Money Exchange - $100 Bills

[Lovebane]

Dunno if I'm posting this really as a notice or an inquiry,

 

but my wife just went to the bank to exchange some of our US $100 bills to RMB, and the banks said they didn't accept the old version of the bills due to their new equipment changes or some excuse.. >_>

 

We're out in Kaiping so I'm not sure if this is specific to where we're at or if we'd be able to exchange it later in a more urban area bank?

 

O_o

[b.c]

iirc I had this issue on one of my trips but the excuse given was that they wouldn't exchange because of higher probability of counterfeiting. But I think we found another bank that exchanged them. Banks were very picky about the condition of the bills they would exchange when I first started traveling to China but it seems they have relaxed the standards a bit on my last couple trips.

[GZBILL]

Dunno if I'm posting this really as a notice or an inquiry,

 

but my wife just went to the bank to exchange some of our US $100 bills to RMB, and the banks said they didn't accept the old version of the bills due to their new equipment changes or some excuse.. >_>

 

We're out in Kaiping so I'm not sure if this is specific to where we're at or if we'd be able to exchange it later in a more urban area bank?

 

O_o

 

BCCO is correct.

 

Especially in smaller cities, they tend to try and reject any bill that isn't hot off the presses in pristine condition.

 

Why? I think it is because of stupidity and fear -- but mostly stupidity. A solution that has always worked for me is to not cave in and demand they accept the bill. Every bank that is authorized to deal in foreign currency is supposed to have a lense that looks like a 10-pound clear glass paperweight along with a manual on the security characteristics of major currencies.

[Bert]

I had trouble in Guangzhou at the Shanghai Development Bank. The bills could be read by their machine, but they refused to accept some of them because they were too old or had a slight tear or a small ink spot on them or some imperfection. When I went back to Shanghai, I exchanged the bills without a problem. My fiancee said that had happened to her once before when I gave her money to exchange. I asked her what she did with the bills. She said she gave it to her mother for her "collection"...grrrrr.

 

I prefer to exchange cash. I always try to make sure that I have crisp, new, one hundred dollar bills.

[maxsalvo]

I have had trouble exchanging bills with writing on them or corners missing. At least it allowed me to come back to America with some cash.

[chengdu4me]

Use private money changers outside the bank. They will be much quicker and they give a better rate than the bank. The bank will actually put the money RMB through their machine and verify the count and authenticity.

 

Disclaimer...at least the Industrial Bank in Chinegdu will do this....

 

Changed some yesterday..Bank Rate was 6.76...Private Rate was 6.82

[dnoblett]

They WILL NOT accept these, for fear of counterfeits.

 

http://mindset30.files.wordpress.com/2008/06/ben_franklin_100_dollar_bill1.jpg

 

They should accept these:

 

http://www.myconcordian.com/100%20Bill.jpg

[david_dawei]

when I went to the bank prior to my recent china trip.. they handed me some hundreds... before leaving, I viewed each with a chinese eagle eye... and then handed a few back and asked for 'cleaner ones'

[milan08]

I used to have a 50_pound note with the corner missing after I came back from Britain without noticing,of course,not being aware of ,that prior to the trip. I talked to the bank for half an hour without any sign of them taking it. So I had to call the homestay, asking them to do me a favor by switching that with a newer one... Then I decided it was too much trouble. So I took it to America and luckily got it exchanged in the bank here. B)

 

But I think the banks in the cities, like Beijing, Shanghai ....will deal with that kind of money.

Edited September 1, 2009 by milan08 (see edit history)

[dnoblett]

I used to have a 50_pound note with the corner missing after I came back from Britain without noticing,of course,not being aware of ,that prior to the trip. I talked to the bank for half an hour without any sign of them taking it. So I had to call the homestay, asking them to do me a favor by switching that with a newer one... Then I decided it was too much trouble. So I took it to America and luckily got it exchanged in the bank here. B)

 

But I think the banks in the cities, like Beijing, Shanghai ....will deal with that kind of money.

Generally in the USA the rule for banks, is if there is more than 50% of the US bill there they will exchange it, and send the bill back to the treasury bank for replacement.

[Lovebane]

Thanks for the tips.

 

That's what I basically said to my wife, to try another bank or what not.

 

guess that's 1 more thing to know about going outside your country, only bring brand new clean bills. XD

 

I asked her what she did with the bills. She said she gave it to her mother for her "collection"...grrrrr.

 

hehe.. ditto... kinda hurts a little when you had given it to them like say when the exchange rate was like 7.x ^^;