Japanese Yen Exchange Guide: Comparing the Costs of 4 Major Channels, How to Save the Most Money

The NT$ to JPY exchange rate has reached 4.85, up 8.7% year-on-year, signaling a rebound in travel and asset allocation demand for yen. But do you know? Choosing the wrong exchange method could cost you an extra 1,500 NT$. We use real data to help you find the most cost-effective way.

Should you exchange for yen now? Simply put: yes, but in installments

As of December 10, 2025, 1 NT$ equals 4.85 yen, nearly 9% higher than the 4.46 at the start of the year. Market observations show that Taiwan’s foreign exchange demand increased by 25% in the second half of the year, driven by a tourism revival and increased hedging needs.

Why is the yen so sought after? Its status as one of the three major safe-haven currencies, plus the recent hawkish stance of the Bank of Japan, has boosted expectations. Governor Ueda Kazuo’s comments pushed rate hike expectations to 80%, with a 0.25 percentage point increase to 0.75% expected at the December 19 meeting (a 30-year high). USD/JPY has fallen from 160 at the start of the year to 154.58; medium to long-term outlook is bearish below 150, with short-term potential rebound to 155.

Conclusion: Stagger your purchases rather than exchange all at once. It helps average costs and hedge against exchange rate fluctuations (estimated 2-5% volatility).

Yen vs Euro, small investors’ dilemma

For Taiwanese investors, should you choose yen or euro? Simple comparison:

Yen suits hedging + steady returns (annual deposit rate 1.5-1.8%, safe-haven attributes), while euro is better for European asset allocation. 60 euros is about 2,100 NT$, exchanging the same amount in yen is roughly 5,100 yen. Yen offers more flexibility for small allocations (many denominations).

4 exchange methods: costs and procedures overview

Method 1: Bank counter cash exchange — most traditional, highest cost

Bring NT$ cash to a bank or airport counter to buy yen notes. Simple but costly: using “cash selling rate” (1-2% worse than spot rate), plus some bank handling fees, an estimated loss of 1,500-2,000 NT$ on 50,000 NT$.

When to use: Urgent airport needs, travelers unfamiliar with online methods.

Quick check of bank cash selling rates and fees (as of 2025/12/10):

Method 2: Online transfer + in-branch withdrawal — balanced approach

Use banking app or online banking to convert NT$ into yen in your foreign currency account (enjoys about 1% discount on “spot sell rate”), then withdraw cash at branch or foreign currency ATM when needed. Withdrawal incurs a fee starting at 100 NT$.

Advantages: 24-hour operation, ability to buy in installments to average costs. Suitable for those monitoring rates or planning to buy when NT$ to yen drops below 4.80. Estimated cost on 50,000 NT$ is 500-1,000 NT$.

When to use: Experienced forex investors, those planning long-term holdings or transfers into fixed deposits/ETFs.

Method 3: Online currency exchange + airport pickup — best for office workers

No need to open a foreign currency account. Fill in currency, amount, pickup branch, and date on bank’s website, pay, then bring ID and transaction notice to pick up. Taiwan Bank’s “Easy Purchase” online exchange is fee-free (only 10 NT$ via TaiwanPay), with a 0.5% rate advantage. Taoyuan Airport has 14 Taiwan Bank counters (including 2 open 24 hours). Perfect for pre-trip planning. Estimated cost on 50,000 NT$ is 300-800 NT$.

When to use: Well-planned travelers wanting to pick up yen at the airport, especially before long holidays.

Method 4: Foreign currency ATM — fastest and most flexible

Use chip-enabled bank card at foreign currency ATMs to withdraw yen 24/7. Cross-bank fee is only 5 NT$, directly debited from NT$ account, no exchange fee. Daily withdrawal limit at E.SUN foreign currency ATMs is 150,000 NT$.

Disadvantages: Only about 200 ATMs nationwide, denominations limited to 1,000/5,000/10,000 yen, may run out during peak times (like airports). Estimated cost: 800-1,200 NT$.

When to use: No time for counter visits, need instant access. Avoid peak hours.

Cost comparison table (based on 50,000 NT$)

After exchanging yen, don’t let your money sit idle

Ways to grow your yen holdings:

Yen fixed deposit: Stable, via E.SUN/ Taiwan Bank foreign currency accounts, starting from 10,000 yen, annual interest 1.5-1.8%.

Yen insurance: Cathay/Fubon savings insurance, guaranteed interest 2-3%, medium-term holding.

Yen ETFs: Yuanta 00675U (tracking yen index), 00703, buy fractional shares via broker apps, diversify risk. Management fee about 0.4% annually.

Forex trading: Trade USD/JPY or EUR/JPY directly on platforms like Mitrade, to catch rate swings. Zero commission, low spreads, supports stop-loss/take-profit, 24-hour two-way trading.

Quick FAQs

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

Cash rate applies to physical notes/coins, with a 1-2% difference when exchanging cash on the spot. Spot rate is the T+2 settlement rate in forex market, used for electronic transfers or cashless settlement, more favorable but requires waiting.

Q: How many yen for 10,000 NT$?

As of 2025/12/10, using cash selling rate 4.85, about 48,500 yen. With spot rate 4.87, about 48,700 yen, difference of 200 yen (~40 NT$).

Q: What to bring for counter exchange?

Taiwanese: ID card + passport; foreigners: passport + residence permit. If online reservation, also bring transaction notice. Under 20 needs parental consent; amounts over 100,000 NT$ may require source of funds declaration.

Q: Daily limit for foreign currency ATM withdrawal?

Post-October 2025, most are 100,000-150,000 NT$ per day. CTBC, Taishin: about 120,000-150,000 NT$/day; E.SUN: 50,000 NT$ per transaction, 150,000 NT$/day. Suggest splitting withdrawals or using your bank’s card to avoid cross-bank fees.

Final advice

Yen has evolved from a travel “pocket money” to a hedging + investment asset. 9% annual appreciation, imminent rate hikes, and its safe-haven status all point to now being a good time to allocate into yen.

Beginner tips: Start with Taiwan Bank’s online exchange + airport pickup, or foreign currency ATM for urgent needs. Then, based on your goals, move into fixed deposits/ETFs for passive income, or try forex trading in small segments. This reduces costs and adds a layer of protection during global market volatility.

Remember: staggered exchange + not sitting idle after exchange are the golden rules to maximize yen’s value.