Where is the most cost-effective place to exchange TWD for JPY? Actual cost test of 4 major exchange channels

Must-Read Before Exchanging Yen: The Exchange Rate Reaches 4.85, How Should You Choose?

As of December 10, 2025, the TWD to JPY exchange rate has reached 4.85, appreciating over 8% since the beginning of the year at 4.46. Under the continuous depreciation pressure on the TWD, whether planning to travel to Japan, purchasing via purchasing agents, or asset hedging, many Taiwanese are rethinking: where is the most cost-effective place to exchange yen?

According to statistics, the demand for foreign currency exchange in Taiwan increased by 25% in the second half of last year, with the yen accounting for the largest share. However, many people do not realize that with the same 50,000 TWD, choosing different exchange channels can result in cost differences of over a thousand yuan. Today, we will use the latest bank rates to help you find the smartest way to exchange currency.

First, Do the Math: Is It Cost-Effective to Exchange TWD for Yen?

TWD has appreciated by 8.7% against JPY. What does this mean?

If you exchanged 1 million yen at an exchange rate of 4.46 at the beginning of the year, you paid 2.24 million TWD; now, to buy 1 million yen at 4.85, it only costs 2.03 million. Although short-term TWD appreciation is unfavorable for currency exchange, from a global hedging perspective, the yen, as one of the three major safe-haven currencies (along with USD and Swiss Franc), tends to resist declines during market turbulence. During the Russia-Ukraine conflict in 2022, the yen appreciated 8% in one week, effectively buffering stock market declines.

Conclusion: It’s not the lowest point now, but staggered exchange is still worthwhile. The Bank of Japan Governor Ueda Kazuo recently made hawkish comments, pushing up the rate hike expectation to 80%, with a projected rate increase to 0.75% on December 19 (a 30-year high). The USD/JPY may fluctuate around 155 in the short term, with a medium- to long-term forecast below 150. It is recommended to enter gradually rather than exchange all at once.

Where to Exchange Yen in Taiwan? Breakdown of 4 Major Channels

Option A: Online currency exchange + Airport pickup (Most recommended for travelers)

Process: Fill in currency, amount, pickup branch, and date on the bank’s website → Complete remittance → Bring ID + transaction notification to pick up in person

Estimated cost (50,000 TWD): Loss of 300-800 TWD

Taiwan Bank’s “Easy Purchase” online currency exchange service has no handling fee (pay with Taiwan Pay for only 10 TWD), with about 0.5% favorable exchange rate. This is an excellent option for planned trips, especially since Taoyuan Airport has 14 Taiwan Bank branches, including 2 open 24 hours.

Advantages: Favorable exchange rates, often no handling fees, can specify airport pickup
Disadvantages: Need to make reservations in advance (at least 1-3 days), pickup time limited by business hours
Suitable for: Travelers with confirmed itineraries who want to withdraw before departure

Option B: Bank foreign currency ATM withdrawal (Best for urgent needs)

Process: Use chips financial card at a bank’s foreign currency ATM to withdraw → Deduct directly from TWD account (interbank fee only 5 TWD)

Estimated cost (50,000 TWD): Loss of 800-1,200 TWD

SinoPac Bank’s foreign currency ATMs allow withdrawal of yen from TWD accounts, with a daily limit of 150,000 TWD, no currency exchange fee. About 200 ATMs nationwide support 24-hour withdrawals, located at airports, high-speed rail stations, and high-traffic areas.

Advantages: 24-hour instant withdrawal, low interbank fees, high flexibility
Disadvantages: Limited locations, fixed denominations (1,000/5,000/10,000 yen), cash may run out during peak times
Suitable for: People who don’t have time to visit banks or need urgent cash

Reminder: After the new regulations in 2025, most third-category digital accounts have a daily withdrawal limit reduced to 100,000-150,000 TWD. Plan ahead or use your own bank card to save on interbank fees.

Option C: Online currency exchange + Over-the-counter or ATM withdrawal (Best for forex investors)

Process: Use bank app to convert TWD to yen and deposit into foreign currency account → If cash needed, withdraw in person or via ATM (additional handling fee applies)

Estimated cost (50,000 TWD): Loss of 500-1,000 TWD

Use “spot selling rate” (about 1% better than cash selling rate). E.SUN Bank’s withdrawal fee for yen cash is the difference between spot and cash rates, starting at 100 TWD.

