日圓兌換指南：4大管道成本差異揭密，如何最省錢？

December 2025, the exchange rate of the New Taiwan Dollar (NTD) against the Japanese Yen (JPY) reaches 4.85, an 8.7% appreciation compared to 4.46 at the beginning of the year. Whether planning to travel abroad or allocate hedging assets, many are contemplating the same question: Should I exchange for Yen now? If so, how can I save the most money?

We have compiled the four most common currency exchange channels in Taiwan, calculated with real market rates, showing that exchanging 50,000 NTD could result in a loss of NT$1,500 to NT$2,000 due to choosing the wrong method.

Why is the Yen worth paying attention to? Not just for travel purposes

In Taiwan, when it comes to exchanging foreign currency, Yen is often the first choice. But the reasons behind this are much more complex than simply “liking to visit Japan.”

On a daily level, many stores in Tokyo, Osaka, Hokkaido, and other areas still primarily use cash (credit card penetration is only about 60%), and demand for purchasing agents, online shopping, studying abroad, and other needs all require Yen payments. More importantly, the Yen holds a safe-haven currency status in the financial markets.

Alongside the US Dollar and Swiss Franc, Yen is one of the world’s three major safe-haven currencies, possessing inherent stability. During market turbulence, funds tend to flow heavily into Yen—during the Russia-Ukraine conflict in 2022, Yen appreciated by 8% in a single week, effectively buffering stock market declines. For Taiwanese investors, holding Yen adds an extra layer of risk hedging.

Additionally, Japan’s central bank has maintained a long-term ultra-low interest rate policy (currently only 0.5%), making Yen a “financing currency” for international arbitrage trading. Investors borrow low-interest Yen, convert to higher-yield USD or other currencies (the US-Japan interest rate differential is about 4.0%), creating profit opportunities. When calculating forex gains, similar to CPI calculation formulas—considering the weighted comparison of current and base period exchange rates—the actual return on Yen must also deduct the cost of the exchange rate difference to determine real profit.

The four main channels for exchanging Yen in Taiwan and how much they differ in cost

Many believe that exchanging Yen simply involves walking into a bank, but in reality, the cost differences among various channels can cause you to pay thousands of NT dollars more unnecessarily. Here’s a detailed analysis:

Method 1: Bank counter cash exchange—most traditional but highest cost

Carrying cash NT$ to a bank or airport to exchange for Yen banknotes is common. However, this method uses the “cash selling rate,” which is about 1-2% worse than the international spot rate, plus possible handling fees, making it the most expensive.

For example, Taiwan Bank’s rate on December 10, 2025, is 0.2060 NT$/Yen (meaning NT$1 = 4.85 Yen). Exchanging NT$50,000 would result in a loss of about NT$1,500–2,000.

Different banks have varying rates and fees:

Suitable for: Emergency at the airport, small amounts, unfamiliar with online operations.

Method 2: Online currency exchange for direct withdrawal—efficient and cost-saving

No need to open a foreign currency account. You can place an order directly on the bank’s website, specifying currency, amount, branch, and date. After remittance, just bring your ID and transaction notification to the counter for pickup. Taiwan Bank’s “Easy Purchase” online exchange service is free (pay NT$10 via Taiwan Pay), with about 0.5% better rates.

This method is especially suitable for pre-trip planning, particularly since Taoyuan Airport has 14 Taiwan Bank branches (2 open 24 hours), allowing direct airport pickup, saving the hassle of currency exchange after arriving abroad. Estimated loss for NT$50,000 is only NT$300–800.

Suitable for: Planned travelers who want to pick up Yen directly at the airport before departure.

Method 3: Foreign currency ATMs—most flexible for temporary needs

Use a chip-enabled financial card to withdraw Yen at foreign currency ATMs supported by banks, available 24/7. Deducted directly from your NT$ account, with a cross-bank fee of NT$5, no additional exchange fee. Fubon Bank’s foreign currency ATMs have a daily withdrawal limit of NT$150,000.

Disadvantages include limited ATM locations nationwide (about 200 units), fixed denominations of 1,000, 5,000, 10,000 Yen, and during peak times (like airports), cash may run out. Estimated loss for NT$50,000 is NT$800–1,200.

Suitable for: People who don’t have time to visit a bank or need emergency cash. Avoid waiting until the last minute to prevent cash shortages.

Method 4: Online exchange into a foreign currency account—investment choice

Use online banking apps to convert NT$ into Yen and deposit into a foreign currency account, using the “spot sell rate” (about 1% better than cash selling rate). If later you need to withdraw cash, additional fees apply (from NT$100).

