About the New Taiwan Dollar
The New Taiwan dollar is the currency of Taiwan, issued by its central bank. It floats, but the central bank intervenes to smooth sharp moves, and it is not freely traded outside Taiwan: offshore investors hedge it with non-deliverable forwards.
Taiwan's exports, above all semiconductors, earn a large trade surplus, and its life insurers hold large amounts of US dollar assets. Flows between the two are a major driver of the currency.
The central bank's board meets once a quarter to set interest rates.
Paying in TWD
- Account details
- Taiwan does not use IBANs. A payment needs the 3-digit bank code, the branch code, the account number and the bank's SWIFT/BIC code, with the account holder's name exactly as the bank holds it.
- Declaring conversions
- In Taiwan, converting the equivalent of NT$500,000 or more between Taiwan dollars and foreign currency must be declared to the bank, with the purpose. Conversions beyond an annual limit, US$10 million for individuals and US$100 million for companies since November 2024, need central bank approval, so very large payments may stay in foreign currency until the recipient converts them.
- Domestic clearing
- Taiwan dollar transfers between Taiwanese banks are processed through the Financial Information Service Co. network and usually arrive the same day.
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