What to Bring When Exchanging Currency? Complete List and Practical Guide for Converting TWD to JPY

To seamlessly exchange Japanese Yen, the first step is to prepare the necessary documents. Many people rush to the bank or airport only to realize they forgot a required ID, resulting in a wasted trip. Actually, what to bring for currency exchange seems simple, but there are many details involved—from basic identification, declaring source of funds, to special requirements for different statuses—all affecting the smoothness of the process. Today, we’ll clarify the complete checklist for exchanging Taiwan Dollars (TWD) to Japanese Yen (JPY).

Essential Knowledge for First-Time Currency Exchange: 5 Types of Documents and Information

When exchanging currency, banks and foreign exchange counters will ask for specific documents. This isn’t to make things difficult but to ensure compliance and transparency of the source of funds. Here is the basic preparation list:

1. Identification Documents (Must Bring)

• Taiwanese nationals: ID card + passport (choose one; most banks prefer passport for credibility)
• Foreigners: Passport + residence permit (both required)
• Corporate entities: Business registration certificate or unified business number + responsible person’s ID

2. Transaction Notification (Must Bring if Pre-Booked Online) If you made an online appointment via the bank’s website or app for currency exchange, you must bring the transaction notification or confirmation code sent by the bank when collecting. For example, Taiwan Bank’s “Easy Purchase” platform works this way; after completing online remittance, the system sends a notification, which you need to present when withdrawing.

3. Cash or Transfer Proof

• In-person cash exchange: Bring TWD cash or a bank card (if transferring on-site)
• Online exchange with transfer completed: no need to bring money again; the bank has confirmed the payment

4. Declaration of Funds Source (Required for Large Amounts) Regulated by Taiwan’s Financial Supervisory Commission, if the exchange amount exceeds the equivalent of TWD 100,000, the bank will require you to fill out a “Source of Funds Explanation Form.” You need to specify whether the funds come from salary, investment income, inheritance, etc. For amounts under TWD 100,000, this is usually waived, but regulations vary by bank—check in advance.

5. Other Backup Documents

• Copy of passport (some counters may request for records)
• Financial card or passbook (if using interbank foreign currency ATM withdrawals)
• Contact phone number and backup address (needed if online appointment details change)

Different Identities, Different Required Items

What to bring for currency exchange varies depending on your status. Here are common scenarios:

Scenario 1: Adults over 20, first-time exchange

• Must bring: ID card + passport, TWD cash or bank card
• Recommended: Credit card with name on it (some banks use this for extra identity verification)

Scenario 2: Minors under 20

• Must bring: Minor’s ID + passport, legal guardian (usually parent) present, authorization letter
• Some banks require: proof of parent-child relationship (e.g., household registration copy)
• Amount limit: most banks restrict minors to a single transaction of TWD 50,000–100,000

Scenario 3: Foreign residents in Taiwan

• Must bring: Passport + Taiwan residence permit (ARC), no need for ID card
• Note: if the residence permit is expiring soon, consider renewing before exchange

Scenario 4: Corporate or business exchange

• Must bring: company seal, business registration certificate, responsible person’s ID, authorized signatures
• Sometimes: board resolution or power of attorney (for large amounts)

Scenario 5: Proxy exchange

• Must bring: ID of principal + agent, passport, power of attorney, signatures
• Some banks require the principal’s signature on the authorization; proxy signing may not be accepted

Additional Requirements for Large-Amount Exchanges

When exchanging amounts over a certain threshold (usually TWD 100,000 or equivalent), banks conduct extra compliance checks. This isn’t to trouble you but to comply with Taiwan’s Financial Supervisory Commission (FSC) and anti-money laundering (AML) regulations.

Declaration Obligation For amounts over TWD 100,000, you must fill out a “Source of Funds Declaration,” explaining where the money came from. Common legitimate sources include:

• Salary income (prepare salary transfer records or payslips)
• Investment gains (delivery slips or account statements)
• Property sale or rental income (contracts or receipts)
• Inheritance or gifts (wills, gift agreements, court documents)
• Insurance payout (claim notices or check copies)

Additional Documents to Prepare

• Recent bank statements or passbook records (last 3–6 months)
• Salary proof or business registration (for self-employed)
• Investment account statements or stock settlement slips
• Property sale or rental agreements

Bank Review Time Large-amount exchange reviews typically take 1–3 working days. If the source of funds is unclear or suspicious, the bank may request further explanation or refuse the transaction. It’s best to prepare documents in advance to avoid last-minute issues before your trip.

