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While studying in Taiwan can be a fun and exciting experience, students need to take into consideration the following: Finances-Cost of Living: Taipei is one of the most expensive cities in the world, comparable in cost with New York and London. The MTC estimates that the cost of living in Taiwan is approximately US$800 per month excluding school fees, before arriving students should prepare sufficient funds to finance their stay in Taiwan. Work: In recent years the government has taken steps to crack down on foreign nationals working without a work permit. This has affected students working as English teachers while pursuing their Chinese studies. Students who have studied at the MTC for twelve months continuously, have obtained an ARC (alien resident card) and have shown excellent academic progress may apply for a work permit from the Ministry of Education. They may then work up to a maximum of ten hours per week. Students without a work permit are forbidden to work at any job, including teaching English. Insurance: A local insurance company offers a one group insurance policy for MTC students. This is a basic accident insurance that is mandatory for all foreign students studying in Taiwan by the Ministry of Education. Students who have obtained an ARC are eligible to apply for the Taiwan National Health Insurance premium-coverage insurance packet. Obtaining Money from Abroad: Cash (in New Taiwan Dollars) is by far the most widely used method of payment in Taiwan. MTC tuition fees, for example, must be paid in cash. You should therefore have ready access to New Taiwan Dollars or another currency easily converted into cash, either New Taiwan Dollars or another currency easily converted into NT Dollars. Using Visa and Mastercard is now a reliable method of obtaining funds, as cash advances are possible at most banks and many ATMs accept credit or other bank cards issued abroad. If you do use this method, please ensure that you have an adequate monthly credit limit and check your daily cash withdrawal maximum. It may be practical to bring some cash with you, preferably in either US Dollars or NT Dollars, but banks offer slightly better exchange rates for traveler's checks. Owing to currency rate fluctuations students should make inquiries regarding current exchange rates. The current rate is approximately NT$33 to the US Dollar. Airport exchange counters may exchange currency, but the New Taiwan Dollar is best purchase at Taiwan banks.
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