Comprehensive Guide to Converting TWD to JPY: Cost Testing of 4 Major Channels in April 2025, When is the Best Time to Exchange 1 TWD for 4.85 JPY?

The NT$ to JPY exchange rate has reached 4.85, and travel to Japan and JPY investment demand are heating up. Many people want to take this opportunity to exchange for JPY, but did you know? Simply choosing different currency exchange channels can result in cost differences of over 2,000 NT$.

This article compiles the most comprehensive JPY exchange options for 2025, including costs for bank counter exchange, online remittance, foreign currency ATMs, and more, helping you find the most cost-effective way to exchange.

Is exchanging NT$ for JPY really that important in Taiwan?

When it comes to foreign currency exchange, JPY is often the first choice for Taiwanese. But it’s not just because people like to travel to Japan—JPY plays a key role in daily spending and financial allocation.

Daily aspects: Japan remains a cash society; travel shopping, Japanese purchasing agents, studying abroad, working holidays—all require cash or account payments in JPY.

Investment aspects: The Japanese yen is one of the world’s three major safe-haven currencies (alongside USD and Swiss Franc). Japan’s economy is stable, debt is low, and during market turbulence, funds flow into JPY for hedging. During the Russia-Ukraine conflict in 2022, the yen appreciated 8% in a week, successfully offsetting stock market declines. For Taiwanese investors, exchanging for JPY can balance Taiwan stock risks.

Additionally, Japan’s ultra-low interest rate (only 0.5%) makes JPY a currency for arbitrage financing—many traders borrow low-interest JPY, convert to USD for investment (the USD/JPY interest rate differential is 4.0%), and close positions when risks rise. This dynamic influences short-term exchange rate fluctuations.

Four ways Taiwanese can exchange JPY in 2025, with cost differences reaching up to 2000 NT$

Many think exchanging for JPY only requires a trip to the bank, but in reality, the exchange rates and fees across channels vary greatly. Based on actual rates on December 10, 2025, we calculated scenarios exchanging 50,000 NT$.

Method 1: Traditional counter exchange—safe but highest cost

Bring cash NT$ directly to bank branches or airport counters to buy JPY cash notes. This is the oldest method, with safety, assistance from staff, and full denominations, but it uses the “cash selling rate” (1-2% worse than spot rate), resulting in the highest cost.

Reference cash selling rates on December 10, 2025 (per 1 JPY/NT$):

• Taiwan Bank: 0.2060 (no fee)
• Mega International Bank: 0.2062 (no fee)
• CTBC Bank: 0.2065 (no fee)
• First Commercial Bank: 0.2062 (no fee)
• E.SUN Bank: 0.2067 (per transaction NT$100)
• SinoPac Bank: 0.2058 (per NT$100)
• Hua Nan Bank: 0.2061 (no fee)
• Cathay United Bank: 0.2063 (per NT$200)
• Taipei Fubon Bank: 0.2069 (per NT$100)

For example, with Taiwan Bank, 50,000 NT$ would lose about 1,500–2,000 NT$. This method is suitable for emergency small amounts, urgent airport needs, or those unfamiliar with online operations.

Method 2: Online exchange + counter or ATM cash withdrawal—moderate cost, suitable for staged entry

Use bank app or online banking to convert NT$ to JPY at the “spot sell rate” (about 1% better than cash selling rate), then deposit into a foreign currency account. If cash is needed, go to counter or foreign currency ATM to withdraw, but an additional withdrawal fee of NT$100+ applies.

Advantages include staged operation, observing exchange rate trends, and averaging costs when the rate is low (e.g., NT$ to JPY below 4.80). E.SUN Bank, Taiwan Bank, and others support this, with a minimum of 10,000 JPY.

Estimated cost: losing about 500–1,000 NT$ on 50,000 NT$. Suitable for those with some forex experience planning to hold JPY long-term, and can also apply for JPY fixed deposits (current annual interest 1.5–1.8%) to earn interest.

Method 3: Online remittance + airport pickup—most convenient, 0.5% better rate

Recommended before traveling abroad. No foreign currency account needed. Fill in amount, currency, pickup branch, and date on the bank’s website, complete remittance, then bring ID and transaction notice to pick up in person. Taiwan Bank’s “Easy Purchase” offers this service, with a fee of NT$10 (paid via TaiwanPay), and a 0.5% exchange rate advantage.

