How to get the best exchange rate for Japanese Yen? A comparison chart showing which bank is the cheapest

By the end of 2025, the NT dollar to Japanese Yen exchange rate reaches 4.85, and many people start planning trips to Japan or investing in Yen. But did you know? Choosing the wrong bank for currency exchange can cost you over 1,000 NT dollars due to exchange rate differences alone. We’ve compiled the latest bank selection guide and four currency exchange methods to help you find the most cost-effective way.

Bank selection is key: Why is the in-person exchange rate 1% different?

Many think exchanging Yen at a bank is straightforward, but they don’t realize how much cash exchange rates vary between banks. For example, on the same day, the cash selling rate at different banks can range from 0.2058 NT$/Yen to 0.2069 NT$/Yen. That’s only about a 0.11% difference, but exchanging 50,000 NT dollars can result in a difference of roughly 600–800 NT dollars.

Why such a big difference? Mainly because each bank has different procurement costs, risk assessments, and fee policies. Taiwan Bank usually leads with industry standards, but some banks offer discounts for specific customer groups. Plus, fee differences (some banks are free, others charge 100–200 NT per transaction) make the total cost difference even more significant.

Below is a comparison of in-person cash exchange rates at major banks (based on early December 2025 data):

Conclusion: Taipei Fubon and E.SUN Bank have the lowest overall costs, but if you prefer not to visit multiple banks and are sensitive to fees, Taiwan Bank’s free service makes it more economical.

Four major currency exchange channels cost comparison: online exchange, ATM, in-person — which to choose?

Besides in-person cash exchange, there are three other ways to significantly reduce costs. Choosing the right method can save you 500–1,000 NT dollars on a 50,000 NT dollar exchange.

Method 1: In-person cash exchange (traditional but most expensive)

Bring NT cash to a bank branch to exchange for Yen notes. It’s the safest and most convenient way, but also the most costly—using the “cash sell rate,” which is about 1–2% worse than the spot rate.

• Suitable for: Urgent airport needs, small or temporary transactions
• Cost: Loss of about 1,500–2,000 NT$ (for 50,000 NT$)
• Advantages: Denominations available, instant cash, no appointment needed
• Disadvantages: Business hours (9:00–15:30), worst rates, possible extra fees

Method 2: Online exchange, pick up cash at branch (moderate cost)

Use bank online banking or app to convert NT dollars into Yen in your foreign currency account, using the “spot sell rate” (about 1% discount). If you need cash, you can withdraw at a branch or foreign currency ATM.

E.SUN Bank’s app allows online currency exchange, with withdrawal fees depending on the rate difference, starting at 100 NT$. This method is suitable for monitoring exchange rates and entering the market at low points (e.g., when NT$/Yen drops below 4.80).

• Suitable for: Forex investors, those with regular foreign currency accounts
• Cost: Loss of about 500–1,000 NT$ (for 50,000 NT$)
• Advantages: 24/7 operation, dollar-cost averaging, favorable rates
• Disadvantages: Need to open a foreign currency account, withdrawal fees apply

Method 3: Online exchange, airport pickup (most cost-effective pre-arranged method)

No need for a foreign currency account. Fill in currency, amount, pickup branch, and date on the bank’s website. After remittance, bring ID and transaction notice to pick up the Yen at the branch. Taiwan Bank’s “Easy Purchase” online exchange is fee-free (pay via TaiwanPay, only 10 NT$), with about 0.5% rate advantage. You can reserve pickup at Taoyuan Airport branches (14 locations, including 2 24-hour branches).

This is the best pre-trip booking method, especially for planned travelers.

• Suitable for: Travelers planning ahead, needing airport pickup
• Cost: Loss of about 300–800 NT$ (for 50,000 NT$)
• Advantages: Better rates, often no fees, designated airport pickup, planning flexibility
• Disadvantages: Requires prior reservation (1–3 days), branch changes not allowed

Method 4: Foreign currency ATM (most flexible for last-minute needs)

Use a chip-enabled bank card at foreign currency ATMs to withdraw Yen cash. Supports 24-hour operation and interbank transactions (only 5 NT$ fee for interbank withdrawal from NT dollar account). E.SUN Bank’s foreign currency ATM allows withdrawal of Yen equivalent to NT$150,000 per day, with no exchange fee.

Advantages include no need to coordinate with bank hours, but limited locations (about 200 nationwide) and fixed denominations (1,000/5,000/10,000 Yen). During peak times (airports, tourist spots), cash may run out, so don’t wait until the last minute.

