NTD to JPY Exchange Rate Guide: An In-Depth Analysis of 4 Major Conversion Methods and Their Costs

Is now a good time to exchange for Japanese Yen?

The TWD/JPY exchange rate reached 4.85 on December 10, 2025, up 8.7% from 4.46 at the beginning of the year. This presents a good entry point for investors looking to position in JPY. Especially amid TWD depreciation pressures, many are considering shifting into JPY for risk hedging.

According to market observations, domestic demand for JPY exchange in the second half of the year grew by 25%, mainly driven by two factors: tourism recovery and investment hedging. However, exchange rate fluctuations do exist. The Bank of Japan Governor Ueda Kazuo recently adopted a hawkish stance, raising the rate hike expectation to 80%, with a 0.25 bps increase to 0.75% at the December 19 meeting (a 30-year high). Short-term USD/JPY may fluctuate between 154-155, with a tendency toward below 150 in the medium to long term.

Therefore, converting to JPY now should be done cautiously in batches, avoiding full amount exchange at once.

Investment value of JPY: More than just travel money

Many see JPY as essential for overseas travel, but from a financial asset perspective, JPY plays a more important role.

JPY is one of the three major safe-haven currencies globally (along with USD and Swiss Franc). Japan’s stable economy and low debt levels mean funds often flow into JPY during global market turbulence. During the Russia-Ukraine conflict in 2022, JPY appreciated by 8% within a week, while the stock market fell by 10%, demonstrating its asset protection function. For Taiwanese investors, holding JPY not only facilitates travel but also effectively hedges Taiwan stock market risks.

Additionally, Japan has maintained an ultra-low interest rate policy (currently 0.5%), making JPY a popular “financing currency.” Many investors borrow low-interest JPY to convert into higher-yield USD for arbitrage (USD-JPY interest rate differential of 4.0%), making JPY an active trading instrument in financial markets.

Four paths to exchange TWD for JPY compared

There are many ways to exchange JPY, each with different costs. Based on the latest rates in 2025, here are four major exchange channels to help you quickly determine the most cost-effective method.

Method 1: Bank counter cash exchange

Carry TWD cash to a bank branch or airport to exchange for JPY cash. This is the most traditional method, simple to operate, but uses the “cash selling rate,” which is about 1-2% worse than the spot rate.

Taiwan Bank’s rate on December 10, 2025, shows a cash selling rate of about 0.2060 TWD/JPY (1 TWD = 4.85 JPY). Some banks also charge additional handling fees. Exchanging 50,000 TWD may result in a loss of 1,500-2,000 TWD, suitable for those unfamiliar with online operations or in urgent need of cash.

Cash selling rates and in-person handling fees (2025/12/10):

• Taiwan Bank: 0.2060 TWD/JPY, free
• Mega International Bank: 0.2062 TWD/JPY, free
• CTBC Bank: 0.2065 TWD/JPY, free
• First Commercial Bank: 0.2062 TWD/JPY, free
• E.SUN Bank: 0.2067 TWD/JPY, 100 TWD per transaction
• SinoPac Bank: 0.2058 TWD/JPY, 100 TWD per transaction
• Hua Nan Bank: 0.2061 TWD/JPY, free
• Cathay United Bank: 0.2063 TWD/JPY, 200 TWD per transaction
• Taipei Fubon Bank: 0.2069 TWD/JPY, 100 TWD per transaction

Method 2: Online remittance then pick up cash at branch

This has become the most popular exchange method in recent years. Using bank apps or websites, convert TWD to JPY at the “spot sell rate” (about 1% better than cash selling rate), and deposit into a foreign currency account. If cash is needed, withdraw via counter or foreign currency ATM, but additional FX fees may apply.

E.SUN Bank’s app-based exchange and cash withdrawal fees are calculated based on the rate difference, starting from 100 TWD. Suitable for investors observing rate trends and doing batch entries. Exchanging 50,000 TWD may incur a loss of 500-1,000 TWD.

Advantages include 24-hour operation and the ability to buy in batches to lower average cost, but require opening a foreign currency account in advance.

Method 3: Online currency exchange reservation for airport pickup

No need for a foreign currency account. Fill in the exchange amount and pickup branch (e.g., Taoyuan Airport) on the bank’s website. Taiwan Bank and Mega International Bank offer this service. Taiwan Bank’s “Easy Purchase” online exchange costs only 10 TWD if paid via Taiwan Pay, with about 0.5% exchange rate advantage.

Ideal before traveling abroad, especially at Taoyuan Airport, which has 14 Taiwan Bank branches, including 2 open 24 hours. Reservation takes 1-3 days; pickup is during bank hours. Exchanging 50,000 TWD may result in a loss of 300-800 TWD, with the lowest cost.

