Is now a good time to exchange Japanese Yen? Understand once and for all where to exchange Japanese Yen in Taiwan to save the most.

December 2025, the Taiwan dollar (TWD) fell to 4.85 against the Japanese Yen (JPY), appreciating nearly 9% in one year. For Taiwanese who want to travel abroad or allocate hedging assets, this is a good time to exchange currency—provided you know where to get the best exchange rate for JPY.

Bank counters, online currency exchange, foreign currency ATMs, and even forex trading platforms each have cost differences that can exceed NT$2,000. We tested the latest rates from major banks like Bank of Taiwan, E.SUN, and CTBC to reveal the true money-saving tips.

Why exchange JPY now?

The Yen is not just a travel currency but also one of the world’s three major safe-haven currencies.

In times of rising geopolitical risks, the Yen is highly sought after due to Japan’s stable economy and low debt ratio. During the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in a week, while the stock market fell 10%—showing the power of hedging. For Taiwanese investors, holding Yen adds an extra layer of protection for Taiwan stocks.

Additionally, the Bank of Japan recently started a rate hike cycle, with the December 19 meeting expected to raise rates by 0.25 bps to 0.75% (a 30-year high), and Japanese bond yields have broken 1.93%. This means the yield on Yen deposits (currently 1.5-1.8% annually) will continue to attract capital.

In the second half of the year, Taiwan’s foreign exchange demand grew by 25%, mainly driven by tourism recovery and asset allocation. Moving into Yen now balances both travel and financial planning.

Cost traps in exchanging TWD for JPY

Many people are used to exchanging currency directly at banks, but the exchange rate difference alone can eat up several hundred NT dollars. Using NT$50,000 as an example:

Difference between cash selling rate vs. spot rate

• In-branch cash purchase: 1 Yen ≈ NT$0.2060 (about NT$4.85 per Yen), costing NT$1,500-2,000 in losses
• Online spot rate: 1 Yen ≈ NT$0.2053 (about NT$4.87 per Yen), with lower losses

The difference seems small, but exchanging NT$50,000 results in a 200-300 Yen difference. Repeated exchanges make the cost gap more significant.

Plus, there are handling fees (some banks charge NT$100-200 per transaction), cross-bank withdrawal fees (NT$5-100), which quickly inflate overall costs.

Where to exchange JPY? Four practical methods compared

Method 1: Bank counter — the most traditional but most expensive

Bring cash NT$ to a bank branch or airport counter to exchange for Yen on the spot.

Rate reference (as of December 10, 2025):

Estimated cost: NT$50,000 exchange costs NT$1,500-2,000

Pros: Safe, reliable, denominations available, staff assistance on-site, suitable for seniors or first-time exchangers.

Cons: Limited by business hours (weekday 9:00-15:30), worse rates, handling fees may add up.

Best for: Urgent airport needs, unfamiliar with online methods, small amounts in emergency.

Method 2: Online exchange + in-person withdrawal — flexible and cost-effective

Use bank app or online banking to convert NT$ into Yen and deposit into a foreign currency account (using spot rate). If cash is needed, withdraw at counter or ATM.

Ideal for monitoring exchange rates and entering in batches when NT$ to Yen drops below 4.80.

Estimated cost: NT$50,000 exchange costs NT$500-1,000

Pros: 24/7 operation, can buy in installments to average costs, about 1% cheaper than cash purchase.

Cons: Need to open a foreign currency account first, extra handling fee for cash withdrawal (NT$5-100 cross-bank).

Best for: Those with forex investment experience, wanting to leverage fixed deposits with an annual interest rate of 1.6%.

Method 3: Online currency exchange + airport pickup — perfect before travel

No need for a foreign currency account. Fill in currency, amount, pickup branch, and date on the bank’s website. After remittance, pick up with ID and transaction notice.

Bank of Taiwan’s “Easy Purchase” online exchange is fee-free (pay NT$10 via TaiwanPay), with about 0.5% better rates. Taoyuan Airport has 14 Bank of Taiwan counters (2 open 24 hours), very convenient.

Estimated cost: NT$50,000 exchange costs NT$300-800

Pros: Better rates, usually no handling fee, can specify airport pickup.

