What's the most cost-effective way to exchange Japanese Yen? How many Yen can one New Taiwan Dollar (NTD) get? Cost comparison of four major methods

The NT$ to JPY exchange rate has now reached 4.85, with Japan travel popularity surging and more investors buying yen. But do you really know how to exchange yen most cost-effectively? Choosing the wrong method can result in paying extra due to exchange spreads and fees. We’ve compiled the latest 4 currency exchange channels, calculated based on actual rates, to show you which one truly saves the most costs.

How much JPY can you get for one NT$? Understand the exchange rate first

According to Taiwan Bank’s rates on December 10, 2025, approximately 1 NT$ can be exchanged for 4.85 JPY. But this number varies depending on the exchange method you choose.

For example, with 10,000 NT$:

• Over-the-counter cash exchange: about 48,500 JPY (due to less favorable cash rate)
• Online spot rate: about 48,700 JPY (about 200 JPY better)

The same 10,000 NT$, if you pick the right method, can get you over 200 more JPY. That’s the key to saving.

Why do Taiwanese people want to exchange for yen?

Everyday use: Cash transactions in Japan are still common; credit card penetration is only around 60%. Whether shopping in Tokyo, skiing in Hokkaido, or vacationing in Okinawa, cash remains mainstream. Also, purchasing via proxy, Japanese online shopping, studying abroad, working holidays—all require yen.

Investment perspective: The yen is one of the three major safe-haven currencies globally (alongside USD and Swiss Franc). During market turbulence, funds flow into yen for safety. For example, during the Russia-Ukraine conflict in 2022, the yen appreciated 8% in a week, buffering stock market declines. For Taiwanese investors, holding yen adds an extra layer of insurance to their Taiwan stocks.

Plus, with the Bank of Japan’s rate hike expectations heating up, the yen’s interest rate spread arbitrage space is widening. Compared to 4.46 at the start of the year, it has appreciated by 8.7%, making yen exchange gains quite attractive.

Which of the 4 exchange methods is the most cost-effective?

Method 1: Bank over-the-counter cash exchange

Bring NT$ directly to a bank branch or airport counter to exchange for yen cash on the spot. This is the most traditional and straightforward method but tends to be more costly.

Banks use the “cash selling rate,” which is about 1-2% worse than the spot rate. For example, Taiwan Bank’s cash selling rate is about 0.2060 NT$/JPY (meaning 1 NT$ = 4.85 JPY).

Comparison of major banks’ cash exchange costs:

• Taiwan Bank: 0.2060 NT$/JPY, no fee
• Mega International Bank: 0.2062 NT$/JPY, no fee
• CTBC Bank: 0.2065 NT$/JPY, no fee
• E.SUN Bank: 0.2067 NT$/JPY, 100 NT$ per transaction fee
• Fubon Bank: 0.2058 NT$/JPY, 100 NT$ per transaction fee
• Cathay United Bank: 0.2063 NT$/JPY, 200 NT$ per transaction fee

Advantages: Safe, full denominations, staff assistance, immediate cash pickup.
Disadvantages: Exchange spread, limited business hours (9:00-15:30), variable fees.
Suitable for: Those unfamiliar with online operations or needing small, urgent cash.

Estimated cost (50,000 NT$): loss of about 1,500–2,000 NT$.

Method 2: Bank online exchange, withdrawal at counter or ATM

Use bank app or online banking to convert NT$ to yen at the “spot sell rate” (about 1% better than cash rate), then deposit into a foreign currency account. If cash is needed, go to a branch counter or foreign currency ATM to withdraw.

For example, E.SUN Bank’s online exchange allows withdrawal of yen cash at counters, with a fee equal to the difference between spot and cash rates, starting at NT$100.

This method suits those monitoring exchange rates, entering in batches when rates are low (e.g., NT$ to yen below 4.80), and earning deposit interest (about 1.5-1.8% annual yield).

Advantages: 24/7 operation, ability to average costs over multiple entries, relatively favorable rates.
Disadvantages: Need to open a foreign currency account, withdrawal fees apply.
Suitable for: Those experienced in forex, planning long-term holding or yen investment.

Estimated cost (50,000 NT$): loss of about 500–1,000 NT$.

Method 3: Online currency exchange, pick-up at airport or branch

No need for a foreign currency account. Fill in currency, amount, pick-up branch, and date on the bank’s website. After transfer, bring ID and transaction notice to pick up. Taiwan Bank and Mega Bank offer this service.

Taiwan Bank’s “Easy Purchase” online exchange is especially cost-effective, with no fee (pay via Taiwan Pay, only NT$10), and about 0.5% better exchange rate. You can choose to pick up at 14 Taiwan Bank locations at Taoyuan Airport (including 2 open 24 hours), perfect for pre-departure planning.

Advantages: Better rates, often no fees, airport pick-up options, well-planned.
Disadvantages: Need to book 1-3 days in advance, branches cannot modify orders.
Suitable for: Travelers planning to go abroad, wanting to pick up cash directly at the airport without delay.

