Changing NTD to JPY

Hi everyone, just wondering if doing this directly is worth while. I figure it should be because NTD and JPY have high volume relative to one another.

I ask because I typically change my money to USD first and then to local currency wherever I travel, such as the Philippines, Indonesia, Thailand, etc because the NTD rate to those currencies is so bad, that it’s actually cheaper to get USD first and then whatever currency you need, even though you’re changing twice.

So should I just straight up change NTD to JPY, or is it still more advantageous to change to USD first and then JPY? Thanks!

I think changing to JPY is better, the bank near my work has 1 specific counter just to change NTD to JPY.

at the bank counter, the lady will use the cross-exchange rate between any two available currencies.
if you make it 2 steps, you’ll pay more out-of-pocket fees.

1 Like

I have always wondered why people would do this? I looked into it once and after quickly doing the maths, it was better to change directly to the currency I wanted.

I just hunt around for the best exchange rate so I know where to change (Bank, high street, etc) and which country to do the transaction in.

in the past when I did this at the counter, it seemed the government-run banks gave better rates, or rates closer to the spot market

1 Like

Currently the JPY is a bit high, so the exchange will not be very favorable.

I don’t have much of a choice, I’m going there on holiday, I suppose I could just take my chances and wait for a somewhat better rate, but probably marginal. just wondering if it’s better to exchange directly to JPY and if my usual strategy of changing to USD first for SE Asian currencies works for the yen.

Depends on how much the bank skims in fees, I guess. The question here is where you get a better rate and which banks charge less.

so what’s a better option? going to the bank to get JPY, or the airport? any real difference? any particular banks that offer better rates on JPY? Thanks!

The best option would be to buy all of my spare JPY at spot-rate :grinning:.

As I know both Bank of Taiwan and Mega bank usually have very competitive rates and both have booths at the airport. Someone can correct me but I believe in the airport and at their own branches they use the same rates however at the airport might have a small commission charge.
(remember rates change slightly throughout the day)

For some currencies, like the JP Yen, Mega bank has an ATM inside the bank that does currency exchange. And that rate is an average of the SPOT and CASH rate. So it is a slightly lower rate than if you went to the counter and got the CASH rate.

I have not actually tried that ATM yet but with upcoming trip in October will give it a go.

This is a list of the ATMs that have various services. Just check the Symbol legend for 外幣提款機服務 which means it can do currency exchange.

1 Like

if you have about 10,000 NT worth of yen and if you’re in Taipei, I could do that. send me a PM if you meet both conditions and we’ll see if we can arrange it. has to be this week though, I leave on Friday.

Ah, we’re a couple of weeks out there. I do have the yen, but not back in Taipei til August.