Currency Exchange

[Danny999]

Hey Folks,

 

Where's best place to exchange USD for RMB? Last trip I used my hotel. The exchange rate was 6.7724 as opposed to 6.83 at the time. Any suggestions?

 

Thanks

 

Danny

[Sam and Fen]

I have always used the airport. they gave me a rate of 6.72 and there was also a fee to change money.

 

I did it for convinience as changing money in a bank in China takes hours!

I tried doing it once and gave up.

[b.c]

Bank is the best option if you are concerned about getting the best rate. But as Sam mentioned, sometimes the wait can be a bit much. It usually takes me about 30 minutes or so at the bank, not including the time in transit to the bank.

 

Most hotels offer a very competitive rate to their guests, usually just a little bit less than banks. And exchanging at your hotel is much much more convenient

 

You will usually get the worst exchange rate at the airport, and sometimes the wait can be just as long as the bank depending on what time of day.

 

I usually do most of my exchanges at my hotel unless it is a large amount, then I might seek out a bank. And I always bring back some rmb with me to the states to take with me on my next trip to China so I dont have to mess around with exchanging money right away at the airport.

[Appaullo]

Agreed. The first time I changed money at a bank in China I asked my wife why it took so long ... she replied "Is normal time for this." Since then I refuse to change money at a bank unless I absolutely have to. Hotel is much easier IMO.

[Danny999]

Well, it looks like hotel it is. You can't beat it for conveniece and the rate wasn't that bad. Besides, I hate waiting in line.

 

Thanks for the input everyone

[Randy W]

Well, it looks like hotel it is. You can't beat it for conveniece and the rate wasn't that bad. Besides, I hate waiting in line.

 

Thanks for the input everyone

 

 

Just FYI if you're still interested - there is no actual line at the bank - you take a number, sit down, and wait until they call your number. It's fairly painless. For Bank of America customers, the China Construction Bank will give a 6.81 exchange rate with no fees, at their ATM's.

[Danny999]

Well, it looks like hotel it is. You can't beat it for conveniece and the rate wasn't that bad. Besides, I hate waiting in line.

 

Thanks for the input everyone

 

 

Just FYI if you're still interested - there is no actual line at the bank - you take a number, sit down, and wait until they call your number. It's fairly painless. For Bank of America customers, the China Construction Bank will give a 6.81 exchange rate with no fees, at their ATM's.

 

Thanks Randy, That's good info because that is my GF's bank. And as frugal as she is thats more money in our pockets. On a $1000, that's a meal.

[Kyle]

I've often experienced people accosting me outside a bank offering to give me a better exchange rate for my USD than the bank itself. These people are practicing an illegal service and sometimes they are actually undercover policemen. We've heard of a few accounts of foreigners being arrested in Wuhan for doing this. Not only that, it is quite probable that a lot of the money exchanged from these street-side financiers is counterfeit. If the opportunity presents itself, don't do it.

[b.c]

I've often experienced people accosting me outside a bank offering to give me a better exchange rate for my USD than the bank itself. These people are practicing an illegal service and sometimes they are actually undercover policemen. We've heard of a few accounts of foreigners being arrested in Wuhan for doing this. Not only that, it is quite probable that a lot of the money exchanged from these street-side financiers is counterfeit. If the opportunity presents itself, don't do it.

 

My wife got ripped off to the tune of about 2,000rmb doing this a couple years back.

 

Another thing to keep in mind Danny is to keep your US bills is as good of condition as possible. Its not as bad as it used to be, but still some places can be picky and reject some bills for even the slightest markings or wrinkles. I have found that hotels are more lenient for me, but I am sure experiences of others vary.

[Danny999]

I've often experienced people accosting me outside a bank offering to give me a better exchange rate for my USD than the bank itself. These people are practicing an illegal service and sometimes they are actually undercover policemen. We've heard of a few accounts of foreigners being arrested in Wuhan for doing this. Not only that, it is quite probable that a lot of the money exchanged from these street-side financiers is counterfeit. If the opportunity presents itself, don't do it.

 

My wife got ripped off to the tune of about 2,000rmb doing this a couple years back.

 

Another thing to keep in mind Danny is to keep your US bills is as good of condition as possible. Its not as bad as it used to be, but still some places can be picky and reject some bills for even the slightest markings or wrinkles. I have found that hotels are more lenient for me, but I am sure experiences of others vary.

 

 

Yes I learned that last time. Only nice crisp $20 bills. If it had the slightest tear or very worn they would not accept them. I also heard to watch out for counterfeit.

