Job Discussion Forums

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

It is legal to take out RMB 20,000 now but as Lily has mentioned too, no-one seems to be on the look-out for greater amounts of cash anyway.

Next, if you are not sure about exchange rates, change RMB --> US$ (on the grey market if need be) and take those back.
(I think I PM'ed you about this.) The US$ cash can be put into your BoC a/c.

Finally, you are supposed to declare amounts greater than AUD$10,000 or equivalent in cash on entry to Oz but again I have not seen a system that looks for this. It seems to be self-disclosure.

M

lilian · Joined: 09 Oct 2004 Posts: 22

millie I haven't received a PM from you. I cannot go to the 'grey market' here alone; too dangerous, and no one around to help. This place is full of thieves; I have been robbed here twice so I am not going to get into trouble. I dont mind a lower exchange rate. So if I could not convert the extra amount I will just take the cash to Oz+US dollars, if I did not get robbed at the airport.
lilian

ChinaLady · Posted: Wed May 04, 2005 4:38 am Post subject: RMB to Aussie money?

soooooo, easy. I spent winter break in NZ. my "knowledgable" China travel agent was going to "introduce me to her brother" for my money situation. of course, her "brother" wanted USD for the Aussie or NZ money.
on a hunch I took RMB with me.
walked into the Sidney Airport and did the exchange right there.
once in NZ, I could walk into ANY bank and they exchanged RMB on the spot. (should have brought more RMB instead of USD!)
there are so many Chinese students there studying "english" in chinese schools that they willingly exchange.
the rate? well, it varied on what the NZ dollar was doing on that day.
forget the Hong Kong trip.
not needed.
(o, yes, only in the airport did they ask for my passport. none of the banks cared at the least.)
have a great exchange!

deezy · Posted: Wed May 04, 2005 11:42 am Post subject:

Well, I feel quite a dummy now, as I exchanged my rmb for US dollars in December when I returned to Oz for a month, and then exchanged the US dollars into Aussie dollars, and really lost out. Now you're saying that I could have just taken the rmb and walked into the Westpac and they'd've changed the rmb for me!

I tried doing a transfer or exchange at the Bank of China, but having to produce proof that I'd paid tax was just too problematic. The Bank of China in Melbourne said it was EASY... well, it definitely wasn't easy here in Weihai, they simply didn't understand (or said they didn't understand) the process!

So when I go back for a trip in August, maybe I'll check out the exchange rate at the Westpac before going through all those dramas again.

lilian · Joined: 09 Oct 2004 Posts: 22

Well, you would have to convert into US and then Oz dollar; it is normal practice as the latter is not readily available, certainly not in china. I will also go through the same process, so dont feel you did something silly.
However, as you can see from the posts here, if you convert RMB directly into Oz dollar in Australia you are probably going to lose more. So all in all, you are bound to lose some in this process.

I have also been considering sending my money via the bank here to Oz, but dont have the nerves...given the mess you are likely to end up in. I would not try to do that. Chinese banks are not used to dealing with foreign banks and thoroughness, carefulness and attention to details are things unheard of here in working processes (amongst other things). So take the cash with you, as the students say, 'in my opinion'.
lillian

deezy · Posted: Wed May 11, 2005 1:26 pm Post subject:

Hiya
My husband wandered into a Westpac in Melbourne a few days ago, and they told him that for every 100 rmb they would give him A$14. There is a limit of A$10,000. Hope that helps.
deezy

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Hello Deezy,

Very valuable and useful information for anyone taking RMB back to Oz and it makes it all very simple now.
Many thanks Very Happy

(BTW: I changed RMB in HK on 11 May 2005 and received AUD$15.518 for RMB 100.
A little better by some 10% but certainly not an issue unless you have a a brick of RMB.)

Millie

lilian · Joined: 09 Oct 2004 Posts: 22

I have now received a reply from Commonwealth bank: they do not trade in RMB at all. They have suggested going to Thomas Cook or American Express.
So I don't know about other banks in Oz, but, millie, $15 for 100 RBM is a terrible rate indeed; the rate on the Internet money conversion site is about $A1=7RMB, as I remember.
lilian

deezy · Posted: Sat May 14, 2005 1:16 pm Post subject:

Well, my husband walked right into the Bank of Melbourne, (Westpac) and was given this information.... $14 or $15 for 100 rmb. The exchange rate has been 6.8 for a while, but with the Aussie dollar now going down, it may be more. (or is it less....I can never work that one out!). Before I go back for my break in August I'll get him to check it out again.

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Hello lilian,

Glad to see you are an English teacher and not a Maths teacher because if the latter then I would be really worried. Smile

The rate per 100 RMB (given in AUD but not per one dollar) equates to:
AUD$1 = RMB 6.444

(The calculation: 100 RMB divide by 15.518 equals 6.44 RMB per dollar which is pretty good for selling RMB and buying AUD$)

However, if you are not going via HK, then carrying US$ cash or deezy’s advice seem to be obvious choices.

Cheers
M

mingmong · Joined: 02 Jan 2005 Posts: 12

i thinks all of the bank sites give you current rates for major currencies. in regards to how much u can exchange back into AUD, there really isn't a limit, they might ask some questions if it is over AUD10000, which you dont have so there wont be a problem. i think AUD10000 is also the figure they inquire about when entering the country. you wont have a problem, just shop around for a rate. it seems like a waste of time to be purchasing USD.

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK

Hello mingmong,

I have not been able to find a website for an Australian bank that gives an exchange rate for the RMB. It is not a freely convertible currency (unlike most other currencies in the world) and so it in not a matter of shopping around for the best rate but actually finding a bank that will accept RMB in Oz.

This is the basis of concern for the OP.

Deezy suggests you can exchange at a reasonable rate with Westapc but you will be loosing a quite bit if you were to exchange a large amount this way. Consequently, the choice of carrying US$ would be a useful one if people are carrying up to (or beyond...) the legal limits of RMB20,000 on exit for China and AUD$10,000 (or equivalent other currencies) in cash on entry to Oz.

M

clarrie · Joined: 05 Apr 2005 Posts: 75

TC took a fair whack from memory, but the exchange I did through Bank of M was pretty good. Sorry, can't recall exact details, just remember thinking the whole thing was pretty good through B of M.

Sorry, probably not much help.

mingmong · Joined: 02 Jan 2005 Posts: 12

the major banks in australia (Westpac, commonwealth, national etc) all have very similar branch banking services. westpac exchanges RMB - that means it is very likely the others will also. i even recall greater union accepting rmb (not good rate though). the op stated she is well within the legal limits so that is not an issue here. the RMB is not online - apologies for for the bum steer. (should have known that as in branch they have to ring for the rate). if u r seriously worried perhaps someone can visit a couple of banks for u?

millie · Joined: 29 Oct 2003 Posts: 413 Location: HK