Taiwan New Banknote Exchange: A Guide to Exchanging Red Envelope Cash for the 2024 Lunar New Year

With the Lunar New Year approaching in the 113th year of the Republic of China (2024 AD), the Central Bank of the Republic of China (Taiwan) announced that from February 1 (Thursday) to February 7 (Wednesday), during the five working days before the New Year holiday, 373 branches of the seven major public banks and 83 Chunghwa Post offices will offer the public the service of exchanging new NT$100, NT$200, NT$500, and NT$1,000 banknotes.

In addition, some regional banks and local credit unions also offer thoughtful service, allowing long-time customers to exchange new banknotes directly at the counter.

It is worth noting that the Central Bank stipulates that each denomination is supplied in limited quantities, but the NT$100 note is limited to 100 bills per person (though you can re-queue).

NT$100

NT$200

NT$500

NT$1,000

NT$2,000

The seven major public banks provide a total of 3,713 head offices and branches as new-banknote exchange locations across Taiwan, Penghu, Kinmen, and Matsu (please refer to Appendix 1), including:

• Bank of Taiwan: 160 business units within the territory of the Republic of China, excluding simplified branches, will provide dedicated exchange counters.
• Land Bank of Taiwan: 27 in the Taiwan area and Kinmen area.
• Taiwan Cooperative Bank: 31 in the Taiwan area.
• First Commercial Bank: 36 in the Taiwan area and Penghu area.
• Hua Nan Commercial Bank: 43 in the Taiwan area.
• Chang Hwa Commercial Bank: 35 in the Taiwan area.
• Taiwan Business Bank: 39 in the Taiwan area.

Among them, Chunghwa Post will designate 83 of its 1,298 post offices nationwide to provide new-banknote exchange services, including setting up dedicated exchange counters at 25 post offices in metropolitan areas and offering new-banknote exchange services at the general business counters of 58 post offices in remote areas (for detailed post office information, please refer to Appendix 2).

As for ordinary private banks and credit unions (Taiwan Cooperative Bank), they may decide for themselves whether to provide new-banknote exchange services.

For example, the Tamsui First Credit Cooperative provides over-the-counter exchange of small amounts of new banknotes, and Taipei Fubon Bank provides over-the-counter withdrawal of new banknotes for depositors at its 127 branches across Taiwan.

However, due to factors such as fund allocation and inventory limits, each bank’s exchange location has a daily limit on the supply of new banknotes. If the public cannot exchange enough of the new banknotes they need, please inquire at other nearby exchange locations.

In addition, Mega Bank is not a Central Bank-designated exchange bank and only provides new-banknote exchange services during the three working days from February 5 to 7.

The Central Bank stated that each exchange unit must post a notice at its entrance and business hall reading “This branch (sub-office) provides new-banknote exchange; NT$2,000 and NT$200 notes are welcome for exchange; the NT$100 note is limited to 100 bills per person; the remaining NT$1,000 and NT$500 notes are supplied in limited quantities,” and set up a dedicated “new-banknote exchange counter” to clearly inform the public of the relevant exchange rules. The most popular red NT$100 note among the new banknotes still maintains the rule of previous years: each person can exchange only 100 bills (NT$10,000 in total) per visit.

Recommended Appendices

1. Red envelope price guide: super practical information for the Lunar New Year and New Year’s Eve.
2. The 113th year of the Republic of China holiday calendar: consecutive holidays (national holidays, Lunar New Year holiday) 2024 holiday schedule for Taiwan, Penghu, Kinmen, and Matsu (make-up holidays, working days).

Appendix 1: Information on Branches of the Seven Major Public Banks Providing New-Banknote Exchange

Bank of Taiwan (160 total)

160 business units across Taiwan, Penghu, Kinmen, and Matsu, excluding simplified branches. (Bank of Taiwan’s list of 160 new-banknote exchange locations before the Lunar New Year.PDF)

Official website: Bank of Taiwan.

Land Bank of Taiwan (27 total)

• Taiwan area:

Northern Taiwan, Keelung, and Yilan: Business Department, Heping, Guting, Zhongxiao, Nangang, Banqiao, Yilan.

• Taoyuan, Hsinchu, and Miaoli: Taoyuan, Hsinchu, Tongxiao.
• Taichung, Changhua, and Nantou: Taichung, Nantou, Fuxing.
• Yunlin, Chiayi, and Tainan: Douliu, Chiayi, Tainan, Baihe.
• Kaohsiung and Pingtung: Kaohsiung, Pingtung, Meinong, Fangliao, Gaoshu, Dashe.
• Hualien and Taitung: Hualien, Yuli.

Kinmen area: Kinmen, Jincheng.

Official website: Land Bank of Taiwan.

Taiwan Cooperative Bank (31 total)

• Northern Taiwan, Keelung, and Yilan: Business Department, Ximen, Dadaocheng, Sanchong, Banqiao, Zhonghe, Jiaoxi, Yilan.
• Taoyuan, Hsinchu, and Miaoli: Taoyuan, Hsinchu, Miaoli.
• Taichung, Changhua, and Nantou: North Taichung, Taichung, Zhongqing, Wenxin, Zhongquan, Shengang, Fengyuan, Jiji, Puli, Zhushan, Changhua, Shengang.
• Yunlin, Chiayi, and Tainan: Linnei, Chiayi, Tainan.
• Kaohsiung and Pingtung: Kaohsiung, Dashu, Wujia, Wandan, Chaozhou.

Official website: Taiwan Cooperative Bank.

