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Changing Money

 
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pdxtran



Joined: 14 Feb 2003
Posts: 3
Location: USA

PostPosted: Mon Feb 17, 2003 5:02 am    Post subject: Changing money Reply with quote

As I understand, the yuan is still an unconvertible currency, so you can convert into hard currencies in China, but you can't convert out of yuan once you're outside China. Once you're outside China, the yuan is essentially scrap paper. At least that's the way it was when I was there.

Fortunately, you can get rid of your yuan at major Chinese airports and turn them into yen before you leave. If you're going somewhere else first, change your yuan into dollars, pounds, euros, or whatever you prefer, and then buy yen once you arrive in Japan.
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brad_stephenssmith



Joined: 19 Feb 2003
Posts: 7
Location: San Diego, Ca.

PostPosted: Wed Feb 19, 2003 6:30 pm    Post subject: Are you sure? Reply with quote

I was under the impression that Renminby (RMB) were non-convertable but Yuan (CNY) were. Is this incorrect? What, then, is the distinction between the two?
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Paul G



Joined: 16 Jan 2003
Posts: 125
Location: China & USA

PostPosted: Wed Feb 19, 2003 7:59 pm    Post subject: Reply with quote

There is none. The RMB and Yuan are one and the same.
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Amanda Williams



Joined: 06 Feb 2003
Posts: 6

PostPosted: Thu Feb 20, 2003 11:09 am    Post subject: Reply with quote

By far the best place to change RMB to hard currency or vice versa is Hong Kong where they will change even large sums (eg a year's savings) without blinking. Always fly out of China via Hong Kong for this reason. Rates at the airport are not bad, but if you are staying in Hong Kong for a while, avoid changing money at the kiosks in and around Nathan Road.
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Roger



Joined: 19 Jan 2003
Posts: 9138

PostPosted: Fri Feb 21, 2003 12:11 am    Post subject: Reply with quote

if you are a legal jobholder, you can convert in CHINA up to 70% - but it involves some hassles with the bank.

As someone else said, Hong Kong has good moneychangers. Avoid the BANKS there as you will have to pay a HK$ 50 service charge no matter how high the amount you want to change is.
Instead go to moneychangers. Contrary to what the poster said about NATHAN ROAD, that is actually the best place although you have to exercise CARE: You ought to get around 94 HK$ for every 100 RMB (or 'yuan'), and some offer you a mere 70!

One of the best places is CHUNGKING MANSIONS with its many guesthouses. Indian moneychangers are the best!
In CAUSEWAY BAY and in WANCHAI, you can easily find moneychangers too!

A new trend is for local businesses to operate as moneychangers. They often don't publicise the exchange rates, so you must negotiate.

There is an upper limit of 6000 RMB that you can legally take out of the PRC!

Countries where you can change RMB include:
- Vietnam;
- Russia (Far East);
- Kazakhstan
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dezza



Joined: 12 Jan 2003
Posts: 27

PostPosted: Fri Feb 21, 2003 4:47 am    Post subject: RMB Reply with quote

You can probably buy/sell RMB in your local North American Chinatown.

I found quite a few places where I could buy/sell RMB in Toronto's Chinatown and I'm sure other Chinatowns would have this (underground?) service.
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brad_stephenssmith



Joined: 19 Feb 2003
Posts: 7
Location: San Diego, Ca.

PostPosted: Fri Feb 21, 2003 7:18 pm    Post subject: Changing rmb in Japan Reply with quote

I think I know the answer to this, but I need to ask:

We were planning on returning via Japan. Does anybody know if its possible to change RMB there?
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Paul G



Joined: 16 Jan 2003
Posts: 125
Location: China & USA

PostPosted: Fri Feb 21, 2003 8:51 pm    Post subject: Reply with quote

Brad:

Have you read the posts in this thread?

As Roger mentioned, you can legally change 70% of your Chinese salary to US$ (or any other foreign currency) and then send it out of the country. Do you honestly think that you will be saving more than 70% of your salary?

