Where to exchange dollars for yuan

[Greg.D.]

I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars.

I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb.

I'll try an ATM next.

Greg

[Randy W]

I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars.

 

I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb.

 

I'll try an ATM next.

 

Greg

 

 

I can get a similar exchange rate through my Bank of America ATM card, but they charge a 3% currency exchange fee, so it's not worth it. Banks are the way to go, but the ATM card would be more convenient.

[dan1984]

If I go to the ATM here using my US debit card, I get charged a flat $5.00 fee.

 

Yes, definitely exchange money here on the ground in China - doesn't include airports in China. Go to a bank, you will definitely get the best rates.

[Randy W]

I usually check exchange rates through www.oanda.com

[credzba]

 

I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars.

 

I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb.

 

I'll try an ATM next.

 

Greg

 

 

I can get a similar exchange rate through my Bank of America ATM card, but they charge a 3% currency exchange fee, so it's not worth it. Banks are the way to go, but the ATM card would be more convenient.

 

 

Randy,

BofA used to be free at China Construction bank, did that end?

[Randy W]

 

 

I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars.

 

I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb.

 

I'll try an ATM next.

 

Greg

 

 

I can get a similar exchange rate through my Bank of America ATM card, but they charge a 3% currency exchange fee, so it's not worth it. Banks are the way to go, but the ATM card would be more convenient.

 

 

Randy,

BofA used to be free at China Construction bank, did that end?

 

 

 

Not entirely - at the BofA end, they added the 3% fee - a currency exchange fee, so the actual ATM transfer is still technically free. At the CCB end, it's still free. I think that was just this last Dec. - we've mentioned it a few times (you ought tocome around more often)

 

I can send wires to myself for free from TDAmeritrade, so I'm covered for now. The BofA ATM offered a VERY slightly better conversion rate than the ATM.

[Randy W]

 

 

 

I was traveling last Wednesday (July 9, 2014) to Beijing and was passing through the Seattle airport. I had about 1000 rmb's with me and thought, since I had some time, I could buy a bunch more in the Seattle airport, in the S gates area where my Hainan Airlines flight was departing. I noticed the Foreign Exchange booth was not posting their rates so I had to ask how many yuan she would give me per dollar. She said 5.3. I had a general idea it should be over 6 so said "wow" and kept my dollars.

 

I just got into an ICBC here near my hotel today and got 6.145 per dollar. Maybe most of you know better (I think I usually change in the target country) but I post this here for some searchable content: if you can, buy most of your yuan in China. I traded 800 USD today; had I done so in Seattle, I would have lost 676 rmb.

 

I'll try an ATM next.

 

Greg

 

 

I can get a similar exchange rate through my Bank of America ATM card, but they charge a 3% currency exchange fee, so it's not worth it. Banks are the way to go, but the ATM card would be more convenient.

 

 

Randy,

BofA used to be free at China Construction bank, did that end?

 

 

 

Not entirely - at the BofA end, they added the 3% fee - a currency exchange fee, so the actual ATM transfer is still technically free. At the CCB end, it's still free. I think that was just this last Dec. - we've mentioned it a few times (you ought tocome around more often)

 

I can send wires to myself for free from TDAmeritrade, so I'm covered for now. The BofA ATM offered a VERY slightly better conversion rate than the ATM.

 

 

 

I see you had posted in this thread - http://candleforlove.com/forums/topic/46322-new-money/?p=607504 - right before we found out about the fee

[Randy W]

It also came up in this thread - http://candleforlove.com/forums/topic/46071-bofa-sells-stake-in-ccb/

[dnoblett]

My wife was over in China the month of May, would visit the CCB location in Guilin to withdraw cash while there, the fee was not too bad.

 

She pulled 1000 RMB at a time, which exchanged to $160.43 or around 6.25 Yuan per $ , fees were $4.81 by CCB, and another $5 from B of A.

[Randy W]

My wife was over in China the month of May, would visit the CCB location in Guilin to withdraw cash while there, the fee was not too bad.

 

She pulled 1000 RMB at a time, which exchanged to $160.43 or around 6.25 Yuan per $ , fees were $4.81 by CCB, and another $5 from B of A.

 

 

You're getting double-dipped there by both BofA and CCB - for around a 6% total fee. That may mean that CCB has realized they can start charging for these transfers also.