Special advantage: Taoyuan Airport has 14 Taiwan Bank counters, including 2 24-hour branches, allowing direct pickup of JPY at the airport, avoiding last-minute exchange.

Estimated cost: losing about 300–800 NT$ on 50,000 NT$. Suitable for planners who want to pick up at the airport, requiring 1-3 days advance reservation.

Method 4: Foreign currency ATM—24/7 flexibility, limited locations

Use chip-enabled debit/credit cards at foreign currency ATMs to withdraw JPY cash, operational 24 hours. Deducts directly from NT$ account with only NT$5 interbank fee (free with our bank card), no exchange fee. Daily limit at SFB foreign currency ATMs is NT$150,000.

Disadvantages include about 200 ATMs nationwide, fixed denominations (1000, 5000, 10000 JPY), and cash shortages during peak times (e.g., airports).

Estimated cost: losing about 800–1,200 NT$ on 50,000 NT$. Suitable for those who lack time to visit banks or need immediate cash.

Summary of four exchange methods

Is now a good time to exchange for JPY? Market timing analysis

Current rate: As of December 10, 2025, NT$ to JPY is about 4.85 (1 NT$ = 4.85 JPY). Compared to early year 4.46, an appreciation of about 8.7%, making JPY exchange a profitable investment.

Short-term outlook: The Bank of Japan (BOJ) is poised to raise interest rates. Governor Ueda and hawkish comments have increased market expectations to 80%, with a rate hike of 0.25 bps to 0.75% at the December 19 meeting (a 30-year high). Japanese bond yields hit a 17-year high of 1.93%. With the US entering a rate cut cycle, the yen may find support.

USD/JPY has fallen from a high of 160 at the start of the year to around 154.58, with short-term fluctuations possibly returning to 155. Long-term forecast suggests below 150.

Investment advice:

1. Staged entry: Avoid all-in; enter in 3-4 installments between 4.80–4.90
2. Risk avoidance: While JPY is a safe-haven, it can fluctuate bidirectionally. Global arbitrage unwinding or geopolitical conflicts may depress it.
3. For beginners: Taiwan Bank’s online remittance + airport pickup or foreign currency ATM are the most convenient and cost-controlled options.

How to make your JPY work after exchange

Once you’ve exchanged JPY, don’t let it sit idle without interest. Based on your investment goals, four options:

JPY fixed deposit: Most stable. Open online via E.SUN/Taiwan Bank foreign currency accounts, minimum 10,000 JPY, annual interest 1.5–1.8%, suitable for capital preservation.

JPY insurance policies: Medium-term income. Cathay or Fubon savings insurance, guaranteed interest 2–3%, hold for 3–5 years.

JPY ETFs: Growth allocation. Yuanta 00675U tracks JPY index, can buy fractional shares via broker app, suitable for dollar-cost averaging, management fee 0.4% annually.

JPY forex trading: Swing trading. Directly trade USD/JPY or EUR/JPY, 24-hour market, long/short, small capital, suitable for experienced traders.

FAQs

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

A: Cash rate applies to physical cash (notes/coins), with the advantage of immediate delivery but usually 1-2% worse than spot rate, with higher fees. Spot rate is the market T+2 settlement rate, no physical delivery, suitable for electronic transfers, more favorable but requires waiting.

Q: How much JPY can I get with 10,000 NT$?

A: Using Taiwan Bank’s December 10, 2025, cash selling rate of 4.85, about 48,500 JPY. With spot rate 4.87, about 48,700 JPY. The difference is only NT$40.

Q: What ID do I need to bring for currency exchange?

A: Taiwanese nationals: ID card + passport; foreigners: passport + residence permit. For online booking, bring transaction notice. Under 20 needs parent accompaniment; large amounts (over NT$100,000) may require declaration of source.

Q: What’s the daily limit for foreign currency ATM withdrawals?

A: As of October 2025, most banks set daily limits at NT$100,000–150,000. Consider splitting withdrawals or using your bank card to avoid cross-bank fees (NT$5 per transaction). Cash shortages during peak times (e.g., airports) require planning ahead.

Conclusion

JPY is no longer just travel “pocket money” but an asset with hedging and investment value. Under the NT$ depreciation pressure in 2025, mastering the right timing and channels can minimize costs.

Beginners are advised to start with “Taiwan Bank online remittance + airport pickup” or “foreign currency ATM,” then transition into fixed deposits, ETFs, or swing trading based on needs. This way, you can enjoy cost-effective travel and add an extra layer of asset protection during market turbulence.