Bank of Taiwan Foreign Currency Withdrawals: Fees, ATM Limits, and Over the Counter Withdrawals Explained in One Guide

Planning overseas travel or having overseas funding needs, but feeling confused about Bank of Taiwan foreign currency account withdrawal fees and withdrawal limits? Many people see the attractive spot exchange rates in their accounts, only to realize when withdrawing cash that the actual cost is higher than expected. This article provides a complete analysis of the various ways to withdraw foreign currency cash through the Bank of Taiwan. Whether withdrawing from a foreign currency passbook account or using the convenience of ATMs, we will take an in depth look at the fee structure, foreign currency account withdrawal limits, and operating procedures, so you no longer have to worry about complex rules and can easily choose the most cost effective and convenient withdrawal solution. 

Three Main Ways to Withdraw Foreign Currency from the Bank of Taiwan: Which Is Best for You, ATM or Over the Counter?

When withdrawing foreign currency cash from the Bank of Taiwan, there are mainly two approaches: “foreign currency ATM” and “over the counter service”. Each method has its own advantages and disadvantages and is suitable for different withdrawal needs and scenarios. Understanding these differences is the first step to saving money wisely.

【Fast and Convenient】Foreign Currency ATM Withdrawals: Process, Pros and Cons, and Suitable Scenarios

For those with temporary small foreign currency needs, foreign currency ATMs are undoubtedly the most convenient option. There is no need to take a queue number, withdrawals are available 24 hours a day, and valuable time is greatly saved.

• Process: Similar to standard TWD withdrawals. Insert your debit card, select the “foreign currency withdrawal” function, then follow the on screen instructions to choose the currency and amount. Some machines support cardless withdrawals, adding further convenience.
• ✅Pros:
  • Time saving and convenient: 24 hour service, not restricted by bank operating hours.
  • Widely available: Installed at major branches and transportation hubs (such as airports).
  • Intuitive operation: Simple and fast process, suitable for emergency needs.
• ❌ Cons:
  • Limited currencies: Usually only major currencies such as USD, JPY, CNY, and HKD are available.
  • Fixed denominations: You cannot freely choose note denominations, and the cash may consist mainly of large bills.
  • Withdrawal limits: Per transaction and daily withdrawal limits apply, making it unsuitable for large amounts.
  • Possible cash shortages: During peak periods or long holidays, there is a risk that machines may run out of cash.
• Suitable scenarios: Ideal for travelers who need a small amount of foreign currency before departure, with withdrawal amounts below the equivalent of NT$100,000, and whose required currencies are USD, JPY, HKD, or CNY.

【Best for Large Amounts】Over the Counter Foreign Currency Passbook Withdrawals: Process, Pros and Cons, and Important Notes

If you need to withdraw a large amount of funds, require specific currencies, or prefer dedicated assistance, visiting a branch for over the counter service remains the most reliable option. In particular, withdrawing from your foreign currency passbook allows you to fully capitalize on the advantage of having purchased currency earlier at favorable exchange rates.

• Process: Bring the required documents (including your ID card, secondary identification, passbook, and withdrawal slip). Take a queue number and proceed to the foreign exchange counter.
• ✅ Pros:
  • Wide range of currencies: You can withdraw various foreign currencies listed by the bank, offering far more choices than ATMs.
  • Higher limits: Withdrawal limits are much higher than those of ATMs, suitable for large fund requirements.
  • Dedicated assistance: Any questions can be addressed directly with bank staff, providing greater peace of mind.
  • Selectable denominations: Subject to cash availability, you can discuss your preferred combination of note denominations with the teller.
• ❌ Cons:
  • Time consuming: You must visit during bank operating hours, and long waits are common during peak periods.
  • More complex process: Requires filling out withdrawal slips and identity verification, making it more complicated than ATM withdrawals.
  • Advance booking for large amounts: Withdrawing very large sums of cash, (such as the equivalent of NT$500,000) or more, usually requires calling the branch 1 to 2 business days in advance to make an appointment.
• Important notes: Regulations for withdrawing funds from accounts not in your own name are strict. Be sure to prepare identification documents for both parties and an authorization letter. It is recommended to call the branch in advance to confirm the required documents to avoid an unnecessary trip.

【Comparison Overview】Understand ATM Vs. Over the Counter Withdrawals at a Glance: Fees, Limits, and Convenience

To help you make a clearer choice, below we have organized the two main foreign currency withdrawal methods into a comparison table:

Cracking Bank of Taiwan Foreign Currency Withdrawal Fees: Where Is Your Money Being Charged?

