Boosting Consumption: New Taiwan Dollar Carry Limit Raised to NT$100,000 for Entry and Exit Travelers

▲To meet travelers' needs, starting from January 1, 2015, the limit on the amount of New Taiwan Dollars (NTD) that travelers can bring in or take out of the country has been increased to NTD 100,000. (Photo / Provided)

By Chen Ruizhong / Comprehensive report

Attention, travelers who are used to carrying large amounts of cash abroad for shopping or transactions — Update ahead！ In consideration of the rising domestic consumption standards and to promote the development of the tourism industry, the Central Bank, in accordance with Article 18-1, Paragraph 1 of the "Central Bank of the Republic of China Act," has raised the limit on the amount of New Taiwan Dollars travelers can carry when entering or leaving the country to NTD 100,000 per trip, effective from January 1, 2015.

According tothe Inspection Division of the Customs Administration, Ministry of Finance,it is currently stipulated that travelers entering or exiting the country may carry up to NTD 60,000. If the amount exceeds the limit, prior approval must be obtained from the Central Bank before departure, and the approval document must be presented for inspection upon departure. Amounts exceeding the limit without approval are not permitted to be taken out.

The Inspection Division also reminds travelers that when travelers are found to be carrying unauthorized excessive amounts of New Taiwan Dollars in or out of the country, customs officers will prohibit the carrying of such funds but will not confiscate them. As a result, it is not possible to accurately track how many cases there are each year of individuals carrying excessive amounts of NTD across borders. However, for foreign currencies such as Renminbi (RMB), if the amount exceeds RMB 20,000 and is either undeclared or falsely declared, the excess amount will be directly confiscated. Travelers are advised to pay extra