Exchanging RMB

[lynne]

I thinks I read somewhere a while back that some people have had problems exchanging RMB even after they have a visa, that there might be some limits on how much you can exchange? Also has anyone exchanged money on the black market in Guangzhou recently? Are places to exchange easy to find? We'll need to get some money out of China and to the US before my husbands interview, we have done this before but in a different city. We need to move before he gets here and with a deposit, first months rent, and furniture we will go through a lot of money very quickly.

[Guest ShaQuaNew]

I thinks I read somewhere a while back that some people have had problems exchanging RMB even after they have a visa, that there might be some limits on how much you can exchange?  Also has anyone exchanged money on the black market in Guangzhou recently?  Are places to exchange easy to find?  We'll need to get some money out of China and to the US before my husbands interview, we have done this before but in a different city. We need to move before he gets here and with a deposit, first months rent, and furniture we will go through a lot of money very quickly.

147383[/snapback]

Can't quote you from personal experience as getting RMB from ATM machines while in China has been no problem. I've simply handed over any RMB I've had to my SO before returning to the US. I've read some threads where some express that they've had difficulty exchanging RMB for US currency.

 

Most of the Larger banks in China have English speakers on staff who will be able to explain to you the details if you telephone them. I'm thinking of the Bank of China and First Agricultural Bank of China as I've mostly done business with them.

 

You can contact the following person in the Shenzhen branch in China who will be happy to help you with specifics...

 

Industrial and Commercial Bank of China, Shenzhen Branch

 

Telephone number: (0755) 25930175 or 25930176

Contact: Chen Xiao Zhen

[frank1538]

I've heard of a variety of ways. One guy made it his mission to acquire dollars to RMB receipts. Many came from previous trips. Some came from unsuspecting souls at the airport who were headed out of China and didn't need their receipts any more. With these "proof of conversion" receipts in hand, he went to several banks and converted RMB to dollars. Another guy exchanged his RMB to dollars on the street. His fiancee helped him locate the money exchanger and negotiated the exchange rate. A third guy used his "banking connections" to find a friendly official who would exchange RMB to dollars without proof of a prior exchange. A fourth took the RMB out of China, made connections with the Chinese community in his home town to identify people who might want to change their dollars to RMB for gifts or travel to China. A fifth set up a business account and was able to do a wire transfer between the Chinese and American banks.

[NicolaNSam]

Just try not to have too much cash laying around here or China!

[BuffaloPaul]

I've heard of a variety of ways.  One guy made it his mission to acquire dollars to RMB receipts.  Many came from previous trips.  Some came from unsuspecting souls at the airport who were headed out of China and didn't need their receipts any more.  With these "proof of conversion" receipts in hand, he went to several banks and converted RMB to dollars.  Another guy exchanged his RMB to dollars on the street.  His fiancee helped him locate the money exchanger and negotiated the exchange rate.  A third guy used his "banking connections" to find a friendly official who would exchange RMB to dollars without proof of a prior exchange.  A fourth took the RMB out of China, made connections with the Chinese community in his home town to identify people who might want to change their dollars to RMB for gifts or travel to China.  A fifth set up a business account and was able to do a wire transfer between the Chinese and American banks.

147406[/snapback]

There is quite an underground network of people that are in the money exchange business to get around the governments restrictive policy. Just make sure you don't get conterfeit US$

[HanLi]

let the buyer beware...

[Yuanyang]

There are a lot of bogus bills floating (50s) around China so beware.

You can exchange at the airport (and get fleeced baaaaaaad) or get the market rate at the hotel.

 

I exchanged $1,600 at the hotel; they looked surprised by that amount but made the exchange at the current rate. Later, to cover the expenses and any future expenses I handed it all to lao po along with several hundred in US$. She refused to take it of course until I put my foot down. (It's all in a jar in her home no doubt. )

[esun41]

I thinks I read somewhere a while back that some people have had problems exchanging RMB even after they have a visa, that there might be some limits on how much you can exchange?  Also has anyone exchanged money on the black market in Guangzhou recently?  Are places to exchange easy to find?  We'll need to get some money out of China and to the US before my husbands interview, we have done this before but in a different city. We need to move before he gets here and with a deposit, first months rent, and furniture we will go through a lot of money very quickly.

147383[/snapback]

Can't quote you from personal experience as getting RMB from ATM machines while in China has been no problem. I've simply handed over any RMB I've had to my SO before returning to the US. I've read some threads where some express that they've had difficulty exchanging RMB for US currency.

 

Most of the Larger banks in China have English speakers on staff who will be able to explain to you the details if you telephone them. I'm thinking of the Bank of China and First Agricultural Bank of China as I've mostly done business with them.

 

You can contact the following person in the Shenzhen branch in China who will be happy to help you with specifics...

 

Industrial and Commercial Bank of China, Shenzhen Branch

 

Telephone number: (0755) 25930175 or 25930176

Contact: Chen Xiao Zhen

147386[/snapback]

I'm with you on this one. I have had no problem getting money in RMB from the ATM's at Bank of China and when I have had traveler cheques, that was a breeze as well.

 

I just give all my money to my SO afterwards and she does the rest... It was so easy.

[lynne]

Oh well, my husband isn't familiar with Guangzhou where he will have to exchange RMB for US$. I trust that he will find somewhere soon and will be carefull not to get counterfit money. I am sure he'll send it Western Union right away after that.

[pkfops]

I just keep mine and use it for the next trip.