The unit of currency in Taiwan is the New Taiwan Dollar (TWD or NT$), made up of 100 cents.

Bank notes come in denominations of TWD100, 200, 500, 1,000 and 2,000, and coins in denominations of TWD1, 5, 10, 20 and 50.

In July 2007, TWD100 was equivalent to US$3.04, GBP £1.48 and EUR 2.21.

The cost of living in Taiwan is slightly higher than in many other Asian countries, but salaries are also higher, so many expatriates enjoy a good standard of living there.

It is possible to eat well at food stalls for around TWD50 or less, or in a western fast-food restaurant for around TWD100, while a meal in a plush restaurant serving foreign food is likely to cost anywhere between TWD500 and TWD1000.

Other typical prices include:

Can of imported beer TWD35 Bottle of water TWD20 Cinema ticket TWD250

Daily groceries reportedly cost about the equivalent in Taiwan to their price in many western countries, although some imported products such as cheese and wine are expensive. Computers and electronic goods are competitively priced in Taiwan.

It is not necessary to tip waiters, taxi drivers etc. in Taiwan, although the practice is becoming more widespread.