Is it easy to exchange Japanese Yen now? A comparison of the fees and exchange rates for four different currency exchange methods

December 10, 2025, the TWD to JPY quote is 4.85. This level has become a popular period for exchanging JPY. Is it really worth exchanging now? Most importantly, how can you exchange to minimize the handling fee for JPY?

Let’s speak directly with numbers and break down the actual costs and exchange rate differences across Taiwan’s four major currency exchange channels.

Clear Overview of the Four Major JPY Exchange Channels

First, understand the differences between various exchange methods. The key differences are the exchange rate tier and handling fee for exchanging JPY.

Method 1: Airport or bank counter—most secure but most expensive

Exchange cash TWD directly at a bank or airport counter for JPY cash.

Banks apply the “cash selling rate,” which is about 1-2% worse than the market spot rate, plus possible counter service fees (some banks charge NT$100-200). Overall, this is the highest cost among the four methods.

For example, Taiwan Bank’s cash selling rate on December 10 is 0.2060 TWD/JPY (meaning 1 TWD = 4.85 JPY). Mega Bank, Hua Nan Bank, and others are around 0.2058-0.2065. Adding fees, NT$50,000 might cost an extra NT$1,500-2,000.

Advantages:** Safe, full denominations, on-site assistance, no tech issues** Disadvantages:** Highest cost, limited operating hours (Weekdays 9:00-15:30), closed on holidays** Suitable for:** Elderly, non-internet users, urgent airport needs**

Method 2: Online banking transfer + counter pickup—better rate but requires bank visit

Transfer TWD to a JPY foreign currency account via bank app or website, using the more favorable “spot selling rate” (about 1% better than cash rate). When cash is needed, pick up at counter or withdraw via foreign currency ATM.

Handling fee for JPY exchange here is only the withdrawal fee (NT$5-100 cross-bank), with total loss controlled within NT$500-1,000 (for NT$50,000).

Cons: Need to open a foreign currency account, sometimes T+2 settlement delay.

Advantages:** Better rate, 24/7 operation, flexible installment, good for observing low rates** Disadvantages:** Need account opening, withdrawal fees, possible settlement wait** Suitable for:** Experienced forex investors, long-term JPY holders**

Method 3: Online reservation for direct airport delivery—smartest lazy method

No need to open a foreign currency account. Fill in amount, select airport branch, choose date online, and the bank prepares the money for you. Taiwan Bank’s “Easy Purchase” and Mega Bank offer this service.

For example, Taiwan Bank charges only NT$10 (via Taiwan Pay), with about 0.5% favorable rate, resulting in NT$300-800 loss. Taoyuan Airport has 14 Taiwan Bank branches, 2 of which operate 24 hours—very convenient for pickup before departure.

Advantages:** Cheapest, almost no handling fee, favorable rate, airport pickup, time-saving** Disadvantages:** Need to book 1-3 days in advance, pickup limited by bank hours, branches cannot be changed** Suitable for:** Planned travelers, those preparing a week before departure**

Method 4: Foreign currency ATM withdrawal—most flexible

Use a chip-enabled financial card at foreign currency ATMs to withdraw JPY cash 24/7. TWD withdrawal costs NT$5 cross-bank fee, no additional JPY exchange fee.

SengFeng Bank’s foreign currency ATM limit is NT$150,000 per day (no exchange fee). E.Sun Bank and others offer similar services. Drawback: limited locations (~200 nationwide), cash may run out during peak times.

Advantages:** Most flexible, 24/7 access, low cross-bank fee, no exchange fee, no queues** Disadvantages:** Few locations, fixed denominations (1,000/5,000/10,000 JPY), possible out-of-stock during busy hours**

Direct Cost Comparison of the Four Methods

Assuming you exchange NT$50,000 at the December 10 rate:

Most cost-effective: Online reservation (lowest handling fee)
Most flexible: Foreign currency ATM (anytime, anywhere)
Best balance: Online transfer + reservation combined

How to exchange NT$50,000, NT$100,000, NT$500,000 now?

