Job Discussion Forums

dragonfly58 · Joined: 09 Jul 2010 Posts: 10 Location: U.S.

Does anyone know if the Chinese RMB can or can not be converted into other currencies? I was reading a expat website and it said the Chinese money can not be converted into other currencies.

wangdaning · Joined: 22 Jan 2008 Posts: 3154

It can.

dragonfly58 · Joined: 09 Jul 2010 Posts: 10 Location: U.S.

Thank you for your response. Can you tell me how to do that? Ie, at the bank?

Mister Al · Joined: 28 Jun 2004 Posts: 840 Location: In there

No, at the fish counter at your nearest fresh market. Laughing

The Great Wall of Whiner · Joined: 29 Jan 2003 Posts: 4946 Location: Blabbing

It can, but it's not like back at home where you bring the money to the bank and they simply do the exchange.

This is all from memory, so maybe some things have changed.

As a foreigner may need up to the following:

- Passport

- Valid visa

- The declaration card that shows how much money you brought into China when you first came

- Salary slip detailing your income, tax paid, etc.

- Proper exchange forms, completely filled out

- Proper government income statement forms, completely filled out

- Personal banking information

I believe you are limited to up to $500 dollars, and up to 50% of your monthly net salary (not gross).

If you are Chinese (those who are most likely to funnel money out of China), you simply need an ID card and fill out a few forms.

dragonfly58 · Joined: 09 Jul 2010 Posts: 10 Location: U.S.

Thank you for your responses.

wangdaning · Joined: 22 Jan 2008 Posts: 3154

If you get a Chinese friend to do it at Bank of China it is much simpler. They don't need lots of documents. I get my wife to do it, then I just send the money to my account back home, no reason to hold foreign currency here.

In the states it was a real hassle before I came here. I was trying to get some RMB. Had to open a bank account, wait a few days, and got a bad exchange rate. I never opened the account or changed money there. It was much less hassle to do it here.

Non Sequitur · Joined: 23 May 2010 Posts: 4724 Location: China

I know the search function isn't always working but remitting money from China would have to have had most posts by far over the last several years.
If you're sending to US now's the time. With the US so weak you will get more for your RMB.
Don't forget Western Union. But you need to get your US$ in China first. There are touts around most BoC branches.
Watch for counterfeits though.
When I first sent money home in 2004 you could do it yourself. A hassle and multiple queuing.
Now using a Chinese friend is necessary.
Why foreigners who have the most apparent need to remit are barred yet Chinese who have no apparent need to remit are allowed to, beats me.
You should have the SWIFT number of your home bank. Take your passport and of course your BoC passbook - if that's who you are banking with and your ATM card to make sure.
You never know what you will be asked for.

Miles Smiles · Joined: 07 Jun 2010 Posts: 1294 Location: Heebee Jeebee

I've been through every imaginable headache over exchanging rmb for dollars. Some or all of the advice previously offered may work.

Some or all may NOT work with one exception: bring a Chinese friend to do it for you. Get a new friend for each exchange and go to different banks each time.

Bring a Chinese citizen to execute the exchange. What you MAY encounter should you attempt to do it yourself could be quite unpleasant.

Your mileage may vary, but I believe that it is becoming more and more difficult for round eyed people to exchange rmb for dollars.

And no, I don't live in an undeveloped province, and I don't live in a small village.

7969 · Joined: 26 Mar 2003 Posts: 5782 Location: Coastal Guangdong

Miles Smiles · Joined: 07 Jun 2010 Posts: 1294 Location: Heebee Jeebee

The Great Wall of Whiner · Joined: 29 Jan 2003 Posts: 4946 Location: Blabbing

Non Sequitur · Joined: 23 May 2010 Posts: 4724 Location: China

Only Western U involves having actual bank notes.
A bank to bank transfer is electronic.
Of course there is the physical carry approach which has some personal security risk but the amount allowed to be taken out is quite high.
Still you need to be actually going home or have a trusted person who is traveling who can bank it for you.
In my home country even quite small bank branches will take RMB and give you local.
They don't usually have a lot of RMB on hand if you are converting the other way. Next day they'll have it though.
Overall my in China experience mirrors Miles Smiles.

peewee1979 · Posted: Thu Jul 28, 2011 8:22 pm Post subject:

Recent experience:

On Friday go into Bank Of China. They dote on me and help me to fill out the form and put me next into the line and allow me to change only $500usd even though I wanted more. Was smooth and takes about 5 minutes. Many smiles from the staff.

Next day I go into a different Bank Of China location. Sorry we can not change money on the weekend, come back on Monday.

I never heard that before. My Chinese friend asks if she can change the money, they say come back Monday.

We are in a touristy area and find another branch of BOC so we go in. This one say "Sorry foreigners can not change money in China, it is forbidden..."

Friend asks if she can do it. They say come back Monday.

Monday comes around we go into a different branch. She does it with me at her side. Teller watches me count and give her enough rmb for $1500 worth of USD. Really quick ( once our number was called). Teller also beams my way.

There is about 125 rmb of change left over, I tell my Chinese friend she can keep it. She's ecstatic, smiles, and quickly puts the money in her purse.

Some notes: I left money in my Chinese bank account and the atm card works fine at select banks out of China and gives you that counties local currency. The fee is 3% teh CHinese bank told me PLUS whatever fees charged by the bank you use.

Trying to get rmb outside of China is an unwise move - the loss is about 20% of face value PLUS bank fees. If you are coming to China every airport has ATMs and exchange windows that are open. Use the atm, it is cheaper than the window as they tack on fees for the privilege of changing your money either way.

If you know you are going to leave China at a certain point start to change your money in advance or simply bring a Chinese friend. Best to plan ahead and change your money several weeks in advance if you can.