This method suits those monitoring exchange rates, entering in batches at low points (e.g., when TWD/JPY drops below 4.80). If not withdrawing cash, yen can be stored in a foreign currency account, earning fixed deposit interest (currently about 1.5-1.8% annually).

Advantages: 24/7 operation, ability to average costs over time, relatively favorable rates, no need to visit bank in person
Disadvantages: Need to open a foreign currency account first, withdrawal fees, interbank charges around 5-100 TWD
Suitable for: Experienced forex investors planning long-term holdings of yen

Option D: Bank over-the-counter cash exchange (Last resort)

Process: Carry cash TWD → Visit bank branch or airport counter → Show ID + passport → Exchange for cash yen

Estimated cost (50,000 TWD): Loss of 1,500-2,000 TWD

Using “cash selling rate” (about 1-2% worse than spot rate). Taiwan Bank’s cash selling rate as of 2025/12/10 09:18 is approximately 0.2060 TWD/JPY (about 4.85 TWD per yen). Some banks may also charge fixed handling fees.

Advantages: Safe and reliable, denominations available, staff assistance on-site
Disadvantages: Worst exchange rate, limited business hours (weekday 9:00-15:30), possible handling fees
Suitable for: Those unfamiliar with online operations or needing small amounts urgently

Comparison of Cash Selling Rates at Major Banks in Taiwan

Below are the cash selling rates and counter handling fees as of December 10, 2025:

(Source: Official bank websites, updated 2025/12/10)

Quick Cost Reference for 4 Major Channels

How Much Yen for 10,000 TWD? Exchange Rate Calculation Formula

Formula: Yen amount = TWD amount × current exchange rate

Using Taiwan Bank’s rate on 2025/12/10:

• Cash selling rate: approximately 4.85 (1 TWD = 4.85 JPY)
• 10,000 TWD ≈ 48,500 JPY

Using spot selling rate (about 4.87), approximately 48,700 JPY, a difference of about 200 JPY (roughly 40 TWD).

What to Do After Getting Yen? Don’t Let Your Money Sit Idle

After exchanging yen, if not used immediately, consider these value-added options:

1. Yen Fixed Deposit (Stable, annual interest 1.5-1.8%)
E.SUN, Taiwan Bank offer foreign currency accounts, starting from 10,000 yen, with monthly interest payments.

2. Yen Savings Insurance (Mid-term holding, guaranteed interest 2-3%)
Cathay, Fubon Life offer yen policies combining protection and returns.

3. Yen ETFs (Growth-oriented, e.g., 00675U, 00703)
Yuan Da’s 00675U tracks the yen index, can be bought as fractional shares via brokerage apps with an annual management fee of 0.4%.

4. USD/JPY, EUR/JPY Forex Trading (Swing trading)
Trade yen pairs on forex platforms, with 24-hour long/short trading, suitable for experienced investors.

Common FAQs About Yen Exchange

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

Cash rate is the rate banks offer for physical banknotes, suitable for travel currency exchange, with the advantage of immediate cash delivery but 1-2% worse than spot rate. Spot rate is the forex market’s T+2 settlement rate, mainly for electronic transfers, offering better rates but requiring waiting.

Q: What to bring for over-the-counter yen exchange?

Taiwanese: ID + passport; foreigners: passport + residence permit. If pre-booked online, also bring transaction notification. Under 20 need parental consent; large exchanges over 100,000 TWD may require source of funds declaration.

Q: What’s the ATM withdrawal limit for foreign currency in 2025?

Varies by bank. CTBC: TWD 120,000/day; Taishin: TWD 150,000/day; E.SUN: TWD 150,000/day (including debit). Many third-category digital accounts have limits reduced to TWD 100,000/day; consider spreading withdrawals or using your own bank card.

Summary: Two Key Principles for Smart Currency Exchange

The yen is no longer just for travel “pocket money”; it also functions as a hedging asset and investment. Whether traveling or asset allocation, mastering the principles of “staggered exchange + don’t leave money idle after exchange” can minimize costs and maximize returns.

Beginners are advised to start with “Taiwan Bank online exchange + airport pickup” or “foreign currency ATM,” then transition into deposits, ETFs, or swing trading based on needs. This way, you not only save on travel costs but also add a layer of protection during global market turbulence.

Where to exchange yen? The answer depends on your purpose, schedule, and budget. Choosing the right channel allows you to get the most yen for the least cost.