Differences in Bank Exchange Methods and Required Documents

Major Taiwanese banks offer various exchange methods, each with different document requirements. Here’s a comparison:

In-Person Cash Exchange (Traditional)

Required: ID card + passport, cash, large-amount declaration form (if over TWD 100,000) Process: Count cash on-site, confirm rate, and receive JPY notes immediately. Banks like Taiwan Bank, Mega Bank, E.SUN Bank provide this, usually during weekday 9:00–15:30. Airport counters (e.g., Taoyuan Airport Taiwan Bank branch) also offer 24-hour service, suitable for urgent needs. Pros: Transparent, immediate delivery Cons: Less favorable rates (cash sell rate ~1-2% worse than spot), limited by business hours

Online Pre-Order + In-Person Pickup

Required: ID + passport, notification of transaction, declaration form if over TWD 100,000 Process: Reserve exchange online via app or website, transfer funds, then bring notification and ID to branch to pick up notes. Taiwan Bank’s “Easy Purchase” offers no fee (if paid via Taiwan Pay, only TWD 10), with about 0.5% better rates—most cost-effective. Pros: Better rates, low fees, pick-up at airport branches Cons: Need to book 1–3 days in advance; cannot change branch after confirmation

Online Exchange + Foreign Currency ATM Withdrawal

Required: Bank card or chip card, ID (some banks require) Process: Open a foreign currency account online, transfer TWD to convert to JPY, then withdraw cash at bank’s foreign currency ATMs. Banks like E.SUN, E.SUN Bank offer this; single withdrawal limit around TWD 50,000–150,000 equivalent, available 24/7. Pros: Instant, flexible, low cross-bank fee (~TWD 5) Cons: Limited ATM locations (~200 nationwide), fixed denominations, cash may run out during peak hours

6 Common Questions About Currency Exchange

Q1: Can minors under 20 exchange currency by themselves?
No. Taiwanese banks require minors to be accompanied by a legal guardian and to sign consent forms. The bank will verify the guardian’s identity to ensure legal and safe funds. Some banks also limit the amount for minors (e.g., TWD 50,000–100,000 per transaction).

Q2: Can I use someone else’s bank card to exchange JPY?
Not recommended. Banks verify cardholder identity; if the card isn’t in your name, you may be refused. If authorized, you should provide a power of attorney document.

Q3: What do I need to bring for currency exchange? Is passport mandatory?
ID card + passport is safest. While theoretically ID card alone can suffice, many counters prefer to see the passport as proof of travel plans. If only ID card is presented and the bank requests passport, you might be asked to return later. It’s best to bring both.

Q4: After online booking, must I pick up at the designated branch?
Yes. Taiwan Bank’s online system locks in the branch; changes are not straightforward. If you need to change, contact the bank in advance. To avoid hassle, choose airport branches for convenience.

Q5: What are common reasons for rejection when declaring funds over TWD 100,000?
Possible rejection reasons include:

• Unclear source of funds
• Multiple large transactions in a short period (suspicious activity)
• Inconsistent identity and fund scale (e.g., student suddenly exchanging TWD 1 million)
• Expired or invalid proof documents

Prepare clear, complete source documents like bank statements, salary slips, investment records.

Q6: Can I exchange currency at the airport 24-hour counters? When is the busiest time?
Taoyuan Airport Taiwan Bank has two 24-hour counters, but cash supply may be limited late at night. Early morning (2–5 am) has fewer people, but during holidays or peak travel times (e.g., New Year’s, Lunar New Year), crowds increase. Pre-book online or go during off-peak hours (10–11 am, 2–3 pm).

Next Steps After Getting Yen

Once you have JPY cash, many travelers just stuff it into their wallet for the flight. But smarter options include:

• JPY Fixed Deposit: Transfer online into a foreign currency account, with annual interest around 1.5–1.8%, for 3–6 months
• JPY ETFs: Buy ETFs tracking JPY, like Yuanta 00675U, for long-term asset allocation
• Forex Trading: Use platforms like Mitrade to trade USD/JPY or EUR/JPY, capturing exchange rate fluctuations (with risk awareness)

This way, not only can you enjoy your trip, but idle yen can also generate extra income.

Summary: What to Bring for Currency Exchange, One Checklist for All

In short, what to bring depends on your identity, amount, and chosen method. The core list is always: ID card + passport, TWD cash or bank card, transaction notification (if pre-booked), declaration form for large amounts.

Print this checklist or save it on your phone. Review before departure to minimize missing important documents. While currency exchange seems simple, it involves many details. With proper preparation, you can make the process safe and efficient—so you can focus more on your trip to Japan.