Job Discussion Forums

[deezy]

Quite right, the banks don't quote the rmb exchange rate on their websites, NOR do they have it up on boards in the bank. My husband omitted to ask them why.

[lilian]

Thank you Millie for explaining the coversion rate to me; yes, rather embarrassing my maths is bad and that was a foolish mistake.

So C/W bank does not deal with RMB, but others, NAB or Westpac, may have a different policy.

I have nothing new to add, in terms of new information on the subject, here, but am writing because I am still quite worried. While 'we' found a way of converting my RMB, and it does not seem to be a problem, I am quite concerned about the amount of US$ - cash - that I am carrying out of China. I am only hoping that they will ask me no questions at the airport, although I have traveller cheques to show where the money comes from.

Millie, you wrote above (carrying cash) is a good idea 'if people are carrying within the limit of 20000RMB....'. But if no one checks how much you are taking out (as you suggested earlier) what does it matter if it is within the 20000RMB limit or not? Rather contradictory here?

I will PM Millie later
lilian

[sojourner]

Lilian,

Earlier in this thread, you mentioned that it would be too inconvenient for you to go to HK, where one could easily change RMB into Australian dollars at very good rates. When you do leave China, will you be stopping over in Bangkok, by any chance ? When in Bangkok, I usually go to a (non-bank owned) money change office, located close to Siam Centre, where I'm always offered an excellent rate when buying Thai Bhat with my RMB. It's POSSIBLE, though, that at such money exchange centres, you might be able to buy Australian dollars with your RMB.

When dealing with money changers in Bangkok, don't go to the exchange booths (usually run by the major banks) that are located in the Khaosan Rd area - or, probably, anywhere else, for that matter - the exhange rates offered are pretty pathetic.

Do you intend to return to China ? If so, it might be a good idea to leave your RMB in a bank a/c. I keep hearing rumours that in the near future, there could be a partial float of the RMB, which would probably mean that that currency would appreciate - thus, benefitting those who hold RMB !

As someone else has mentioned, try to avoid changing your RMB into A$ - in Australia, itself. I only tried it once - about 15 months ago, at a bank-owned exchange counter at Melbourne International Airport.The rate offered was very low, and there was also some sort of "commission fee" involved.

Peter

[lilian]

Thank you Peter for writing, and for your advice.
I am going to fly non-stop to Australia, as the agency tells me and I don't believe. Thus no stop anywhere, at least not long enough to convert money.
Yes, I will try not to take RMB to Australia, and I am hoping I'll be able to avoid this.
Going to HK is a possibility, but these days I feel very unsafe in China, and avoid going anywhere unless I absolutely have to. I am just counting my days here and prefer to lose money rather than travelling alone or travelling at all.
No, I am not going to return to China (I must be out of my mind to come back, though I was mad enough to come here in the first place). As I understand the floating of RMB is not going to occur soon, if at all.

Cheers
lilian