The most cost-effective way to exchange Japanese Yen | Cost comparison of 4 major currency exchange methods in April 2025

December 2025, the Taiwan dollar against the Japanese yen surged to 4.85. Thinking of converting to yen for hedging or travel? Don’t rush to the bank—choosing the wrong currency exchange method could cost you an extra NT$2,000 in fees.

Why is now a good time to exchange for yen?

The yen is not just a travel currency but also one of the world’s three major safe-haven currencies (USD, Swiss Franc, Yen). This year, the Taiwan dollar has appreciated 8.7% against the yen, compared to the early-year rate of 4.46, making this wave of appreciation quite significant. Plus, the Bank of Japan is expected to raise interest rates soon (market anticipates a hike to 0.75% on December 19), so the yen remains a long-term positive.

Market data shows that in the second half of 2025, Taiwan’s currency exchange demand increased by 25%, mainly driven by travel recovery and hedging needs. If you have a budget of NT$50,000 to NT$200,000, choosing the right exchange method can really save you money.

Four ways to exchange for yen in Taiwan, with big cost differences

Method 1: Bank Counter Cash Exchange｜Most traditional but most expensive

Bring cash NT$ to a bank or airport to exchange for yen bills. Simple to operate but uses the “cash selling rate,” which is 1-2% worse than the spot rate. For example, Taiwan Bank’s cash selling rate is about NT$0.2060 per yen (roughly NT$4.85 per yen). Some banks also charge fixed handling fees.

Example calculation: NT$50,000

• Taiwan Bank cash rate: 48,500 yen, no fee
• E.SUN Bank cash rate: 47,600 yen, NT$100 fee
• Cost loss: NT$1,500–2,000

Advantages: Safe, full denominations, staff assistance available.
Disadvantages: Worst exchange rate, limited operating hours (Weekdays 9:00-15:30), hidden fees.
Suitable for: Urgent airport needs, those unfamiliar with online operations.

Method 2: Online currency exchange + in-person withdrawal｜Balanced approach

Use bank app or online banking to convert NT$ to yen at the “spot selling rate” (about 1% discount), then go to a branch or foreign currency ATM to withdraw cash. Most banks charge a withdrawal fee (minimum NT$100).

Example calculation: NT$50,000

• Online spot rate: 48,700 yen
• In-branch withdrawal fee: NT$100–200
• Cost loss: NT$500–1,000

Advantages: 24/7 operation, can split into multiple transactions for average cost, better rates.
Disadvantages: Need to open a foreign currency account first, withdrawal incurs additional fees.
Suitable for: Those experienced with forex, long-term holding, or yen deposit investments.

Method 3: Online currency exchange + airport pickup｜Best before travel

No need for a foreign currency account. Fill in currency and amount on the bank’s website, schedule pickup at a branch and date, bring ID + transaction notice to pick up cash. Taiwan Bank’s “Easy Purchase” online exchange is fee-free (pay NT$10 via TaiwanPay), with about 0.5% better rate. Taoyuan Airport has 14 Taiwan Bank counters, 2 of which operate 24 hours.

Example calculation: NT$50,000

• Online exchange rate: 48,430 yen
• Fee: NT$0 (or NT$10)
• Cost loss: NT$300–800

Advantages: No fee, better rate, can choose airport pickup.
Disadvantages: Need to book 1-3 days in advance, pickup limited to operating hours.
Suitable for: Planned travelers who want to pick up cash directly at the airport.

Method 4: Foreign currency ATM withdrawal 24/7｜Most flexible but limited

Use a chip-enabled financial card at foreign currency ATMs to withdraw yen, supporting 24-hour and interbank transactions. E.SUN Bank’s foreign currency ATM allows NT$150,000 per day withdrawal from a NT$ account, with a NT$5 interbank fee. However, only about 200 such ATMs nationwide, with fixed denominations (1,000/5,000/10,000 yen), often out of stock during peak times.

Example calculation: NT$50,000

• ATM withdrawal rate: 48,500 yen
• Interbank fee: NT$5
• Cost loss: NT$800–1,200

Advantages: Instant withdrawal, high flexibility, low interbank fee.
Disadvantages: Few locations, fixed denominations, often sold out.
Suitable for: People who can’t visit banks or need emergency cash.

Cost comparison table of 4 currency exchange methods

Data source: December 2025 bank official rates

The best strategy to exchange yen now: staggered approach

Instead of exchanging all at once, do this:

Step 1: Schedule online exchange when NT$ to yen is below 4.80

• Convert in batches online
• Pick up at airport or preferred branch
• Save about 30-50% on exchange fees

Step 2: Keep a foreign currency ATM card for emergency withdrawals

• Use for last-minute top-ups
• Low interbank fee (NT$5), available 24/7
• Avoid peak times (holidays, airport rush)

Step 3: Use online exchange for long-term planning

• Open a foreign currency account if holding long-term
• Transfer to fixed deposits (annual interest 1.5-1.8%) or ETFs (like 00675U)
• Generate passive income from idle funds

Quick FAQs

Q: How much is the difference between cash rate and spot rate?
Cash rate for physical bills is usually 1-2% worse than the spot rate. For NT$50,000, you might get 200–400 yen less.

Q: How many yen for NT$10,000?
Based on December 2025 rates, about NT$4.85 per yen, so NT$10,000 ≈ 48,500 yen (cash) or 48,700 yen (online spot).

Q: What to bring for in-person exchange?
ID + passport (foreigners bring passport + residence permit). For online booking, also bring transaction notice. Minors under 20 need a parent. Large exchanges over NT$100,000 may require source of funds declaration.

Q: Are there limits for foreign currency ATM withdrawals?
Different banks have different limits. CTBC: NT$120,000/day equivalent, Taishin: NT$150,000/day, E.SUN: NT$50,000 per transaction, NT$150,000 per day. Cross-bank card limit per transaction is NT$20,000; using your own bank card is recommended to avoid extra fees.

Summary: Exchanging yen is more than just travel money

The yen has evolved from a simple “travel pocket money” to a hedging asset and investment tool. By mastering the principles of “staggered exchange + not sitting idle after exchanging,” you can minimize currency exchange fees.

Beginners are advised to start with “Taiwan Bank online exchange + airport pickup” (lowest cost), then gradually move to deposit or ETF investments. This approach saves costs and adds a layer of protection during global market fluctuations.