who cashes her checks in China never had to pay a hidden set fee–the rates posted were the rates given. But I had also asked the lady beforehand exactly what are the rates and fees for the check and this set fee of 300 didnt come up until after. They said the check should still be usable but the point is to be careful in asking direct for the fees. My friend is still unsure if she can use the check because sometimes banks in China are really anal about the check not being signed before. We were told that every other bank in Taiwan would most likely charge a fee for the exchange and most businesses would not accept them.
They said no extra fee for exchange in cash. I use my AMEX card to charge for purchases in Taiwan and I don’t believe there is an extra fee in the int’l transaction. Problem is that first smaller places take cash and secondly, a lot of restaurants that are quite high end take VISA or Mastercard. Shops usually take VISA/MC though.
Thanks for that extra bit of info. It looks like traveler’s checks are out of the question.
Does anyone know if I can use a U.S. ATM card?
traveler’s check will just eat that 300NT (about 8 bucks US) out of your pocket. It’s ok if you want to exchange a lot of money.
My dad no problems using his US ATM card, where you can easily get $$ from the ATMs in 7-11 or pretty much anywhere. Well, 7-11s ARE everywhere, like every block. Check with your bank on the LIMIT of cash you can withdraw within a day though, it’s usually hovering at $300 a day. However, there is a charge when you withdraw. Maybe it’s like $3?? Better check with your bank on that too.
It depends on if you feel comfortable carrying a load of cash with you. It’s usually pretty safe in Taipei though, not many pickpockets (from my exp at least). I would bring cash for night markets and MRT card, taxis, and charge everything else. Once I did charge about $200-300 on my MC in a HK hotel and I got charged like $5 for the transaction fee. Usual purchases of $30 get like 60 cents or something. Not that bad though.
My recent trip will be my last that I carry traveler’s checks.
In Taiwan, I got a lower exchange rate and a service fee. I was restricted to cashing them at ‘big’ hotels, and then if I wasn’t a ‘guest’ I got a lot of stalling.
In Thailand they post rates for US$ and checks seperate. The rate for checks is less.
In the PRC I paid a per check service fee, regardless of the denomination. i.e. it cost the same fee for 5 each $20 checks as 5 each $100 checks. Plus a lower rate.
30 years ago traveler’s checks commanded a premium rate, now it’s a loss. Even for this old timer, credit card, atm card, and a bundle of cash will do going forward.
OOC
As I posted in another similar thread, I used ICBC for traveler’s checks, and there weren’t any problems. I can’t remember if I had to pay a service fee or not though.
In Taiwan, cash is king, unchallenged until the recent (2-3 years) popularity of credit cards. Foreign currencies are not accepted by private businesses, because all transactions are in Taiwan dollars. Currency exchanges can be processed by any bank and most major hotels for a fee. The best idea is to just change whatever you think you will need at the airport when you arrive. The rates are fair and you’ll avoid having to wait in line like you would at a bank in the city.
Good luck and have fun in Taiwan.
CK
Stopped using Travellers cheques a very long time ago. With credit cards, atm cards, cash etc then there really is no need. Have yet to find anywhere where i could not either withdraw from an atm or exchange cash. Even in rural mainland china it is possible to exchange cash within the local bank. On a recent trip to Shanghai i could even withdraw cash using the atm card from my TW bank account, not sure why i was surprised that it worked !!! 
Best thing to do is change all your travellers checks at the airport for cash. All the large department stores will take traveller’s checks but it’s a hassle. The major hotels will take them too but the rate’s not that good. If you’re taking the traveller’s checks to get cashed, take them to a Taiwan Bank - I don’t think they have any handling charges.
I use the ATM every time I go. There is no fee to speak of (at least I’m not charged through my credit union). Your bank usually sets the limit on how much you can with pull out per day (as an example, my limit is $500 U.S.)
Just make sure that you have a Visa or MasterCard logo on the back of your ATM card. (I think Cirrus and Plus work too).
If your card doesn’t work at one bank, that doesn’t mean it won’t work at all banks. A friend of mine had to hit several different banks before he found one that would take his card. There was no good reason for it since they all had the same logos on their ATMs.
The theory about using an ATM is that you are getting the money at whatever exchange rate is negotiated by Visa/Mastercard. You can be sure that it will be close to the daily exchange rate.
Thanks for all the info, everyone.
Yes, ATMs are definitely the way to go. I’ve been back a few weeks now. I just got my bank statement, and I was surprised to find out that I was not charged a dime for the exchange itself. The only thing I was charged for was a mere 1.50 $US for using an ATM that wasn’t owned by my bank, which, of course, is usual and customary no matter where you are.
Taiwan is relatively easy on the TC front.
Minaland china is ok, but you can only go to ONE bank - the Bank of China to do it.
Try Malaysia! I felt like I was carrying horse-dung for all the interest my TC’s inspired. One night, with almost zero ringitt on me, I had to stay in the lobby of an enormous hotel until the management conceded to cash my cheque (they will only cash guest’s cheques). Money changers just laughed and waved me away.
India and to a lesser extent, Nepal was easier. It just seems very much a case-by-case situation. If you have a bank card with Cirrus or Plus - use those!