Another poster said that you can change your RMB to Yen (the currency of Japan) at the airport.

If you are going to ask for advice, maybe you should pay attention to the advice that is given you instead of trying to come up with a whole bunch of different scenarios that really have nothing to do with real life.
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Tim



Joined: 12 Feb 2003
Posts: 45

PostPosted: Sat Feb 22, 2003 3:25 am    Post subject: you have options Reply with quote

apart from the hong kong option...

when you enter Chjina and change money into RMB, they give you a receipt. This is valid for uptio six months, to change up to that amount of RMB back to a foreign currency on leaving, or at any major city central branck of Bank of China. I've doneit several times.

Or, as a foreign expert you can legally change upo to 70% of your salary to a foreign currency, but yes, this takes some effort.

Or use the black market.

Thomas Cook offices can also get you RMB before you go to china,a nd later change back any excess. but they have to orderit.
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eric the king



Joined: 22 Feb 2003
Posts: 24

PostPosted: Sat Feb 22, 2003 4:43 am    Post subject: Brad Reply with quote

Brad

As to his reply on your 'coming to China' post - how dare you try to teach with no TEFL qualification? Believe me, your classroom experience will be worth far more in China than a whole year's study of nouns, verbs and adjectives.

Enjoy your 6 months, but please, do go for more money. I see a future 'China is Hell' posting on the Job Information Journal otherwise.
take care
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arioch36



Joined: 21 Jan 2003
Posts: 3589

PostPosted: Sat Feb 22, 2003 5:11 am    Post subject: Reply with quote

if you work in China illegally, I guess you will have to change your money illegally. The FAO of any decent school will help you.

Just make sure...if you deposit US (or other) money into a bank, either keep your receipts, or have it in a separate bankbook that clearly indicates that it is an American currency account. Otherwise, time for withdrawl....they can't give US money back yo you.
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noyb



Joined: 22 Feb 2003
Posts: 93

PostPosted: Thu Feb 27, 2003 2:04 pm    Post subject: Exchanging RMB Reply with quote

Not all legal jobs allow you the option to exchange your RMB into hard currency. Most universities will allow you to do this, but it takes a lot of paperwork and there are limitations -- only 70% of your taxable salary. This means that any money you've earned from outside work cannot be turned into, say, US dollars. There is a thriving black market, at least in Guangzhou. Be careful. As for Hong Kong, banks will exchange RMB with a limit of 6,000 per day. If you are not a bank customer, there is usually an exchange fee or commission to be paid. I know for a fact that in Chungking Manor on Nathan Road in Hong Kong there are reputable money changers that will change any amount you want at a decent rate. Although in theory taking out more than a certain amount of RMB is illegal, in 8 years I have yet to be searched upon leaving the country or, for that matter, been questioned regarding money (or anything else). Flying out of China for Hong Kong because of a fear of being caught "smuggling" out currency is a foolish idea. Again, not all (nor even most) legal jobs allow you to exchange money legally. And it *is* entirely realistic to expect to save over 70% of your income. The vast majority of teachers I know have outside work that pays them more than what they earn in their legal job at the university. Even a moderately industrious individual can easily save 100% of the taxable salary earned at their legal job.
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zacharybilton



Joined: 23 Apr 2015
Posts: 118

PostPosted: Wed May 13, 2015 11:26 am    Post subject: Re: Changing money Reply with quote

pdxtran wrote:
As I understand, the yuan is still an unconvertible currency, so you can convert into hard currencies in China, but you can't convert out of yuan once you're outside China. Once you're outside China, the yuan is essentially scrap paper. At least that's the way it was when I was there.

Fortunately, you can get rid of your yuan at major Chinese airports and turn them into yen before you leave. If you're going somewhere else first, change your yuan into dollars, pounds, euros, or whatever you prefer, and then buy yen once you arrive in Japan.


Even today, America doesn't really allow the EXCHANGE. I hope you didn't keep the stuff.
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