Cons: Need to book at least 1-3 days in advance, pickup during bank hours, branch cannot change.

Best for: Planned trips, pre-arranged before departure, travelers wanting direct airport withdrawal.

Method 4: Foreign currency ATM — 24-hour instant withdrawal

Use chip-enabled bank card at foreign currency ATMs to withdraw Yen cash, operational 24/7. E.SUN’s foreign currency ATMs allow NT$ account holders to withdraw Yen with a daily limit of NT$150,000, no exchange fee, only NT$5 cross-bank fee.

About 200 ATMs nationwide, but denominations are fixed (1000/5000/10000 Yen).

Estimated cost: NT$50,000 exchange costs NT$800-1,200

Pros: Instant withdrawal, maximum flexibility, deduct from NT$ account to save on fees.

Cons: Limited locations and denominations, cash may run out during peak times (like airports).

Best for: Last-minute needs, no time to visit bank, urgent cash withdrawal.

How beginners should choose? The most cost-effective is a mixed approach

Budget NT$50,000-200,000: “Online exchange + airport pickup” or “Online exchange + foreign currency ATM” are most economical, with costs under NT$1,000.

Budget over NT$200,000: Batch online exchanges, multiple withdrawals at airport or ATM, for lower average costs.

Emergency situations: Skip the best rates, use bank counter or ATM for convenience.

After getting Yen, don’t just let it sit idle

Once you have Yen, it shouldn’t just be stored waiting for depreciation. Depending on your risk appetite, four options:

Conservative — Yen fixed deposit

Open a foreign currency account at E.SUN, Bank of Taiwan, etc., starting from NT$10,000 Yen, with annual interest of 1.5-1.8%, suitable for 3-12 months holding.

Mid-term — Yen insurance policy

Cathay, Fubon life savings insurance with guaranteed interest rates of 2-3%, lock-in for 3-5 years, stable returns.

Growth — Yen ETFs

Yuan Da 00675U tracking Yen index, can buy fractional shares via broker app, dollar-cost averaging to diversify risk, suitable for over 1-year holding.

Swing trading — Forex USD/JPY

Trade USD/JPY or EUR/JPY directly on forex platforms, zero commission, 24-hour trading, capturing exchange rate fluctuations. Both long and short positions possible with small capital, but requires technical analysis and risk management.

Common questions

Q: With an exchange rate of 4.85, how much Yen for NT$10,000?

Calculation: Yen amount = NT$ amount × current rate

Using Bank of Taiwan cash selling rate 4.85: NT$10,000 ≈ 48,500 Yen; with spot rate 4.87: NT$10,000 ≈ 48,700 Yen, difference of about 200 Yen (~NT$40).

Q: What’s the difference between cash rate and spot rate?

Cash rate is used for physical cash transactions, usually higher cost (banks handle cash counting and security). Spot rate is used for electronic transfers, import/export, T+2 settlement, closer to international market price, more favorable.

Q: What ID to bring for in-branch exchange?

Taiwanese: ID card + passport; foreigners: passport + residence permit. For online booking, also bring transaction notice. Large amounts (over NT$100,000) may require source of funds declaration.

Q: Daily withdrawal limit at foreign currency ATMs?

Varies by bank (since October 2025, many banks have strengthened anti-fraud measures):

• CTBC: NT$120,000 per day
• Taishin Bank: NT$150,000 per day
• E.SUN: NT$50,000 per transaction, NT$150,000 per day

It’s recommended to split withdrawals or use your own bank card to avoid cross-bank fees.

Summary: Yen is no longer just for travel, but a tool for asset allocation

Yen combines hedging and yield potential. Currently, TWD/JPY is at 4.85, up nearly 9% from early year’s 4.46. For hedging or planning to go abroad, it’s a good entry point.

The key is mastering “batch exchange and post-exchange allocation.” Beginners can start with “Bank of Taiwan online exchange + airport pickup” or “foreign currency ATM,” then move into fixed deposits, ETFs, or swing trading as needed.

This not only makes travel more cost-effective but also adds a layer of risk hedging amid global market volatility. Where to exchange Yen most cheaply? The answer is in your hands—choose the right method, save not just money but also effort.