Taiwan is an island nation located in East Asia, known for its vibrant culture, beautiful scenery, and technological advancements. In this article, we will discuss the cost of living in Taiwan, including the local currency, a comparison to the UK and USA, the breakdown of costs for different household sizes, and the most common forms of payment in Taiwan.
The Local Currency in Taiwan
The local currency in Taiwan is the New Taiwan Dollar (NTD). As of February 2023, 1 USD is equivalent to approximately 28.97 NTD, and 1 GBP is equivalent to approximately 39.96 NTD. The exchange rate can fluctuate, so it is important to check the current rate before making any transactions.
Cost of Living in Taiwan Compared to the UK and the USA
The cost of living in Taiwan can be relatively lower compared to the UK and the USA. According to the Numbeo Cost of Living Index, as of February 2023, the cost of living in Taiwan is 36.13% lower than in the UK and 37.76% lower than in the USA. This index takes into account the cost of accommodation, food, transportation, utilities, and leisure activities.
It is important to note that while the cost of living in Taiwan may be lower, salaries and wages can also be lower, and there can be differences in the quality of life and availability of certain products and services.
Breakdown of Costs in Taiwan
The cost of living in Taiwan can vary significantly depending on the region, the household size, and the lifestyle. In the following sections, we will break down the costs for singles, couples, and families of four in the categories of housing, food, utilities, leisure, transport, clothing, and household goods.
Housing
The cost of housing in Taiwan can vary significantly depending on the location and the type of accommodation. Renting an apartment in a central area of a city can cost around 12,000 to 30,000 NTD per month. However, affordable housing options are also available.
For a single person, a studio apartment in a central area can cost around 6,000 to 12,000 NTD per month, while a couple may need a one-bedroom apartment, which can cost around 12,000 to 20,000 NTD per month. A family of four may require a larger apartment or a house, which can cost between 20,000 and 50,000 NTD per month.
Food
Taiwan is known for its delicious street food and diverse cuisine. The cost of food in Taiwan can vary depending on the type of food and the dining location.
In general, a single person can expect to spend around 4,000 to 8,000 NTD per month on groceries and dining out. A couple may spend around 8,000 to 16,000 NTD per month, while a family of four may spend around 16,000 to 32,000 NTD per month.
Utilities
The cost of utilities in Taiwan can vary depending on the type of accommodation and the usage. In general, the cost of electricity, gas, and water can range from 1,500 to 3,000 NTD per month, depending on the household size and usage.
Leisure
Taiwan offers a range of leisure activities, such as hiking, visiting cultural sites, and exploring the night markets. The cost of leisure activities in Taiwan can vary depending on the type of activity and the season.
In general, a single person can expect to spend around 2,000 to 6,000 NTD per month on leisure activities, while a couple may spend around 4,000 to 12,000 NTD per month. A family of four may spend around 8,000 to 24,000 NTD per month.
Transport
Transportation in Taiwan is affordable and efficient, with a well-developed public transportation system. The cost of transportation can vary depending on the mode of transportation and the frequency of use.
In general, a single person may spend around 1,000 to 3,000 NTD per month on transportation, while a couple may spend around 2,000 to 6,000 NTD per month. A family of four may spend around 4,000 to 12,000 NTD per month.
Clothing
The cost of clothing in Taiwan can vary depending on the type of clothing and the brand. In general, clothing in Taiwan can be relatively affordable compared to other countries.
For a single person, the cost of clothing may range from 2,000 to 6,000 NTD per month, depending on individual fashion preferences. A couple may spend around 4,000 to 12,000 NTD per month, while a family of four may spend around 8,000 to 24,000 NTD per month.
Household Goods
The cost of household goods in Taiwan can vary depending on the type of product and the brand. In general, household goods, such as furniture and appliances, can be relatively affordable in Taiwan.
For a single person, the cost of household goods may range from 3,000 to 6,000 NTD per month, depending on individual needs. A couple may spend around 6,000 to 12,000 NTD per month, while a family of four may spend around 12,000 to 24,000 NTD per month.
Forms of Payment in Taiwan
The most common forms of payment in Taiwan are cash, credit and debit cards, and electronic payment systems. Cash is widely accepted in Taiwan, and ATM machines are readily available.
Credit and debit cards are also widely accepted, with many establishments accepting contactless payment methods such as Apple Pay and Google Pay. Electronic payment systems such as LINE Pay and TaiwanPay are also commonly used.
It is important to note that some establishments may have a minimum purchase amount for card transactions or charge a small fee for using cards.
In conclusion, the cost of living in Taiwan can be relatively affordable compared to the UK and the USA. Housing, food, utilities, leisure activities, transportation, clothing, and household goods can vary in cost depending on the household size and individual needs. Cash, credit and debit cards, and electronic payment systems are the most common forms of payment in Taiwan. By understanding the costs and forms of payment in Taiwan, individuals and families can better plan their expenses and enjoy all that this beautiful island nation has to offer.