While the global trend is gradually shifting towards a cashless society, Taiwan remains firmly rooted in its preference for cash transactions. While it can be a bit of a hassle to bring cash everywhere you go, it is also a part of Taiwanese culture that gives the country its charm. It’s also an aspect where the country truly differentiates itself from China, which, on the contrary, has almost gotten rid of cash entirely.
Cash-Driven Culture
In Taiwan, cash is still king, especially in smaller shops, night markets, and even some restaurants. Many establishments are reluctant to adopt alternative payment systems due to the associated setup complexities and fees. This cash-centric approach can catch visitors off guard, emphasizing the importance of being prepared with sufficient local currency.
ATMs as a Lifeline
Thankfully, Taiwan boasts an extensive network of ATMs that cater to the needs of both locals and tourists. These machines are everywhere, found in convenience stores, metro stations, department stores, tourist attractions, and more. Most ATMs in Taiwan accept foreign cards, allowing travelers to withdraw cash conveniently. This accessibility mitigates the challenges posed by the prevalence of cash-only transactions.
Currency Exchange Options
For those arriving in Taiwan without local currency, the airport and major bank branches offer currency exchange services. Note that you should look at available exchange rates beforehand; airports often offer the least advantageous rates.
Alternative Means of Payment
While cash remains dominant, Taiwan is gradually embracing alternative payment methods.
Credit/Debit Cards
Larger establishments such as restaurant chains, department stores, and hotels do accept credit and debit card payments. You should be able to use foreign cards, but make sure you check with your bank beforehand to confirm whether or not extra fees apply.
It’s also important to note that American Express is less commonly used, mainly in international brand stores or high-end establishments.
EasyCard
Originally designed as Taiwan’s transportation card, the EasyCard has expanded its utility to include payments at convenience stores, bubble tea shops, and more, providing a versatile alternative to cash.
You can buy an EasyCard at many locations such as the airport, convenience stores, metro stations, etc., and you can top up your card at these same locations.
Digital Wallets
Digital wallets like Google Pay and Line Pay are gaining popularity, albeit slowly. While convenient, the acceptance of digital wallets is currently limited, so it’s advisable to have a backup plan.
While Taiwan is gradually adapting to modern payment methods, it remains prudent for visitors to ensure they have sufficient cash on hand. The prevalence of cash-only transactions in smaller establishments and local markets emphasizes the importance of being prepared. Nevertheless, the widespread availability of ATMs and the emergence of alternative payment methods offer greater flexibility for travelers exploring this fascinating country.
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