 

I'm not a paranoid person but I'm very vigilant. My GF would never let me deal with someone one the street when it comes to dealing with currency exchange. And I alway keep it in my front pockets. I study a lot. Thanks to people like y'all.

[Rachel + Will = Together Forever]

Yeah, Banks in China are just like the DMV in America... waiting... waiting... finally your number is called.

 

But yes, I agree, go straight into the Bank of China to change your bills. We've never had a problem. You'll just have to wait a while, unless you're lucky!

 

And it's true that if your foreign money is in bad shape they won't take it

[chengdu4me]

I use a money changer outside the bank ever since I got here. I get a .02 drop...if the exchange rate is 6.82, then I get 6.80. The RMB he gives me is counted and scanned by the bank before I accept it.

 

We call him to make an appointment before we meet and he shows up on time with the money we need. Very transparent and above board. We do the transaction inside the bank with the help of bank personnel.

 

Risky? Not for us. But, there is a shady element that you must be aware of.

 

Gotta love Chengdu! No rules...just right!

[b.c]

I use a money changer outside the bank ever since I got here. I get a .02 drop...if the exchange rate is 6.82, then I get 6.80. The RMB he gives me is counted and scanned by the bank before I accept it.

 

We call him to make an appointment before we meet and he shows up on time with the money we need. Very transparent and above board. We do the transaction inside the bank with the help of bank personnel.

 

Risky? Not for us. But, there is a shady element that you must be aware of.

 

Gotta love Chengdu! No rules...just right!

 

Yep, just like I said Larry...big ones.

[2mike&jin]

Yeah, Banks in China are just like the DMV in America... waiting... waiting... finally your number is called.

 

But yes, I agree, go straight into the Bank of China to change your bills. We've never had a problem. You'll just have to wait a while, unless you're lucky!

 

And it's true that if your foreign money is in bad shape they won't take it

 

 

FYI-the banks do charge you a fee for the exchange - BOC is about 1%.

 

Mostly, the Banks are good for "large amounts" of USD changes - and yes even with our association with the operations manager it takes 10-15 minutes....lot's of paper.

 

However, I usually use two other methods for "daily" amounts of RMB. The first, is I have a USAA checking account - that reimburses me for the transaction fees - so it's a direct 3000 RMB pull at current exchange rates - no fee (other than the ATM fees which are reimbursed by the bank). The second is to use ATM cards that do charge me ATM fees, and if I take the MAX 3000 RMB (HSBC) then it works out a little over 1.3% fee, which I detest but if I need 6,10,12K RMB at a shot....I do it...but it's rare.

 

The best way - so I've been told is to have a BOA ATM and an Account at CCB in China. Transfers free, exchanges minimal - but the use of an ATM card in CCB machines is reported to be without fees. I haven't used this......perhaps someone who uses this method could let all of know with certainty wheter or not there are any fees associated with this reported method?

Edited December 14, 2009 by 2mike&jin (see edit history)

[Randy W]

Yeah, Banks in China are just like the DMV in America... waiting... waiting... finally your number is called.

 

But yes, I agree, go straight into the Bank of China to change your bills. We've never had a problem. You'll just have to wait a while, unless you're lucky!

 

And it's true that if your foreign money is in bad shape they won't take it B)

 

 

FYI-the banks do charge you a fee for the exchange - BOC is about 1%.

 

Mostly, the Banks are good for "large amounts" of USD changes - and yes even with our association with the operations manager it takes 10-15 minutes....lot's of paper.

 

However, I usually use two other methods for "daily" amounts of RMB. The first, is I have a USAA checking account - that reimburses me for the transaction fees - so it's a direct 3000 RMB pull at current exchange rates - no fee (other than the ATM fees which are reimbursed by the bank). The second is to use ATM cards that do charge me ATM fees, and if I take the MAX 3000 RMB (HSBC) then it works out a little over 1.3% fee, which I detest but if I need 6,10,12K RMB at a shot....I do it...but it's rare.

 

The best way - so I've been told is to have a BOA ATM and an Account at CCB in China. Transfers free, exchanges minimal - but the use of an ATM card in CCB machines is reported to be without fees. I haven't used this......perhaps someone who uses this method could let all of know with certainty wheter or not there are any fees associated with this reported method?

 

 

http://candleforlove.com/forums/index.php?...st&p=530266

 

1000 RMB. We had to make 4 transactions to get 4000RMB. Through my BoA account, I was able to divide the RMB amount withdrawn, by the amount withdrawn from my BoA account - 6.81, with no fees.