• Directory of Taiwan

Taiwan banks offer new bills for Lunar New Year

Eight state-owned financial institutions offering banknote exchange service for red envelope money

NT$100 banknotes. 

NT$100 banknotes.  (CNA photo)

TAIPEI (Taiwan News) — For Taiwanese wanting to put new banknotes in red envelopes for the upcoming Lunar New Year holiday, the country's state-owned financial institutions will provide a banknote exchange service for five days starting Wednesday (Feb. 3).

To meet the surging demand for new banknotes ahead of the festive period, the Central Bank will allow people to exchange their old banknotes for new ones through Feb. 9, the Ministry of Finance (MOF) announced Monday (Feb. 1). However, each individual is limited to exchanging their money for no more than 100 new NT$100 cash notes.

The exchange service will be offered at 454 designated branches of eight financial institutions, including Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, Chang Hwa Bank, Taiwan Business Bank, and Chunghwa Post-operated post offices across the country. Mega International Commercial Bank, which is not listed as one of the locations, will also offer a limited banknote exchange service starting Friday (Feb. 5).

To facilitate the cash note exchange service, the Central Bank has provided a Google Map displaying the locations of all bank branches and post offices where the exchange service is available during the five business days. The public is reminded to wear a mask and follow social distancing recommendations during their visit.