Estimated cost (50,000 NT$): loss of about 300–800 NT$.

Method 4: Foreign currency ATM withdrawal 24/7

Use a chip-enabled bank card to withdraw yen cash from foreign currency ATMs, operational 24 hours. Only deduct from NT$ account, with cross-bank fee of NT$5, saving on exchange fees.

Fubon Bank’s foreign currency ATM allows daily withdrawal up to NT$150,000 worth of yen. However, locations are limited (~200 nationwide), and currency denominations are restricted, usually to mainstream bills like 1,000/5,000/10,000 yen. During peak times (e.g., airports), cash may run out, so plan ahead.

ATM daily withdrawal limits:

• CTBC Bank: equivalent to NT$120,000
• Taishin Bank: equivalent to NT$150,000
• E.SUN Bank: equivalent to NT$150,000 (including debit cards)

Advantages: Instant withdrawal, high flexibility, low fees from NT$ account, 24/7 operation.
Disadvantages: Limited locations, fixed denominations, cash shortages at peak times.
Suitable for: Those with no time to visit banks or needing urgent cash.

Estimated cost (50,000 NT$): loss of about 800–1,200 NT$.

Summary table of the 4 exchange methods

Is now a good time to exchange yen?

To judge if it’s a good time, look at the trend and central bank moves.

Currently, the yen exchange rate fluctuates significantly. At 4.85 NT$/JPY, it’s up 8.7% from the start of the year’s 4.46. The US is entering a rate-cut cycle, which could support the yen. Meanwhile, the Bank of Japan’s rate hike expectations are rising, with hawkish comments from Governor Ueda pushing market expectations to 80% for a 0.25 bps hike at the December 19 meeting (a 30-year high).

USD/JPY has fallen from 160 early this year to around 154.58, possibly returning to 155 short-term, but long-term forecasts suggest below 150, indicating room for yen appreciation.

Advice: Do staggered exchanges, avoid converting all at once. Taiwan’s forex demand increased by 25% in the second half of the year, mainly due to travel recovery and hedging needs. For investment, yen can hedge Taiwan stocks, but short-term risks include profit-taking in arbitrage trades, with potential volatility of 2-5%.

How to use yen after exchange?

Once you have yen, leaving it idle earns no interest. Consider these safer or growth-oriented options:

Yen fixed deposit: The safest. Open a foreign currency account at E.SUN or Taiwan Bank, deposit yen online. Minimum 10,000 yen, annual interest 1.5-1.8%.

Yen insurance policies: Medium-term holding. Cathay or Fubon savings insurance with 2-3% guaranteed interest, suitable for those needing insurance.

Yen ETFs: Growth-oriented. For example, Yuanta 00675U tracks the yen index, can be bought as fractional shares via broker apps, suitable for dollar-cost averaging. Management fee around 0.4%.

Arbitrage trading: Aggressive approach. Trade yen currency pairs like USD/JPY or EUR/JPY on forex platforms. Benefits include two-way trading, 24/7 access, small capital required.

While yen is a safe-haven, it also fluctuates bidirectionally. BOJ rate hikes support yen, but global arbitrage unwinding or geopolitical conflicts (Taiwan Strait, Middle East) may weaken it. For investment, ETFs diversify risk; short-term traders can use forex to capture volatility.

FAQs

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

Cash rate is the buy/sell rate banks offer for physical cash (banknotes and coins), used for travel exchange. It allows immediate cash exchange but is 1-2% worse than the spot rate, with higher costs.

Spot rate is the foreign exchange market rate for settlement within two business days (T+2), mainly for electronic transfers and non-cash transactions. It’s closer to international market prices but involves waiting for settlement.

Q: What documents are needed to exchange NT$ for yen?

For cash exchange at a branch, bring ID + passport. Foreigners need passport + residence permit. For company transactions, business registration proof. Online booking requires transaction notice.

Under 20? Need parental consent and ID. Large amounts (over NT$100,000) may require source of funds declaration.

Q: Are there withdrawal limits at foreign currency ATMs?

Yes. From October 2025, banks strengthen anti-fraud measures, with different limits:

• CTBC Bank: NT$120,000 equivalent per day
• Taishin Bank: NT$150,000 equivalent per day
• E.SUN Bank: NT$150,000 equivalent per day (including debit cards)

It’s recommended to split withdrawals or use your own bank card to avoid cross-bank fees (NT$5 per transaction). Cash shortages at peak times are common; plan ahead.

Conclusion

Yen is no longer just pocket money for travel but an asset with hedging and investment value.

How much NT$ to yen depends on your chosen method. Whether for travel or hedging against NT$ depreciation, following the principles of “staggered exchange + not leaving funds idle” can minimize costs and maximize benefits.

Beginners should start with “Taiwan Bank online exchange + airport pickup” or “foreign currency ATM,” then transfer yen into fixed deposits, ETFs, or other investments based on needs. This way, you can enjoy more cost-effective trips and add a layer of protection during market turbulence.