Many people feel unclear about how Bank of Taiwan foreign currency account withdrawal fees are calculated. In fact, the cost mainly comes from two components: “fees” and “exchange spread”. Which account you withdraw from directly determines the basis on which the fees are calculated.

Key Differences: Fee Comparison Between Withdrawals from a “TWD Account” and a “Foreign Currency Account”

This is the most critical distinction. Understanding it can help you save a significant amount of money.

• Withdrawals from a “Foreign Currency Account”:
  This means you previously purchased foreign currency through online banking or over the counter when the exchange rate was favorable and stored it in your account. When you withdraw cash, the bank will charge an “exchange spread fee”.
  Calculation method: Withdrawal amount x (cash selling rate minus spot selling rate).
  This difference represents the cost incurred by the bank when converting “virtual foreign currency” into “physical banknotes”. A minimum fee equivalent to NT$100 is usually charged. This is the most cost effective method because you have already locked in the exchange rate advantage at the time of purchase.
• Withdrawals from a “TWD Account”:
  This method, (mainly conducted via ATMs), is essentially “purchasing foreign currency cash from the bank using TWD at that moment”. You will not see a clearly listed fee, but the cost is already embedded in the exchange rate.
  Calculation method: Directly uses the current “cash selling rate”.
  This rate is the least favorable among all posted exchange rates because it includes the exchange spread and the cost of holding physical cash. Although convenient, over the long term or for large amounts, the cost will be higher than withdrawing from a foreign currency account.

Hidden Cost “Exchange Spread”: How Spot Rates Vs. Cash Rates Affect Your Wallet

Why is the “cash rate” always higher than the “spot rate”? The logic behind this is actually very simple.

• Spot Rate: Refers to the exchange rate for electronic, non physical currency transactions held in bank accounts. Because there are no costs related to the transportation, storage, or insurance of physical banknotes, the exchange rate is more favorable. This is the buy and sell price you see in online banking.
• Cash Rate: Refers to the exchange rate for physical banknote transactions. Banks must bear management costs such as printing, transportation, inventory, and authenticity verification. These costs are passed on through the exchange rate, resulting in a wider buy-sell spread, which is less favorable for consumers.

Simply put: Exchanging TWD for foreign currency and depositing it via online banking uses the “spot selling rate”; withdrawing cash from a foreign currency account incurs an “exchange spread fee”; directly withdrawing foreign currency cash from an ATM using TWD means directly bearing the most expensive “cash selling rate”. Want to learn more currency exchange tips? You can refer to this overseas currency exchange guide. (Note: This Is A Sample Internal Link) 

Is Interbank Withdrawal More Expensive? Fees for Using Another Bank’s Debit Card at a Bank of Taiwan ATM

Yes. You can use a debit card issued by another bank to withdraw foreign currency at a Bank of Taiwan foreign currency ATM. The fee structure is as follows:

• Exchange rate: Calculated based on Bank of Taiwan’s “cash selling rate”.
• Interbank fee: Your card issuing bank will charge you an interbank withdrawal fee of NT$5.

Overall, while this option is convenient, once the interbank fee is added, the total cost will be slightly higher than using Bank of Taiwan’s own debit card. Unless it is an emergency, it is recommended to use a Bank of Taiwan debit card for withdrawals.

What Is the Withdrawal Limit for Bank of Taiwan Foreign Currency Accounts? How Much Can You Withdraw at One Time?

The withdrawal limit is another common question, and the rules differ significantly between ATM withdrawals and over the counter services. When planning a large withdrawal, be sure to understand the relevant regulations in advance to avoid disrupting your itinerary.

Foreign Currency ATM Withdrawal Limits: A Complete Guide to Per Transaction and Daily Caps

The withdrawal limit for Bank of Taiwan foreign currency ATMs is governed by the “daily withdrawal limit” of your debit card. This limit is calculated as a combined total for both TWD and foreign currency withdrawals.

• Daily total limit: The daily withdrawal cap for each debit card is usually the equivalent of NT$100,000 or NT$120,000 (depending on the card type). For example, if you have already withdrawn NT$20,000 in TWD on the same day, you can still withdraw foreign currency equivalent to NT$80,000 or NT$100,000.
• Per transaction limit: Due to ATM machine design, there is a limit on the number of banknotes dispensed per transaction (usually 30–40 notes). As a result, the per transaction withdrawal amount is also subject to this restriction. For example, when withdrawing Japanese yen, the per transaction cap may be around JPY 100,000.
• Interbank withdrawal limit: When using a debit card issued by another bank, the per transaction limit is usually the equivalent of NT$20,000.

