Yen Exchange via Four Major Channels: Practical Comparison | The Complete Guide to Yen to TWD Exchange Rate in 2025

Is it cost-effective to exchange for Japanese Yen now? Check the exchange rate first and then decide

As of December 10, 2025, the TWD to JPY exchange rate reached 4.85, meaning 1 TWD can be exchanged for 4.85 JPY. Compared to the 4.46 at the beginning of the year, the yen appreciated approximately 8.7% over the year. This is quite attractive for those planning to travel abroad or hedge their investments. Data shows that in the second half of the year, Taiwan’s foreign exchange demand increased by 25% year-over-year, mainly driven by the recovery of tourism and capital hedging needs.

But whether it’s cost-effective or not depends on how you exchange. The same 50,000 TWD, choosing the right channel can save over 1,000 TWD, while choosing the wrong one might result in losses. So instead of asking “Is it worth exchanging now?”, it’s better to ask “Which method is the most cost-effective for me?”. Based on current exchange rate trends, the JPY may fluctuate around 154-155 in the short term, and is expected to stay below 150 in the medium to long term. It is recommended to exchange in installments rather than all at once.

4 Ways to Exchange TWD for JPY｜Cost Comparison and Selection Guide

Many still stick to the old mindset of “exchanging cash at the bank counter,” but in reality, just different exchange channels can make you buy several more cups of coffee due to price differences. Below, we break down each method with actual rates.

Method 1: Immediate exchange at airport or bank counter — most convenient but most expensive

Bring cash TWD to a bank or airport counter to exchange for JPY cash, paying on the spot. It sounds straightforward, but this method uses the “cash selling rate,” which is 1-2% worse than the spot market rate, plus some banks’ handling fees, making it the most costly.

For example, Taiwan Bank’s rate on December 10, 2025, is about 0.2060 TWD/JPY (1 TWD = 4.85 JPY). With 50,000 TWD, you get about 243,000 JPY. In comparison, other methods might get you over 3,000 JPY more.

Different banks have slightly different cash selling rates: E.SUN Bank 0.2067, Taipei Fubon 0.2069, which are worse; E.SUN Bank 0.2058 is relatively better. Plus, handling fees at counters are NT$200 for Cathay United Bank, NT$100 for E.SUN, most others are free. These fees should also be considered.

Advantages: Safe, full denominations, staff assistance available
Disadvantages: Worst exchange rate, limited by bank hours (weekday 9:00-15:30), additional handling fees increase costs
Estimated cost: Loss of NT$1,500-2,000 on 50,000 TWD
Suitable for: Urgent needs, unfamiliar with online methods, last-minute cash exchange at the airport

Method 2: Online currency exchange + airport pickup — highest cost-performance ratio

No need to open a foreign currency account. Simply fill in currency, amount, pickup branch, and date on the bank’s official website. After remittance, bring ID and transaction notice to pick up in person. Taiwan Bank’s “Easy Purchase” online exchange and Mega Bank offer this service.

Pay NT$10 via Taiwan Pay, with an exchange rate about 0.5% better. The key advantage is the ability to reserve a pickup at the airport branch to receive cash JPY directly. Taoyuan Airport has 14 Taiwan Bank outlets, 2 of which operate 24 hours. For those with sufficient planning before departure, this is the most cost-effective.

The downside is needing to make a reservation 1-3 days in advance, and pickup locations cannot be changed. But if your travel date is fixed, this is not an issue.

Advantages: Better exchange rate, often no handling fee, airport pickup available
Disadvantages: Need to reserve in advance, limited to bank hours for pickup
Estimated cost: Loss of NT$300-800 on 50,000 TWD
Suitable for: Well-planned travelers, those wanting to pick up cash directly at the airport

Method 3: Foreign currency ATM — 24-hour flexible withdrawal

Use a bank card at a foreign currency ATM to withdraw cash JPY, supporting 24/7 operation, with a cross-bank fee of NT$5. Mega Bank’s foreign currency ATM allows withdrawal from TWD accounts, with a daily limit of NT$150,000, and no handling fee during exchange.

The biggest advantage is flexibility — you can decide to withdraw at the last minute, even during peak times, without worrying about cash shortages. The downside is limited locations (about 200 nationwide), and only three denominations (1,000, 5,000, 10,000 JPY). During peak times, cash may run out quickly.

Different banks have different withdrawal limits: CTBC Bank’s card limit is NT$120,000/day, Taishin Bank NT$150,000, E.SUN Bank only NT$50,000 (50 notes). Be aware of your issuing bank’s limit when withdrawing cross-bank.

Advantages: Instant withdrawal, high flexibility, lowest cross-bank fees
Disadvantages: Limited locations and denominations, cash shortages during peak times
Estimated cost: Loss of NT$800-1,200 on 50,000 TWD
Suitable for: Last-minute needs, no time for counter visit

Method 4: Online exchange + foreign currency account — ideal for investors

Use bank app to convert TWD into JPY and deposit into a foreign currency account, using the “spot sell rate,” which is about 1% better than cash selling rate. To withdraw cash later, go to a counter or ATM, but this incurs a currency conversion fee (starting around NT$100).

