The Japanese Yen has risen to 4.85 against the New Taiwan Dollar. Now, switch to the 3 smartest strategies.

December 2025, the NT dollar has surged to 4.85 against the Japanese Yen, appreciating by 8.7% since the beginning of the year. For many, this is a signal: it’s time to exchange for Yen. But how to do it without paying unnecessary extra costs? We break down the most practical exchange options at this stage.

Why is it worth exchanging for Yen?

If you think exchanging Yen is just for traveling abroad, you’re underestimating it.

Travel and shopping: Japanese merchants have a cash usage rate of 60%, and purchasing through agents or buying cosmetics and medicines often requires cash in Yen. More importantly, Yen is one of the world’s three major safe-haven currencies (USD, Swiss Franc, Yen). Taiwanese investors transferring some assets into Yen are effectively buying insurance against Taiwan stock market fluctuations.

During the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in a week, buffering the decline of global stock markets. From an arbitrage perspective, Japan’s ultra-low interest rate (0.5%) makes Yen a financing currency, creating trading opportunities with the USD interest rate differential of 4.0%. In other words, exchanging for Yen is not just a consumption decision but also an asset allocation option.

NT dollar to Yen: 4 practical exchange channels comparison

Many people go directly to bank counters, unaware that just the spread can cost hundreds of NT dollars more. Using the actual rate on December 10, 2025, we show the real costs of each method.

Option 1: Over-the-counter cash transaction (traditional but expensive)

Bring NT dollars to a bank or airport to exchange for Yen cash. The simplest method, but using the “cash selling rate” (1-2% worse than the spot rate), results in the highest cost.

Taiwan Bank as an example: Cash selling rate about 0.2060 NT$/Yen, 50,000 NT$ can buy about 243,000 Yen, but incurs a loss of 1,500-2,000 NT$.

Suitable for: Those unfamiliar with online operations or needing small amounts urgently (airport emergency).
Not suitable for: Large exchanges or those wanting to observe rate fluctuations over time.

Option 2: Online FX exchange + in-person withdrawal (moderate cost)

Complete the exchange via bank app using the “spot sell rate” (better than cash rate by about 1%), then withdraw cash at the counter or foreign currency ATM, incurring only withdrawal fees.

E.SUN Bank as an example: Spot rate around 4.87, 50,000 NT$ exchanges for about 244,000 Yen, costing only 500-1,000 NT$.

Advantages include the ability to stagger entries, lowering average costs when NT$ to Yen is below 4.80, and the opportunity to invest in Yen deposits (annual interest 1.5-1.8%).

Suitable for: Investors with FX experience, long-term holdings, or seeking interest gains.
Not suitable for: Tourists or beginners without foreign currency accounts.

Option 3: Online currency exchange + airport pickup (most clever)

This is our top recommendation. No need to open a foreign currency account in advance. Just fill in the amount, select the airport branch, and reserve a pickup date on the bank’s website, then bring ID and transaction notice to pick up.

Taiwan Bank “Easy Purchase”: No fee (pay with Taiwan Pay for only 10 NT$), exchange rate advantage of 0.5%, costing only 300-800 NT$ for 50,000 NT$. Taoyuan Airport has 14 Taiwan Bank outlets, 2 of which operate 24 hours, making pre-departure cash pickup very convenient.

Suitable for: Planned travelers wanting to save costs.
Not suitable for: Last-minute needs or those unable to book 1-3 days in advance.

Option 4: Foreign currency ATM instant withdrawal (emergency plan)

Use a chip-enabled financial card at foreign currency ATMs for 24/7 cash withdrawal. Cross-bank fee is only 5 NT$, which is cheaper than in-person fees, but locations are limited (~200 nationwide), with fixed denominations of 1,000/5,000/10,000 Yen.

SinoPac Bank: Daily limit equivalent to NT$150,000, no FX fee, but cash may run out during peak times (especially at airports).

Suitable for: Those who can’t visit a bank or need urgent cash.
Not suitable for: Large exchanges or those concerned about denomination availability.

Cost quick reference table (based on 50,000 NT$)

Conclusion: If you have time to plan, online FX exchange + airport pickup offers the best value. For last-minute needs, foreign currency ATMs are the best emergency option.

Is now a good time to exchange? Outlook for Yen

NT$ to Yen is now at 4.85, meaning 1 NT$ = 4.85 Yen. Compared to 4.46 at the start of the year, an 8.7% appreciation, making Yen investment returns quite attractive, especially amid NT$ depreciation pressure.

Short-term volatility risks: The Bank of Japan’s December 19 meeting is expected to raise interest rates by 0.25 bps to 0.75% (a 30-year high), with an 80% market probability. This will push up Japanese bond yields (already at a 17-year high of 1.93%), providing short-term support for the Yen. However, the US rate cut cycle and global arbitrage unwinding may cause USD/JPY to rebound toward 155, with 2-5% volatility.

Mid-term forecast: USD/JPY is expected to bottom below 150, maintaining Yen’s appeal as a safe-haven currency. It’s advisable to stagger purchases, each time 50,000-100,000 NT$, spaced 1-2 weeks apart, rather than exchanging all at once.

Investment allocation suggestions:

• Conservative: Yen fixed deposit, annual interest 1.5-1.8%, starting from 3 months.
• Steady: Yen savings insurance, guaranteed interest 2-3%, medium-term lock-in.
• Growth: Yen ETFs like Yuanta 00675U, tracking Yen index, annual management fee 0.4%, fractional shares available.
• Swing trading: FX trading USD/JPY or EUR/JPY, long and short positions, 24-hour trading.

Don’t just hold the Yen passively after exchange; choose one or a combination based on your risk appetite to turn NT$ depreciation into Yen appreciation gains.

Common questions about Yen exchange

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

Calculate using 【Yen amount = NT$ amount × current rate】. Using Taiwan Bank cash selling rate 4.85, 10,000 NT$ ≈ 48,500 Yen. Using spot rate 4.87, ≈ 48,700 Yen. Difference about 200 Yen (~40 NT$).

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

Cash rate applies to physical cash transactions, offering immediate cash but at a worse rate (1-2% difference). Spot rate is used for electronic transfers (T+2), close to international market prices, but requires waiting for settlement.

Q. What ID to bring for in-person exchange?

Taiwanese: ID + passport; foreigners: passport + residence permit. For online booking, also bring transaction notice. Large amounts (over 100,000 NT$) may require source of funds declaration. Under 20 need parental accompaniment.

Q. Is there a limit for foreign currency ATM withdrawals?

From 2025, bank cards’ daily limits are reduced to NT$50,000-150,000 equivalent. E.SUN Bank: NT$150,000/day; CTBC Bank: NT$120,000/day. Consider spreading withdrawals or using your own bank card to avoid cross-bank fees.

The ultimate mindset for Yen exchange

Yen has evolved from just “travel pocket money” to an asset with hedging and appreciation functions. Mastering the two principles of “staggered exchange + not lying flat after exchange” can lower costs and amplify gains.

Beginners can start with “Taiwan Bank online FX exchange + airport pickup” or “foreign currency ATM,” then move into fixed deposits, ETFs, or FX swing trading as needed. This makes traveling more cost-effective and provides an extra layer of protection during global market fluctuations. With NT$ to Yen at 4.85, the time to act has arrived.