• Suitable for: No time to visit banks, last-minute cash needs
• Cost: Loss of about 800–1,200 NT$ (for 50,000 NT$)
• Advantages: 24-hour access, low cross-bank fees, flexible
• Disadvantages: Limited locations and denominations, cash shortages at peak times

For beginners: Which bank + method is most cost-effective?

Based on different needs, here are recommended combinations:

Is it worth exchanging Yen now? Use batch entry to mitigate risk

Recently, NT$/Yen has held around 4.85, up from 4.46 earlier this year, appreciating about 8.7%. The exchange gains are significant, especially amid NT$ depreciation pressures.

But is now a good time? Yes, but consider batching your purchases.

Yen is currently volatile. The Bank of Japan’s rate hike expectations are becoming clearer, with hawkish comments from Governor Ueda. Japan has recently raised rates, with 17-year high yields on Japanese government bonds. USD/JPY has fallen from 160 early this year to around 154 now.

Short-term risk: Arbitrage closing could cause 2–5% fluctuations. It’s advisable not to exchange all at once. The best strategy is to buy in batches weekly or monthly, averaging costs and avoiding single-point risks.

Medium to long-term outlook: Yen remains a major safe-haven currency, useful for hedging against Taiwan stock market volatility. During global turmoil (geopolitical conflicts, Taiwan Strait tensions), Yen often appreciates, providing protection.

After exchanging Yen, don’t just leave it idle: options include Yen deposits, ETFs, and forex trading

Once you’ve exchanged Yen, don’t let your money sit idle without earning interest. Based on your needs, four main options:

1. Yen fixed deposit: conservative (annual interest 1.5–1.8%)

Open a foreign currency account at E.SUN or Taiwan Bank, deposit Yen online. Minimum 10,000 Yen, no branch visits needed. Suitable for conservative investors. Annual interest rates of 1.5–1.8% far surpass NT dollar savings accounts.

2. Yen insurance policy: medium-term holding (guaranteed 2–3%)

Cathay and Fubon offer Yen savings insurance with guaranteed 2–3% interest. Higher than deposits but requires committing 3–6 years without withdrawal. Suitable for medium-term funds.

3. Yen ETFs (00675U, 00703): growth-oriented

Yuan Da’s 00675U tracks Yen indices, can be bought as fractional shares via broker apps, suitable for dollar-cost averaging. Management fee around 0.4%, lower risk than forex trading, good for small investors.

4. Forex trading: swing trading

Trade USD/JPY or EUR/JPY directly on forex platforms (e.g., Mitrade). Advantages include long/short positions, 24-hour trading, and leverage with small capital. Suitable for experienced traders.

Advice: Beginners should start with deposits or ETFs, then move to forex trading as experience grows.

Common questions about Yen exchange, answered

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

Cash rate is the rate banks offer for physical cash (bills/coins), convenient for immediate cash but usually 1–2% worse than the spot rate.

Spot rate is the market’s T+2 settlement rate, used for electronic transfers and non-cash transactions. It’s more favorable but involves waiting for settlement.

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

Using Taiwan Bank’s recent cash sell rate (~4.85), 10,000 NT$ exchanges for about 48,500 Yen. Using the spot rate (~4.87), about 48,700 Yen, a difference of roughly 200 Yen (about 40 NT$).

Calculation: NT$ amount × current rate.

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

At the bank counter: ID card + passport
For foreigners: Passport + residence permit
Company exchange: Business registration documents
Pre-booked: Transaction notice

Note: Under 20 needs parental consent; large amounts (>10,000 NT$) may require source declaration.

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

Regulations vary after the 2025 October new rules:

Post-2025: Daily limits may drop to 100,000–150,000 NT$, plan accordingly. Use your own bank card to avoid cross-bank fees (5 NT$ per transaction). Peak times may see cash shortages; plan ahead.

Summary: Choose the right bank and method to maximize savings

Yen is no longer just for travel “pocket money,” but also a hedge and investment asset. Whether traveling or investing, the key is to select the right bank (save 1,000 NT$) and method (save another 500 NT$).

Start with “Taiwan Bank online exchange + airport pickup” or “E.SUN Bank foreign currency ATM,” then transition into deposits, ETFs, or forex trading as needed. Batch your exchanges, avoid sitting idle, and minimize costs while maximizing gains. This way, you’ll enjoy more cost-effective trips and better protection during global market fluctuations.