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tarzaninchina
Joined: 16 Aug 2004
Posts: 348
Location: World
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 Posted: Sun Jan 30, 2005 1:36 am Post subject: Potentially Dumb Question |
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So can you give the people at Western Union RMB and they'll convert and wire that for you to whomever in North America? I thought they only took USD....  |
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struelle
Joined: 16 May 2003
Posts: 2372
Location: Shanghai
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| Posted: Sun Jan 30, 2005 1:52 am Post subject: Re: Potentially Dumb Question |
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| So can you give the people at Western Union RMB and they'll convert and wire that for you to whomever in North America? I thought they only took USD.... |
What you thought is correct. Consider it a two-step process when it comes to doing international money transactions in China:
(1) Convert RMB salary into some other currency (usually USD)
(2) Conduct the international transaction with that currency, whether it's a wire transfer, bank draft, etc.
Western Union, or any bank in China, won't do anything international with RMB cash as it's a closed currency ... for now. That may change in 2006, as HSBC was telling me earlier, but we'll have to wait on this.
Step (1) is the hardest as it involves lengthy bureaucratic procedures if you go by the book, or else the services of a black market money changer. What some people do is take the cash outside of China and exchange it at airports, banks, or booths that accept it in other countries. This is a good idea, but it's always wise to check the rate you're getting. In Vancouver Canada, for example, it is crap. Last time I checked, Thomas Cook wanted 0.124 to sell for CANADIAN dollars!. That's 1/0.124 = 8.06, which is hardly any different from the US dollar. What a joke.
Step (2), once you get the currency, is easy. But you should still watch for exchange rates and service fees, from my experience the Bank of China was the highest.
Hope this helps,
Steve |
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tradinup
Joined: 13 Nov 2004
Posts: 132
Location: Shenzhen, China
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| Posted: Sun Jan 30, 2005 6:37 am Post subject: |
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| Thomas Cook are usurists... they are the worst rates there is, period... Stay away. The little ugly ones on the side streets in Vancouver are actually surprisingly good rates, but you might want to bring a black light to check if they are real, but probably not necessary, but I would. |
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hesterprynne
Joined: 16 Sep 2003
Posts: 386
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| Posted: Mon Jan 31, 2005 11:57 pm Post subject: WU |
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| Shouldn't be hard for you to find a friend who will change money for you to USD. In China, you must bring your passport to WU. |
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