C4Racer Posted August 21, 2010 Report Share Posted August 21, 2010 (edited) I am not sure if this is the right forum, but as Delta Sky miles member, I have an American Express SkyMiles Card. The new announcement this month is that American Express now offers Chinese Yuan Travelers Cheques.It says they are exchanged for local currency at Bank of China.Not sure what the exchange rate is, but they say it is better than Chinese Yuan cash. Another option in taking money to China. The nice thing has always been if stolen they are replaceable. Might be a nice option for us occasional travelers to China. Edited August 21, 2010 by C4Racer (see edit history) Link to comment Share on other sites More sharing options...
dnoblett Posted August 21, 2010 Report Share Posted August 21, 2010 (edited) http://i949.photobucket.com/albums/ad334/dnoblett/Misc%20Junk%20for%20posting/AMXTravelCheckRMB.png https://www.americanexpress.com/CNY More: http://www.aetclocator.com/resources/-001/6662/7732/RMBTC_encashment_booklet_FINAL_UK_June_29.pdf Edited August 21, 2010 by dnoblett (see edit history) Link to comment Share on other sites More sharing options...
Randy W Posted August 22, 2010 Report Share Posted August 22, 2010 Now, wait a second! The difference between those and the American dollar Traveler's Cheques is that you get the exchange rate HERE, instead of in China. AND that apparently you can only go to the BofC to redeem them. Is that actually any advantage at all? Link to comment Share on other sites More sharing options...
RivaRich Posted July 4, 2011 Report Share Posted July 4, 2011 I looked at the cost of these on the American Express website very recently and ¥1000 costs $165.93 which equals an exchange rate of 6.03 That looks lousy to me. I've always taken U.S. dollar travelers cheques and exchanged them for yuan in China. I seem to remember the rate was good and the fees were quite small. I bank with Bank of America and they said they don't offer Travelers Cheques anymore when I called the other day. You can buy the Yuan version online from their website at $170.30 for ¥1000 which equals an exchange rate of 5.87 The current yuan rate is here -> ¥ Rate Link Link to comment Share on other sites More sharing options...
Beachey Posted July 5, 2011 Report Share Posted July 5, 2011 I bank with Bank of America and they said they don't offer Travelers Cheques anymore when I called the other day. You can buy the Yuan version online from their website at $170.30 for £¤1000 which equals an exchange rate of 5.87 If you have a Bank of America card, you can take money out at any China Construction Bank ATM with no fee, I wouldn't bother with a traveler's cheque. Link to comment Share on other sites More sharing options...
RivaRich Posted July 5, 2011 Report Share Posted July 5, 2011 (edited) I wonder if the rate is good if you use the Bank of America/China Construction Bank ATM method? Edited July 5, 2011 by RivaRich (see edit history) Link to comment Share on other sites More sharing options...
Randy W Posted July 5, 2011 Report Share Posted July 5, 2011 (edited) I wonder if the rate is good if you use the Bank of America/China Construction Bank ATM method? I withdrew 1000 RMB from a CCB ATM on Saturday - my BOA account in the US was charged $155.06, for an effective exchange rate of 6.449.. By Oanda (http://www.oanda.com/) the official exchange rates are: Selling 1.00000 USD you get 6.45262 CNY Buying 1.00000 USD you pay 6.47262 CNY Bid Ask Sell 1 USD Buy 1 USDMIN 6.45090 6.47090AVG 6.45262 6.47262 MAX 6.45530 6.47530 or about 0.05% off of the average rates Edited July 5, 2011 by Randy W (see edit history) Link to comment Share on other sites More sharing options...
dnoblett Posted July 5, 2011 Report Share Posted July 5, 2011 We opened a B of A account last year specifically for my wife's trip home, the exchange at thhe ATM was fair. Keep in mind you need to inform the bank that will be using the card overseas or their fraud prevention department may shut the card off. Link to comment Share on other sites More sharing options...
TLB Posted July 6, 2011 Report Share Posted July 6, 2011 (edited) I might be dim, but I don't see the point of traveler's checks anymore at all, unless you are going somewhere that doesn't have ATMs. Just take out what you need when you need it; the rates aren't horrible and it's much more convenient. It's a past millennium thing... Edited July 6, 2011 by TLB (see edit history) Link to comment Share on other sites More sharing options...
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