💡 Expert Tip: If you need to withdraw an amount slightly above the daily limit, you may consider splitting the withdrawal across two days, or going together with family members and using multiple debit cards to complete the transactions separately.

Over the Counter Withdrawal Limits: Is an Appointment Required for Large Withdrawals?

Over the counter withdrawal limits are relatively more flexible. However, based on anti money laundering regulations and cash preparation requirements, the following rules apply:

• General withdrawals: Generally, withdrawing cash equivalent to several thousand US dollars usually does not require an appointment, as branches typically maintain sufficient on hand inventory.
• Large withdrawals: If you plan to withdraw cash exceeding the equivalent of USD 5,000 or NT$500,000, it is strongly recommended that you call the branch you plan to visit at least 1 to 2 business days in advance to make an appointment.
• Benefits of making an appointment:
  1. Ensure the branch has sufficient cash available, especially for less common currencies.
  2. Save you time waiting on site for the bank to allocate funds.
  3. Allow the bank to prepare your funds in advance, speeding up the transaction process.
• Statutory reporting: In accordance with Taiwan’s Anti Money Laundering Act, for any single cash transaction (including foreign currency), reaching NT$500,000 (including) or above, banks are legally required to report the transaction to the Ministry of Justice Investigation Bureau. This is a standard operating procedure, and the public does not need to be overly concerned.

Frequently Asked Questions (FAQ)

Q1: Must Withdrawals from a Bank of Taiwan Foreign Currency Passbook be Handled by the Account Holder in Person? What Documents Are Required?

A: In principle, the account holder must handle the withdrawal in person. When handled by the account holder, please be sure to bring: 1. Original ID card, 2. A secondary identification document (such as a National Health Insurance card or driver’s license), 3. The foreign currency passbook, 4. The originally registered seal. If handled by a proxy, the procedures are significantly more complex. The proxy must bring the original ID cards and seals of both the proxy and the account holder, along with a letter of authorization. The bank will call the account holder to verify the request, and the review process is very strict. It is recommended that the account holder handle the transaction personally whenever possible.

Q2: Which Currencies Are Available at Bank of Taiwan Foreign Currency ATMs? Are They Available at All Branches?

A: Bank of Taiwan foreign currency ATMs mainly offer four currencies: US dollars (USD), Japanese yen (JPY), Hong Kong dollars (HKD), and Chinese yuan (CNY). Please note that not all branches are equipped with foreign currency ATMs. It is recommended that before withdrawing, you visit the Bank of Taiwan official website service location page to confirm whether the branch provides foreign currency ATM services and to check the current cash availability in the machines, in order to avoid an unnecessary trip.

Q3: Is There a Fee for Collecting Foreign Currency at a Bank of Taiwan Airport Counter After Completing Online Settlement?

A: This is a highly recommended currency exchange method! By using Bank of Taiwan’s “online settlement” service, you can purchase foreign currency in advance on the website at a more favorable spot exchange rate, then choose to collect it at an airport branch on the day of departure. This service is free of charge, allowing you to enjoy a better exchange rate while saving a trip to the bank, making it extremely convenient for overseas travelers. You simply need to complete the payment online, then present your ID card and the settlement application reference number at the airport counter to collect the funds.

Q4: Can I Deposit Foreign Currency Cash Into a Bank of Taiwan Foreign Currency Account? How Are the Fees Calculated?

A: Yes. You can deposit foreign currency cash into your Bank of Taiwan foreign currency account. However, the bank will charge a fee, as it must bear the costs of banknote verification and custody. The fee is usually charged as a certain percentage of the deposit amount, or calculated based on the difference between the “spot buying rate” and the “cash buying rate”, with a minimum fee threshold applied. Therefore, unless necessary, depositing foreign currency cash back into the account and then withdrawing it again involves relatively high costs.

Conclusion

In summary, choosing the most suitable Bank of Taiwan foreign currency withdrawal method depends on evaluating your withdrawal amount, time urgency, and sensitivity to Bank of Taiwan foreign currency account withdrawal fees. For small, temporary travel related currency exchange needs, making good use of the 24 hour foreign currency ATM service is the most convenient option. For large amounts, specific currency requirements, or if you wish to utilize foreign currency already purchased at a low cost, planning in advance to withdraw over the counter from a foreign currency passbook is definitely a more economical and cost effective solution. By fully understanding the various fee structures and foreign currency account withdrawal limit rules outlined in this article, you can save valuable time and money, ensuring that every use of your funds is more efficient.