By now, you’ve almost certainly heard that Pagoda Projects are offering yearlong internship placements in Taiwan’s capital city, Taipei. You might have even started the application process already! In either case, before you set off on your adventure to this East Asian hub of culture, business and trade, it’s vital to get the answers to a few important questions: is Taipei expensive? What are my average living costs? Will I be able to afford a penthouse in Taipei 101? (Spoiler – probably not!)
The good news for you is, we’ve put together a handy guide to help you budget for living in Taipei, along with some need-to-know money saving tips.
It’s important to bear in mind that Taiwan’s currency is not the same as in Mainland China, and that prices aren’t the same either. Interns can expect to eat out at an inexpensive restaurant in Taipei for around 100-120 NTD per meal, and around 200-350 NTD when they really want to splurge! Like in many capital cities, going out for drinks at a bar can be quite expensive, with a bottle of imported beer or glass of wine costing around 150-200 NTD, and cocktails generally starting at 250 NTD.
Getting confused by all these numbers? The current exchange rates for the NTD (National Taiwan Dollar) are as follows:
£1 GBP = 38 NTD
€1 EURO = 33 NTD
$ 1 CAD = 22 NTD
*Exchange rates as of 30/06/2021. To follow any changes, click here.
How much can I expect to spend per week/month?
Not everyone will have the same budget or spending habits. Some of you may be living on a shoestring, others more willing to spend money on home comforts, while some of you may simply find that once you land in Taipei, you just cannot resist going on weekly trips to Beitou Hot Springs or a cup of bubble tea every morning. Read on to see which budget is right for you!
Low Budget for those looking to save money while still having fun and trying new things: $24,500 NTD
Middle Budget for those who treat themselves to weekly nights out, often come on trips and perhaps buy more western foods: $29,800 NTD
High Budget for those who aren’t afraid to spend more on cocktail bars, frequent taxis and other luxury items: $36,000 NTD
Bear in mind that the figures above are all estimates, and the amount each intern spends will vary depending on their personal requirements. It might be reassuring to know, however, that medical care in Taiwan is incredibly cheap – with an ARC (Alien Resident Card), you can see a doctor or dentist for just 150 NTD!
Monthly Estimates: $24,500 NTD
Rent – $8500
Food – $9000
Transport – $500
Extras – $6000
Treats – $500
Monthly Estimates: $29,800 NTD
Rent – $11,000
Food – $10,500
Transport – $1300
Extras – $6000
Treats – $1000
Monthly Estimates: $33,500 NTD
Rent – $12,500
Food – $12,000
Transport – $1500
Extras – $6000
Treats – $4000
MONEY SAVING TIPS
Maybe you’re saving up for that trip to Taroko National Park, making sure you can afford the flight home, or maybe you just need to cut back after one too many trips to the spa. Whatever the case, it can be useful to know where you can draw in the expenditures and save a few extra pennies:
1. Buy a bicycle! For interns living and working in a city as flat and compact as Taipei, the value of having a bike cannot be overstated enough. When you could spend upwards of 1400 NTD per month on metro and bus rides, buying a bicycle early on (used ones can be bought for just 1000 NTD) is a solid investment that will save you loads in the long run.
2. Alternatively, if you don’t want to commit to buying your own bike, or simply don’t have the space to store it, Taipei’s YouBike rental bicycles cost just 10 NTD for every 30 minutes. With a sprawling network of bicycle parking stations spread across the city and close to all the major tourist sites and metro stops, YouBikes are a great, low-cost way to get around.
3. Become acquainted with the 便當 biàndāng (literally ‘lunchbox’)! Don’t let its simplicity fool you, this meal of rice, four vegetables and one portion of meat or fish of your choice is served up canteen-style and is great for filling up at a reasonable price! Classic vegetable options include fried aubergine (茄子 qiézi), dried tofu (豆乾 dòugān) and egg-fried tomato (番茄炒蛋 fānqié chǎodàn), and you can expect to pay somewhere in the range of 60 to 100 NTD. For an extra discount, bring your own reusable lunchbox and the cooks typically give you another portion for free (Plus, you can earn some environmental points at the same time)!
Well, we hope this guide has proved useful! Taipei is a fast-paced, dynamic and multicultural city that rewards those who choose to settle down longer than the average traveller. A new culinary delight can be discovered daily on Taipei’s street corners and there are enough creative, trendy boutiques to satisfy any seasoned shopper, but with any luck, using the guidelines we’ve laid out here, you won’t go breaking the bank just yet.
To discover more about Pagoda Project’s exciting paid placement programme in Taipei, click here.