Recently, a number of Taiwanese banks said that the original service allowing Taiwanese citizens to use debit cards to withdraw Japanese yen currency from Japanese ATMs would be discontinued as of November 30 due to modifications made to the Japanese ATM system. People will have to pay additional handling fees if they withdraw money from local ATMs in Japan later on and have to go back to the foreign card issuing company's cross-border withdrawal service. Financial companies are currently considering relevant options in this area.
Japanese ATMs will no longer provide withdrawal service from Taiwan bank cards as of December.Photo reproduced from pixabay
When Taiwanese tourists visited Japan in the past, they could withdraw cash across borders at ATMs bearing the logos of financial organizations using chip-based financial cards, which came with less expensive handling costs than using foreign credit cards. Many banks that have worked with financial companies to support chip financial card withdrawals at Japanese ATMs, including Cathay United Bank, Land Bank, Union Bank of Taiwan, Shin Kong Bank, and others, have also announced that they will begin in November as a result of the recent replacement of the ATM system in Japan. Starting on the 30th, related services will be gradually discontinued.
The financial firm announced that it is planning to tie the chip financial card with a QR code and is now in talks to collaborate with Japanese financial institutions. After that, you may just scan the QR code at Japanese ATMs to make cash withdrawals. It might debut as early as the next year.
