Job Discussion Forums

[amandabarrick]

[millie]

Hello AB,

I don’t think that anyone is trying to make anything more complicated than it really need be. However, the information that you had provided was somewhat contradictory and confusing as it unfolded.

It seems the new RMB20,000 limit regulation may have in come into effect in this case; good that it was uncomplicated for you and certainly worthwhile to be aware of this.

(It seems the rate you got is about 8.333 (minus bank costs too); not so wonderful given the grey market in Shanghai is 8.30 or less.)

Regards you enquiry on rates Travellers Cheques versus cash on the China (Off-Topic) thread, you get a much better rate on T/C than cash: viz US$1 =8.2641 T/C versus 8.2144 cash.

BoC China rates are centrally set and are the same all over China no matter where you are.

Generally speaking however, I think everyone avoids changing large amounts an airport as common sense because in most countries you will get gouged!

Happy travels.
M

[yamahuh]

Get a money belt, put as much into your wallet as you can get in while still being able to sit comfortably; after all that's a thick stack. Put the rest into your money belt and try to look non-chalant...

I e-mailed the Royal Bank of Canada directly about this some time ago and was told that there is no limit to the amount of RMB that they will exchange. The only 'problem' is that because it isn't a commonly requested exchange there would be a waiting period of a couple of days before I could receive my Canajun loonies.

Dear

We have received your question regarding if it is possible to cash Chinese Renminbi into Canadian dollars when you return to Canada. Thank you for this opportunity to address your inquiry.

Yes, you are able to cash Chinese Renminbi into Canadian dollars. As this is not a currency that is commonly handled, it is done on a collection basis and the process can take up to 5 business days before the amount is credited to your account.

Thank you for your message, Mr. We apologize for any inconvenience our delay in responding to your message may have caused. Please do not hesitate to contact us again through this message centre if we may be of further assistance.

I just e-mailed them again to see what kind of service fees are associated with a transaction of this type and will post the response when I receive it.

Oh and I'm sure you're aware of this but 20,000 RMB changed at 8.3 per USD is $2409.63 US. 20,000 changed at 8.0 per USD is $2500 US.
Are you folks THAT worried about $90.37?
A slight fluctuation in exchange rates is barely even worth mentioning let alone worrying about.
Of course that's just my 2 cents worth

[millie]

yamahuh wrote:

[Norman Bethune]

Not everyone is blessed with Amandabarricks brilliance in speaking Mandarin fluently so those ever so helpful clerks at the Bank of China wll understand.

Sure, she had a painless experience when doing what in reality is almost impossible to do in China...send RMB directly out of the Country using western Union.

How she did it, when so many of us can't, who knows? But this is China, where things happen and Laowai don't always know the reason why.



Now, let's settle this issue for once and for all.

If it is possible to do as AmandaBarrick claimed she did (hand over 20.000 RMB to Western Union, and wire it to be recieved in the US to be converted there)....
where can we find an OFFICIAL SOURCE TO CONFIRM IT?

Someone please cite a Website where this information is PUBLISHED.

Please Cite the relevant Official Chinese Government Regulations for the benefit of the rest of us.


And for those cunning linguists here who Speak and read Chinese better than the rest of us, that information shouldn't be too hard to find and translate for dullards like me who just have a workaday knowlege of the language.

If something good happens once in China, it's a mistake. If it happens twice, it's because of your connections. If it happens three times it's corruption. If it happens four times it's government policy.

[yamahuh]

[millie]

Yes, yamahuh I was a little perplexed as to why you mentioned the figure of initial $90.37.

But lets not let the figures get in the way of a good argument, eh?

Yep, less than $10 bucks as you note plus the service charge of at least one percent makes it about $35 or so I think.

As well almost every bank transaction of this sort attracts a service charge and that’s your cash again.

However you can do with it what you will and again, if you don’t want it, I will happily accept it.

[amandabarrick]

[Norman Bethune]

[chinaboytian]

Go to Bank of China only, which is the only official changing bank and has the best rates, as well as offers US dollar travelers checks.

Never change money on the streets, as you will be swindled or they will simply up and run away with your money.

Unless you know a CHinese friend who can change the renminbi into U.S. dollars for you at a better rate than Bank of China.

I taught in China for three years. The first visit to the bank is a pain. They make you wait and they have three employees count the money before they hand it over.

[Sgt Killjoy]

I don't care about western union. My wife and I are looking at going to China. We have a dollar account in the Philippines and lo and behold the bank has a remittance center in China. We can give them money and they put it directly into our account in the Philippines. Total time of transfer is seconds. Better to just find a Filipino and find out how they transfer money, they have it down to an artform.

[william wallace]

Nothing to say.