Job Discussion Forums

[mavis enderby]

June is here and I'm trying to remember the list of paperwork I need
to take to the bank to change my ill gotten RMB into UKP. I've a bit more
than 500 USD so I need to get the bumf together. Greatest thanks for
your help folks

[The Ever-changing Cleric]

my gf exchanges the money at one window of the bank of china for me, then we take the new currency to another window, i fill out a form and the money is sent to my account back home. i've never shown any documents of any sort to any bank official to send money out of the country(I always bring my passport just as proof of identity in case anyone asks though).

[Ariadne]

Bank of China will change rmb to dollars.. up to $500 a day per person.. without any paperwork except a passport. Let me add that this is the case at the B of C near me... results may vary elsewhere.

.

[kev7161]

I have learned so much lately about exchanging RMB for USD, some of which is being repeated from previous threads:

1. Yes, you can buy up to $500 a day with just your passport and a piece of paper you have to fill out at the bank. Sometimes, at Bank of China, that piece of paper is all in Chinese so I need help, sometimes there is English and I can do on my own.

2. If you want to exchange a larger amount, bring tax receipts, passport with Residence permit, FEC, your contract, a blood sample . . . (just kidding, I think!). You can get it done, but it's such a hassle that I'd rather make 2-3 trips to the bank over a few days' time.

3. If YOU exchange the money and then want to wire it overseas, then you eliminate one of BoC's fees for doing so (but there is still a 150/50 fee for something or 'nother). If someone else exchanges the money and then you deposit the USDs straightaway into your account, then when you want to transfer, that extra fee is charged. It's a bit confusing and surely may not apply to all branches.

4. Any Chinese friend can exchange a boatload of RMB for you with just a wave of their ID.

[sojourner]

Does the OP want to remit some funds to another country - or, requires some spending money whilst travelling during the summer break ?

Apart from having to go to a bank in China and change your RMB into foreign exchange, another possible alternative , when outside of the PRC, would be to simply use your ATM card ! On my China Construction Bank card there is the "UnionPay" logo. With such a card, I have withdrawn money in Vietnam, HK, Macau, and a few other places , from those ATMs which happen to display the aforementioned logo. Do a google/Wikipedia search on "UnionPay" in order to ascertain those countries that are linked to the network.I'm not sure of the fees that banks in other countries charge for using the network to withdraw local money - who knows, it might well be a bit cheaper than purchasing foreign exchange from a bank in China !

Will the OP happen to be visiting Thailand ? If so, another option would be to take his/her RMB out of China and to purchase foreign exchange in Bkk. However, don't purchase foreign exchange at Bkk Int'l Airport - lousy exchange rates ! Also, avoid those money exchange booths in Bkk that are owned by the major Thai banks - the exchange rates appear to be only slightly better than those offered at the airport. I usually exchange my RMB for both Thai Baht and AUD at an independent money exchange place near Siam Centre - the exchange rates are excellent ! Check the pertinent websites for info re how much RMB you are allowed to (legally) take out of China. I'm not sure, but I think that it's in the vicinity of 40 K. Of course, in US/UK/Aust, etc, you could exchange your RMB into the local currencies, but the exchange rates are often pretty lousy.Thus, if Thailand happens to be on your itinerary, consider my suggestions about money changers in Bkk !

Peter