This method allows monitoring exchange rates and averaging costs by buying in installments at low points. With NT$50,000, you can split into 5 purchases, avoiding the risk of exchanging all at once. E.SUN Bank and Taiwan Bank support this service, with a minimum of 10,000 JPY to open a fixed deposit.

After exchanging, you can also choose to transfer into a JPY fixed deposit (current annual interest rate about 1.5-1.8%), buy JPY insurance policies (guaranteed rate 2-3%), or invest in JPY ETFs (like Yuanta 00675U). This way, your money doesn’t just sit idle without interest.

Advantages: 24-hour operation, cost averaging, better rates, investment options
Disadvantages: Need to open a foreign currency account first, withdrawal fees apply
Estimated cost: Loss of NT$500-1,000 on 50,000 TWD
Suitable for: Those with forex experience, interested in small-scale investments

Cost and suitability comparison table for 4 exchange methods

The economics behind JPY to TWD exchange rates

Why pay special attention to JPY to TWD exchange rate fluctuations? There are two main reasons.

Safe-haven currencies: JPY, USD, and CHF are the top three global safe-haven currencies. During global turmoil (e.g., Russia-Ukraine conflict in 2022), funds flow into JPY for safety, causing the yen to appreciate 8%, while stock markets drop 10%. For Taiwanese investors, exchanging for JPY is not just for leisure but also a risk management tool to hedge against Taiwan stock volatility.

BOJ rate hike expectations: Japan has maintained ultra-low interest rates (0.5%) for a long time, but rate hikes are imminent. Recent hawkish comments from Governor Ueda have increased market expectations of a rate hike to 0.75% at the December 19 meeting (a 30-year high), with 10-year JGB yields reaching 17-year highs of 1.93%. Usually, rate hikes strengthen the currency, and USD/JPY has fallen from the high of 160 at the start of the year to around 154.58. In the short term, it may return to 155, but in the medium to long term, it’s expected to stay below 150.

What does this mean? Exchanging for JPY now has investment value, but not suitable to do all at once. Staggered entry can average the risk and benefit from both exchange rate appreciation and deposit yields.

After exchanging JPY, where should the money go?

Don’t let your JPY sit idle without earning interest. Based on your risk preference, here are four common options:

1. JPY Fixed Deposit: Most stable. E.SUN and Taiwan Bank require at least 10,000 JPY, with annual interest rates of 1.5-1.8%, about 3-4 times higher than NT$ deposits.

2. JPY Insurance: Medium-term holding. Cathay Life and Fubon Life offer JPY savings insurance with guaranteed rates of 2-3%, plus protection features.

3. JPY ETFs: Growth-oriented. Yuanta 00675U tracks the JPY index, can be bought as fractional shares via broker apps, suitable for dollar-cost averaging, with an annual management fee of 0.4%.

4. Forex Swing Trading: Advanced. Trade USD/JPY or EUR/JPY directly, 24/7 trading, long/short positions, small capital required, but higher volatility risk.

Quick FAQs

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

Cash rate applies to physical cash exchange, with on-the-spot delivery but usually 1-2% worse than the market spot rate; spot rate is the T+2 settlement rate in the forex market, closer to international prices but requires waiting for settlement. Simply put, spot rate benefits those exchanging in the market, cash rate benefits banks.

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

Using Taiwan Bank’s cash sell rate on December 10, 2025, NT$10,000 exchanges for about 48,500 JPY. Using the spot sell rate (~4.87), it’s about 48,700 JPY, a difference of 200 JPY (~NT$40).

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

For locals: ID + passport; foreigners: passport + residence permit; company exchanges: business registration. If booked online, bring transaction notice. Under 20 needs a parent; amounts over NT$100,000 may require source of funds declaration.

Q: Are there withdrawal limits at foreign currency ATMs?

Different banks have different limits due to new regulations from October 2025. CTBC: NT$120,000/day; Taishin: NT$150,000; E.SUN: NT$50,000. Cross-bank withdrawals are subject to issuing bank restrictions; using your own bank card is recommended to avoid extra fees.

Final advice

The JPY has evolved from a simple travel currency to an asset with both hedging and investment value. Whether for next year’s Japan trip or hedging Taiwan stock market risks, the key is “staggered exchange + don’t leave it idle after exchanging.”

Beginners are advised to start with “Taiwan Bank online exchange + airport pickup” or “foreign currency ATM.” After familiarization, consider fixed deposits or ETF investments based on your needs. This approach minimizes costs and adds a layer of protection during global market fluctuations. Remember not to wait until the last minute—peak cash supplies often run out, so plan ahead to ensure smooth transactions.