On Monday, the Taiwan dollar surged to NT$29.69 per US dollar, breaking the NT$30 mark. This sudden rise caused a rush for currency exchanges, overwhelming local banks’ apps and online systems.
As the Taiwan dollar continued its strong rally, it attracted widespread attention. People flocked to exchange their money, anticipating further appreciation. This surge in demand caused delays and technical issues for several banks.
Cathay United Bank and Taishin International Bank faced significant disruptions. Customers using the Cathay United Bank app were greeted with a notification stating a five-minute wait. Meanwhile, Taishin International Bank’s app experienced temporary outages, displaying messages indicating that the system was down due to high traffic.
The rush came ahead of the US Treasury’s currency report, which fueled expectations of further Taiwan dollar gains. Foreign capital inflows and panic selling of US dollars by exporters added to the upward momentum. This led to the Taiwan dollar’s sharp rise.
Additionally, the Japanese yen dipped to a six-month low, adding to the exchange frenzy. As the yen also became cheaper, more people attempted to buy foreign currencies through banking platforms. This caused even more strain on the banks’ digital services.
In response, Taishin International Bank acknowledged the overwhelming traffic and assured customers it was working to resolve the issues. The bank encouraged users to try alternative methods like Richart online banking services for their currency exchanges.
This Taiwan dollar exchange rush reflects the growing demand for foreign currencies in light of the currency’s recent surge.