Method 4: Foreign currency ATM instant withdrawal

Use a chip-enabled bank card to withdraw JPY cash directly from foreign currency ATMs, available 24/7. Deducts only 5 TWD cross-bank fee from TWD account (no fee from our bank). Single withdrawal units are 1,000/5,000/10,000 JPY.

SinoPac Bank’s foreign currency ATMs allow withdrawal of JPY from TWD accounts, with a daily limit of 150,000 TWD and no exchange fee. Disadvantages include limited locations (about 200 ATMs) and possible cash shortages during peak times. Exchanging 50,000 TWD may incur a loss of 800-1,200 TWD.

Cost comparison of four methods

For a budget of 50,000 to 200,000 TWD, we especially recommend a hybrid approach of “online exchange + ATM withdrawal,” which locks in favorable rates and offers flexible cash access.

Cost differences between cash and exchange rates

Many overlook the cost difference between “cash selling rate” and “spot rate.”

Cash selling rate applies to physical cash transactions, where banks offer less favorable rates, paid at the time of cash delivery. For example, Taiwan Bank’s rate on December 10, 2025, at 9:18 shows about 0.2060 TWD/JPY. The advantage is portability, but the cost is higher.

Spot rate is used for T+2 electronic settlement, mainly for interbank clearing and foreign currency account transfers, close to international market rates, usually 1-2% better than cash selling rate.

For example, with 10,000 TWD:

• Cash selling rate (4.85): 48,500 JPY
• Spot sell rate (4.87): 48,700 JPY
• Difference: about 200 JPY (roughly TWD 40)

The larger the amount, the more significant the difference. Exchanging 100,000 TWD, the gap can reach 800-1,200 TWD. That’s why many recommend first locking in rates via online remittance and then withdrawing in installments.

Asset allocation after exchange: Making JPY work for you

Once you’ve exchanged for JPY, idle funds yield no benefit. Consider these four investment options, especially suitable for beginners:

Fixed deposit (conservative): Open a foreign currency account at E.SUN or Taiwan Bank, deposit JPY online. Minimum 10,000 JPY, annual interest rate 1.5-1.8%. For 50,000 JPY, expect about 800-900 JPY interest annually.

Insurance plan (medium-term): Cathay or Fubon offer JPY savings insurance with guaranteed 2-3% interest, suitable for 3-5 year holding plans.

ETF investment (growth): Buy JPY index ETFs like Yuanta 00675U, with 0.4% annual management fee, available via broker apps for fractional shares, suitable for dollar-cost averaging. Beneficial during global market turbulence and JPY appreciation.

Forex trading (advanced): Trade USD/JPY, EUR/JPY, etc., on forex platforms to catch intraday or swing moves. Pros include two-way trading, 24/7 operation, with small capital. Requires basic technical analysis skills.

While JPY has hedging features, it also fluctuates bidirectionally. Rate hikes by BOJ favor JPY, but global arbitrage unwinding or geopolitical conflicts may weaken it. For investment, diversify via JPY ETFs; for swing trading, set strict stop-loss and take-profit levels.

Quick FAQs

Q. How much JPY can I get with 10,000 TWD?
Formula: JPY amount = TWD amount × current rate.
Using Taiwan Bank’s cash selling rate 4.85: 10,000 TWD × 4.85 = 48,500 JPY.
Using spot rate 4.87: 10,000 TWD × 4.87 = 48,700 JPY.

Q. What do I need to bring for counter exchange?
Taiwanese citizens: ID + passport; foreigners: passport + residence permit; companies: business registration; online reservation: transaction notice.
Under 20: parental consent.
Exchanging over 100,000 TWD may require source declaration.

Q. What is the limit for foreign currency ATM withdrawals?
Different banks (as of October 2025):

• CTBC: equivalent to TWD 120,000/day, other banks depend on card issuer
• Taishin Bank: TWD 20,000 per transaction, TWD 150,000 per day
• E.SUN Bank: TWD 5,000 per transaction, TWD 150,000 per day

It’s recommended to split withdrawals or use our bank card to avoid cross-bank fees. During peak times (like airports), cash may run out, so plan ahead.

Summary: Master the rhythm, let JPY become an asset

JPY has evolved from just “travel pocket money” to a hedging asset. Whether for travel or asset allocation, following the principles of “batch exchange” and “post-exchange asset management” can minimize costs and maximize returns.

Beginners are advised to start with the simplest methods like “Taiwan Bank online exchange + airport pickup” or “foreign currency ATM,” then gradually move into fixed deposits, ETFs, or swing trading based on needs. This approach makes travel more economical and adds a layer of asset protection during global market risks.