First Bank (36 total)

• Taiwan area:

Northern Taiwan, Keelung, and Yilan: Business Department, Anhe, Yuanshan, Beitou, Shipai, Jiangzicui, Yonghe, Tamsui, Xizhi, Keelung, Ruifang, Yilan.

• Taoyuan, Hsinchu, and Miaoli: Zhongli, Guanxi.
• Taichung, Changhua, and Nantou: Taichung.
• Yunlin, Chiayi, and Tainan: Xiluo, Puzi, Jiali, Madou, Shanhua, Xinhua, Guiren, Yanshui, Yongkang, Dawan, Tainan.
• Kaohsiung and Pingtung: Kaohsiung, Ziben, Luzhu, Qishan, Wanluan, Hengchun, Linyuan.
• Hualien and Taitung: Hualien, Taitung.

Penghu area: Penghu Branch.

Official website: First Commercial Bank.

Hua Nan Bank (43 total)

• Northern Taiwan, Keelung, and Yilan: Business Department, Minsheng, Zhongxiao East Road, Nanjing East Road, Yuanshan, Xindian, Taishan, Sanxia, Yingge.
• Taoyuan, Hsinchu, and Miaoli: Guishan, Nankan, Bade, Daxi, Guanyin, Zhongli, Longtan, Yangmei, Xinfeng, Zhudong, Zhunan.
• Taichung, Changhua, and Nantou: Taichung, Dongshi, Qingshui, Shalu, Caotun, Hemei, Xihu, Yuanlin.
• Yunlin, Chiayi, and Tainan: Xiluo, Puzi, Xinying, Madou, Tainan, Yongkang, Rende.
• Kaohsiung and Pingtung: Luzhu, Neipu, Renwu, Jiadong, Kaohsiung, Xiaogang, Fengshan, Pingtung.

Official website: Hua Nan Commercial Bank.

Chang Hwa Bank (35 total)

• Northern Taiwan, Keelung, and Yilan: Head Office Branch, Datong, Dunhua, Minsheng, Chengdong, Xinzhuang, Linkou, Ruifang.
• Taoyuan, Hsinchu, and Miaoli: Taoyuan, Hsinchu, Yuanli.
• Taichung, Changhua, and Nantou: Business Department Branch, Taichung, Dongshi, Dali, Qingshui, Shalu, Dadu, Caotun, Nantou, Shuiliikeng, Changhua, Xihu, Erlin, Beidou.
• Yunlin, Chiayi, and Tainan: Douliu, Xiluo, Dounan, Tuku, Beigang, Dalin, Chiayi, Tainan.
• Kaohsiung and Pingtung: Kaohsiung, Hengchun.

Official website: Chang Hwa Commercial Bank.

Taiwan Business Bank (39 total)

• Northern Taiwan, Keelung, and Yilan: Business Department, Songjiang, Zhongxiao, Nanjing East Road, Da’an, Wugu, Linkou, Keelung, Yilan.
• Taoyuan, Hsinchu, and Miaoli: Nankan, Bade, Dayuan, Zhongli, Longtan, Hukou, Zhubei, Zhudong, Zhunan.
• Taichung, Changhua, and Nantou: Taichung, Wuri, Shalu, Caotun, Nantou, Zhushan, Changhua, Hemei, Beidou, Erlin.
• Yunlin, Chiayi, and Tainan: Douliu, Beigang, Minxiong, Chiayi, Shanhua, Xuejia, Tainan, Rende.
• Kaohsiung and Pingtung: Kaohsiung, Pingtung.
• Hualien and Taitung: Hualien.

Official website: Taiwan Business Bank.

Appendix 2: Information on the 83 Chunghwa Post Offices Providing New-Banknote Exchange

• Northern Taiwan, Keelung, and Yilan: Taipei Beimen, Shenkeng Caodiwei, Banqiao Wenhua Road, Sanchong Zhongshan Road, Keelung Ai 3rd Road, Bali, Linkou, Yilan Zhongshan Road, Toucheng, Zhuangwei, Yuanshan, Sanxing, Wujie, Nan’ao.

• Taoyuan, Hsinchu, and Miaoli: Taoyuan Chenggong Road, Bade Danan, Zhongli, Xinwu, Longtan, Yangmei, Hsinchu Wuchang Street, Xinpu, Baoshan, Qionglin, Beipu, Hsinchu Niupu, Miaoli Zhongmiao, Houlong, Touwu, Gongguan, Dahu, Tongluo, Sanyi, Zhuolan, Nanzhuang.

• Taichung, Changhua, and Nantou: Taichung Minquan Road, Fengyuan, Nantou Sanhe, Changhua Zhongyang Road, Fenyuan, Yuanlin.

• Yunlin, Chiayi, and Tainan: Chiayi Wenhua Road, Yizhu, Budai, Douliu Xiping Road, Gukeng, Citong, Tainan Chenggong Road, Xinying, Houbi, Dongshan, Liujia, Xiaying, Liuying.

• Kaohsiung and Pingtung: Xinxing, Fengshan, Liugui, Pingtung Minsheng Road, Xinpi, Nanzhou, Zhutian, Linbian, Checheng.

• Hualien and Taitung: Hualien Guo’an, Fuli, Xincheng, Shoufeng, Fenglin, Guangfu, Ruisui, Taitung Datong Road, Taitung Beinan, Luye, Guanshan, Chishang, Donghe Taiyuan, Chenggong, Changbin, Taimali, Dawu.

Green Island and Orchid Island areas.

Penghu Archipelago area: Magong Zhongzheng Road.

Official website: Chunghwa Post.