Currency

Taiwan’s currency is the Taiwan New Dollar.

The exchange rate is around 1 US dollar to 30 Taiwan New Dollars.
100 Taiwan Dollars, or TWD is about US$3

ATMs are plentiful in Taiwan and you will have no trouble finding one in any large city. You can use your credit card or visa or MasterCard, or any bank card with the cirrus logo. The banking system in Taiwan is miles ahead of most countries, some ATMs can give your balance in Taiwan New Dollars or your own currency, and some even play cute Taiwan style video clips.

There are ATMs in the Taipei airport if you need money when you arrive.
You can change money at the airport for a reasonable exchange rate- but older US Dollars, or any dollars with rips will probably not be accepted.

If you have old Taiwan currency- sometimes still in circulation in money exchanges outside Taiwan- you won’t be able to spend it, but you can change it for new currency of the same value, at the money exchange at the airport. If you have these dollars someone will let you know when you try to spend them, but you can easily exchange them. There is no need to get Taiwan dollars beforehand anyway as it’s easy to get out money when you arrive.

You can change Taiwan dollars back to your own currency when you get home- usually not at the bank, but most money changes can- but it’s much more fun to spend all your Taiwan dollars before you come home.

Up market hotels and restaurants will accept credit cards, smaller shops generally do not. Diners club or American Express cards are not widely accepted. Taiwanese often carry large amounts of cash with them, as crime is rare, they are not afraid it will be stolen.

Eating out is cheap in Taiwan- a snack from a street stall will cost you 30- 60 TWD - a dollar or two.
Western food is always more expensive, but you are usually happy to pay more for it when you can find it. Beer, cigarettes, beauty products, clothes, and whatever else you might need are inexpensive in Taiwan, a shopping mall is never too far away.

Accommodation in Taiwan is not a cheap as many other Asian countries, but it is still affordable, starting at around $20 per night for a decent room, it is hard to find anything cheaper unless you want to stay in a hostel.  You should be able to travel comfortably in Taiwan for a budget of $40-$50 US per day, including a couple of decent meals and a private room with bathroom. Most hotels in Taiwan have internet access, even the $20 per night ones. Any hotel room costing upwards of $50 per night is probably rather luxurious.

Tipping is not expected in Taiwan, airport and hotel porters are the only people who will expect a tip of around $1 per bag. Bargaining is not customary in Taiwan, but you may be able to get the price down at little at market stalls and some shops.