Small amount (NT$50k-NT$100k):
Use online transfer + airport pickup, saving time and fees, with handling costs under NT$10.

Mid-range (NT$100k-NT$500k):
Divide into batches. First, exchange half via online transfer at a good rate, then wait for a better rate to exchange the rest. Use online reservation as backup. This can reduce total costs by 30-40% compared to a single counter exchange.

Large amount (over NT$500k):
Use a combination of online transfer, bank account transfer, and ATM withdrawal. Monitor BOJ rate hikes for impact. For amounts over NT$100k, declare source of funds in advance and prepare documentation.

When is the best time to exchange JPY?

Since 2025, JPY has appreciated 8.7%, from 4.46 at the start of the year to 4.85 now. In the short term, BOJ Governor Ueda’s hawkish comments have pushed market rate hike expectations to 80%, with a 0.25 bps increase to 0.75% expected on December 19 (30-year high).

This will cause short-term JPY fluctuations between 154-156, but medium to long-term (3-6 months) forecasts suggest below 150. In other words, now is not the lowest point but already relatively high.

Recommend staggered exchange:

• Exchange 30-40% now (if planning to travel or hedging)
• Wait for JPY to reach 4.75-4.80 and exchange another 40%
• Keep 20-30% for opportunistic timing

This way, even if the rate drops another 2-3%, your average cost won’t be too high.

After exchanging JPY, don’t leave the money idle

If just holding (cash JPY with no interest), it’s a waste.

Safest: JPY fixed deposit, annual interest 1.5-1.8%, starting from 10,000 JPY, available at E.Sun, Taiwan Bank
Moderate risk: JPY insurance policies, such as Cathay or Fubon savings insurance, with 2-3% guaranteed interest
Growth-oriented: JPY ETFs (Yuanta 00675U, Fubon 00703), annual management fee 0.4%, fractional investing, tracking JPY index
Advanced: Forex swing trading via platforms like Mitrade, trading USD/JPY or EUR/JPY, zero commission, low spreads, 24/7 trading

While JPY is a hedge, it also has two-way volatility. BOJ rate hikes favor long-term holding, but global arbitrage unwinding or geopolitical tensions (Taiwan Strait) may temporarily depress the rate. Beginners should start with fixed deposits, then consider ETFs or forex trading after experience.

Quick Q&A

Q: How much is the difference between cash rate and spot rate?
Cash rate is for physical bills and coins, usually 1-2% worse than the spot rate (market rate). Spot rate is used for interbank transfers and electronic settlements, settled T+2. Simply put, cash exchange involves paying the rate difference.

Q: Average handling fee for exchanging JPY?
Counter cash is highest (NT$100-200), online exchange lowest (NT$10-100), foreign ATM cross-bank NT$5. Choosing the right method can save over NT$1,000 on NT$50,000.

Q: How many JPY for NT$10,000?
At the spot rate 4.85, NT$10,000 ≈ 48,500 JPY. Using cash rate 0.2060 (4.85), you get 48,500 JPY; at 0.2063 (4.87), about 48,700 JPY. The difference is roughly 200 JPY, representing your cost.

Q: What to bring for counter exchange?
Taiwanese: ID card + passport; foreign nationals: passport + residence permit. For companies: business registration. Under 20: parent consent + ID. For amounts over NT$100,000: declare source of funds.

Q: Daily limit for foreign currency ATM?
Varies by bank. TSCB: NT$150,000/day; CTBC: NT$120,000/day; E.Sun: NT$150,000/day. Post-2025, stricter anti-fraud measures mean many banks limit to NT$100,000-150,000/day, so consider splitting or using your own bank card.

Final Advice

JPY is no longer just for travel “pocket money” but also a hedge and investment asset. Master the principles of staggered exchange + not leaving the position idle to minimize handling fees and costs.

Beginner tip: start with Taiwan Bank’s online exchange for airport pickup (lowest cost, no-brainer). After experience, consider fixed deposits, ETFs, or swing trading based on needs. This way, traveling becomes cheaper, and you gain extra protection during market volatility.

Start planning now—don’t wait until the last minute and get caught by high rates.