Advantages include 24-hour operation, ability to average costs through multiple entries, and the best exchange rates. If you’re not in a hurry to withdraw cash, you can store Yen in the account, or consider Yen fixed deposits (annual interest rate 1.5–1.8%) or Yen ETFs, achieving both holding and appreciation. Estimated loss for NT$50,000 is NT$500–1,000.

Suitable for: Experienced forex traders planning long-term holdings or investment allocations.

Quick comparison of the four exchange channels and when to choose each

Is it worthwhile to exchange Yen now? Market outlook analysis

As of December 10, 2025, the NTD/JPY rate at 4.85 has appreciated 8.7% from the start of the year, offering significant exchange gains. In the second half of the year, Taiwan’s forex demand increased by 25%, mainly driven by travel recovery and hedging needs.

However, short-term risks remain. Japan’s central bank governor Ueda Kazuo recently made hawkish comments, raising expectations of a rate hike to 0.75% at the December 19 meeting (a 17-year high), with Japanese government bond yields reaching 1.93%. The USD/JPY rate has fallen from a high of 160 at the start of the year to around 154.58, with a short-term rebound possibly to 155, but medium to long-term forecasts suggest it could fall below 150.

Conclusion: Exchanging Yen now is advantageous, but consider doing it in installments. Avoid converting all at once; instead, stagger based on travel dates or investment plans to average out exchange rate risk. For investment purposes, Yen is a safe-haven asset, but also watch out for short-term volatility when closing arbitrage positions (usually 2–5%).

After exchanging Yen, how should you manage the money?

Don’t let your Yen sit idle without earning interest. Here are four suitable options for small-scale beginners:

1. Yen Fixed Deposit: Stable, open at banks like E.SUN or Taiwan Bank, starting from 10,000 Yen, with annual interest rates of 1.5–1.8%.

2. Yen Insurance Policy: Medium-term holding, with savings insurance from Cathay or Fubon Life, offering guaranteed interest rates of 2–3%.

3. Yen ETFs: Growth-oriented, such as Yuanta 00675U tracking Yen index, available as fractional shares via broker apps, suitable for regular investment.

4. Forex Trading: For those who prefer swing trading, trade USD/JPY or EUR/JPY on forex platforms, which operate 24/7, support both long and short positions, and require less capital. Many platforms offer zero commissions and low spreads.

Note that Yen, while a safe-haven, also faces two-way volatility. Rate hikes by the Bank of Japan are positive for Yen, but global arbitrage unwinding or geopolitical conflicts (like Taiwan Strait or Middle East) could weaken it. For investment, Yen ETFs (e.g., 00675U, with 0.4% annual management fee) can diversify risk.

Common questions answered quickly

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

Cash rate applies to physical banknotes and coins, offering convenience for immediate use but is 1–2% worse than the spot rate. The spot rate is the price for foreign exchange settled within two business days in the interbank market, used for electronic transfers and bank settlements, more favorable and closer to market prices, but requires T+2 settlement.

Q. How much Yen do I get for NT$10,000?

Using Taiwan Bank’s cash selling rate of 4.85, NT$10,000 × 4.85 = 48,500 Yen. Using the spot rate of 4.87, it’s about 48,700 Yen, a difference of roughly 200 Yen (NT$40).

Q. What documents are needed for counter exchange?

Taiwanese citizens need ID + passport; foreigners need passport + residence permit. If pre-booked online, bring transaction notification. Minors under 20 need parental consent and ID; large amounts over NT$100,000 require source declaration.

Q. Are there limits on foreign currency ATM withdrawals?

From October 2025, banks have adjusted limits; many third-party digital accounts now cap at NT$100,000 per day. CTBC allows NT$120,000 per transaction and per day; Taishin Bank NT$150,000/day; E.SUN NT$50,000 per withdrawal, NT$150,000 per day (including card transactions). It’s advisable to split withdrawals or use your own bank card to avoid cross-bank fees.

Summary

Yen is no longer just for travel “pocket money,” but a multi-functional asset with hedging and investment value. Whether traveling or asset allocation, following the principles of “staggered exchange, don’t leave it idle after converting” can minimize costs and maximize returns.

Beginners are recommended to start with the simplest methods like “Taiwan Bank online exchange + airport pickup” or “foreign currency ATM,” then transition into fixed deposits, ETFs, or forex swing trading based on needs. This way, you can save money on trips and also add a layer of protection during global market turbulence.