How to get the best exchange rates for JPY and HKD? Complete review of the 4 major exchange channels in April 2025

The NT dollar to Japanese Yen has broken 4.85, and the key moment for currency exchange has arrived.

Is it a good time to exchange for Yen now? It depends on choosing the right method. Exchanging cash at the counter incurs an additional 1-2% fee, but a hybrid strategy of online currency exchange and ATM withdrawals in foreign currency can save you directly 500-1000 NT dollars. Based on the latest rates as of December 2025, we break down the exchange costs of Taiwan’s five major banks for you.

Is now the right time to exchange for Yen?

Brief answer: Exchange in installments, not all at once.

From the beginning of 2025 to now, the NT dollar to Yen has risen from 4.46 to 4.85, a total appreciation of 8.7%. The Bank of Japan (BOJ) is closely following the Federal Reserve, and on December 19, it is very likely to raise interest rates to 0.75% (a 30-year high), indicating that Yen still has upward momentum.

But that’s also where the risk lies—closing arbitrage positions could see a short-term correction of 2-5%. Additionally, USD/JPY has fallen from a high of 160 to 154.58, with a medium-term forecast below 150, so volatility remains.

For investors: The Yen’s status as a safe-haven currency is established, suitable for hedging Taiwan stock risks, but entering in installments and regularly reviewing is more prudent than betting all at once.

5 currency exchange options: which is the most cost-effective?

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

Carrying cash to the bank counter or airport for exchange is straightforward, and you receive the money immediately. However, banks use the “cash selling rate,” which is 1-2% worse than the spot rate, plus handling fees, resulting in the largest overall loss.

Cost estimate (NTD 50,000): Loss of 1500-2000 NT dollars

December 2025 cash selling rates of major banks:

When to use: Urgent airport needs, amounts under NT$5000, or those who prefer not to operate online.

Option 2: Online currency exchange + airport pickup — best cost-performance🔥

No need to open a foreign currency account. Simply reserve online via bank website, select pickup branch and date, and collect in person. Taiwan Bank’s “Easy Purchase” has no handling fee (pay via TaiwanPay for just NT$10), with a 0.5% better exchange rate.

Key advantages: Taoyuan Airport has 14 Taiwan Bank outlets, including 2 24-hour branches, allowing reservation the day before departure and same-day pickup.

Cost estimate (NTD 50,000): Loss of 300-800 NT dollars

When to use: 1-3 days before departure, sensitive to exchange rates, wanting to save on fees.

Option 3: Foreign currency ATM withdrawal — most flexible but limited locations

Use a chip-enabled debit card at foreign currency ATMs to withdraw Yen cash 24/7. Only NT$5 cross-bank fee per transaction, deducted from your NT account. However, only about 200 ATMs nationwide, with fixed denominations (1000/5000/10000 Yen).

SinoPac Bank foreign currency ATM rules:

• Daily limit: equivalent to NT$150,000
• Cross-bank fee: NT$5
• No exchange handling fee

Per bank daily withdrawal limits (2025 new rules):

Cost estimate (NTD 50,000): Loss of 800-1200 NT dollars (including ATM fees)

When to use: Urgent needs, no time to visit bank, nearby ATM at airport.

Option 4: Online currency exchange + counter withdrawal — suitable for long-term holding

Convert NT dollars to Yen via bank app or online banking into a foreign currency account (using spot sell rate, 1% better than cash). When cash is needed, withdraw in person or at ATM. This incurs a spread fee (around NT$100).

Ideal for observing rates and buying in installments, e.g., when NT$ to Yen drops below 4.80.

Cost estimate (NTD 50,000): Loss of 500-1000 NT dollars

When to use: Experienced in forex investment, planning to buy in installments, or transferring Yen into fixed deposits or ETFs.

After exchanging Yen, what’s next? Don’t let your money sit idle

Once you have Yen cash, keeping it in your wallet earns no interest and loses value. Here are 4 options suitable for small-scale beginners:

1. Yen fixed deposit: Most stable

• Open foreign currency account at E.SUN/Taiwan Bank, online operation
• Minimum NT$10,000 Yen
• Annual interest rate 1.5-1.8% (current level)

2. Yen insurance policy: Medium-term returns

• Cathay/Fubon savings insurance
• Guaranteed interest rate 2-3%
• Suitable for those who don’t want frequent operations

3. Yen ETFs (Yuanta 00675U, 0067, etc.): Growth-oriented

• Track Yen appreciation trend
• Buy fractional shares via broker app
• Management fee 0.4% annually

4. Forex trading USD/JPY: Swing strategy

• Capture short-term exchange rate fluctuations
• Zero commission, low spreads
• 24-hour trading, long/short positions

How about HKD? A quick note

If you also need HKD, the logic is similar: cash exchange at counters is most costly, online currency exchange + airport pickup offers the best value. However, HKD ATM locations are fewer than Yen, so plan ahead and prioritize online exchange options.

Quick comparison table of 4 options

Common Q&A

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

Cash exchange rate is the bank’s buy/sell price for physical bills, 1-2% worse than the electronic transfer spot rate. Think of it as the cost of handling, counting, and storing physical cash, which makes the price higher.

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

Based on December 2025 Taiwan Bank rate of 4.85, NT$10,000 ≈ 48,500 Yen. Using the spot rate (4.87), about 48,700 Yen, a difference of 200 Yen (~NT$40).

Q: What do I need to bring for counter exchange?

ID card + passport (for locals) or passport + residence permit (for foreigners). If pre-booked online, also bring transaction notification. Under 20 needs parental accompaniment.

Q: Are there withdrawal limits at foreign currency ATMs?

Yes. After the October 2025 regulation, most banks set limits of NT$120,000-150,000 per day on their own cards, and NT$20,000 per transaction for other bank cards. Check latest bank notices.

Summary: Exchange in installments, don’t leave your money idle

Yen is no longer just pocket money for travel but an asset with hedging properties. The key to capturing this appreciation window is simple:

1. Choose the right channels: Online exchange + airport pickup offers the best value
2. Buy in installments: Don’t exchange everything at once; watch for low-rate opportunities
3. Invest after exchange: Yen fixed deposits, ETFs, or small forex swings
4. Be aware of risks: BOJ rate hikes are positive, but global arbitrage unwinding can reverse at any time

This way, you save costs on travel and add a layer of protection during market turbulence.