What kind fees can I expect for using an American card in Taiwan? Is the rate worse than traveler checks?

I am studying abroad in Taiwan in a few days and I have 200 bucks in traveler's checks. My bank says I can use my card there and it gives me a good rate, but my taiwanese friends think that traveler checks are a better deal. Any info on this?

Public Comments

1. no you can use your card, considering your from the US its okay. they will just convert your purchases to US Dollars using the prevailing rate of that day. that is one of the priviledges of our cards nowadays. wherever you are. its acceptable.
2. when i traveled to taiwan i used my card and it was completly alright. they automatically convert the rate when your bill or statement comes in. right now i think you get about 8 taiwanesse dollars to one US.
3. many bank machines don't accept bank cards from other countries. You will have to search around to find the machines that do, which tends to be an annoying procedure. But once you know where one is that issue is solved. This is probably why your Taiwanese friends recommended more travellers checks. These also are a bit annoying to use as you must cash them at banks. But all banks would accept them if they are in US$. Probably about 30% of bank machines here will accept international bank cards. (this is my own estimate from my experiences- it is entirely possible I am wrong.) --If by 'card' you mean your bank account debit card. The rate is the standard rate of market exchange average over the past year in most cases, but I could be wrong on that. Using a credit card in most places is acceptable for purchasing. You can pay online as needed. Most people open an account here if they are working or studying here. ICBC is an easy to use bank with good service for foreigners, usually. Chinatrust is another (relatively) easy to use bank which has the advantage of service until 7 at night. Of course if you are sending money to USA, you should do so before 2 or 3 PM. Chinatrust also has the advantage of ATM's at most 7-11 stores. there are other banks to try of course.
4. The bank will charge a 2% foreign currency charge for every transection made.