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robrodjr
Joined: 08 Mar 2008
Posts: 26
Location: Shanghai, China
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 Posted: Tue Jul 05, 2011 3:22 pm Post subject: Best country and source to exchange usa dollars to chn. yuan |
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Hello to all. I'm moving to SH China very soon and I need to exchange my
American dollars into Chinese yuan. Best country (USA or China) and source (Bank, hotel, airport) to exchange usa dollars to chn. yuan, in terms of getting the fairest price. Thank for any serious responses. |
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Miles Smiles
Joined: 07 Jun 2010
Posts: 1294
Location: Heebee Jeebee
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| Posted: Tue Jul 05, 2011 3:46 pm Post subject: |
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| Your local bank will be your best bet. Try to find out which bank charges the least for making the exchange.Hold onto the receipt that the bank gives you for the transaction. You will need it when you change rmb back to dollars. The bank CAN'T give you headaches for changing that amount back to dollars. |
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robrodjr
Joined: 08 Mar 2008
Posts: 26
Location: Shanghai, China
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| Posted: Tue Jul 05, 2011 3:55 pm Post subject: Thanks. |
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| Thanks for your input. |
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auchtermuchty
Joined: 05 Dec 2009
Posts: 344
Location: Beijing
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| Posted: Wed Jul 06, 2011 8:11 am Post subject: |
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| Miles Smiles wrote: |
| Your local bank will be your best bet. |
Seems a bit confusing given that he is in the US right now.
Best place to change is in a bank in (mainland) China. The rates are controlled by the government and are the same at all banks. |
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Mr. English
Joined: 25 Nov 2009
Posts: 298
Location: Nakuru, Kenya
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| Posted: Wed Jul 06, 2011 9:09 am Post subject: |
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| If you pass through Hong Kong you can get slightly better rates there. Go down the alleys; do not patronize the places out on the main streets. In Guangzhou the best rates are on the street. |
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Guerciotti
Joined: 13 Feb 2009
Posts: 842
Location: In a sleazy bar killing all the bad guys.
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| Posted: Wed Jul 06, 2011 10:08 am Post subject: |
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It depends on your needs, but I got a few hundred yuan when I arrived at the Chinese airport, then at China Bank exchanged $500 at the then-current exchange rate with my passport and address.
I just exchanged yuan for dollars at about 0.154, the current rate, and China Bank didn't charge me a dime.
Perhaps get what you need short term at the airport in China, then go to China Bank for larger amounts.
Passport and address (in Chinese is better) and you're good. 
Just my two cents (jiao). |
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robrodjr
Joined: 08 Mar 2008
Posts: 26
Location: Shanghai, China
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| Posted: Wed Jul 06, 2011 10:54 am Post subject: Thanks. |
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| Thanks for your advice Guerciotti. |
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Miles Smiles
Joined: 07 Jun 2010
Posts: 1294
Location: Heebee Jeebee
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| Posted: Wed Jul 06, 2011 2:20 pm Post subject: |
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| auchtermuchty wrote: |
| Miles Smiles wrote: |
| Your local bank will be your best bet. |
Seems a bit confusing given that he is in the US right now.
Best place to change is in a bank in (mainland) China. The rates are controlled by the government and are the same at all banks. |
He'll have to establish a bank eventually. The one closest to him will be the most convenient. Sorry for the confusion. Duh...
The bank charges at the banks change regularly. Two months ago, a friend made an exchange for me at the going market rate--- with no service charge. A month later, she made the exchange for me but at the BANK's rate--- with a service charge.
Yes, by all means, the OP should make the exchange on the mainland, especially if he intends to live and work there. I can't understand why anyone would even consider making the exchange in another country. (The mainland is still referred to as China, isn't it? Educate me if I am wrong). |
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wangdaning
Joined: 22 Jan 2008
Posts: 3154
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| Posted: Wed Jul 06, 2011 2:58 pm Post subject: |
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| Miles Smiles wrote: |
He'll have to establish a bank eventually. The one closest to him will be the most convenient. Sorry for the confusion. Duh...
The bank charges at the banks change regularly. Two months ago, a friend made an exchange for me at the going market rate--- with no service charge. A month later, she made the exchange for me but at the BANK's rate--- with a service charge.
Yes, by all means, the OP should make the exchange on the mainland, especially if he intends to live and work there. I can't understand why anyone would even consider making the exchange in another country. (The mainland is still referred to as China, isn't it? Educate me if I am wrong). |
Well, usually when landing in a foreign country you bring a bit of local currency to get by before the lovely bank trip involved. How can one get past the airport without cash?
If you cannot get a bit of cash beforehand change some at the airport. Not much, as it is true using the Chinese banks will be better. If you have a visa/mastercard atm card you can also just withdraw what you need once here, but having the cash to get you through until you find that ATM is a nice feeling.
You can get a good rate on the street, but given that you don't know the currency it is probably a bad idea. Fake money is passed to those who don't know/check.
I'd say change 100 US either back home or at the airport (both rates will suck equally) and then find an ATM to get money out. The ATM is the best bet as it will give you the current exchange rate with a charge based on your bank (make sure to let your bank know you will be using it in China). Transferring money from a foreign account is not easy unless you understand many things here, but taking it out of an ATM is easy.
If you are bringing cash, well, then again switch a bit at the airport and then the bulk at a local bank. I would suggest not bringing too much cash, but I am sure you are thinking the same. Any cash you do bring also needs to be pretty pristine, USD can be turned down easily here. New, freshly issued Fed notes work best, preferably hundreds  |
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Happy Everyday
Joined: 09 Feb 2007
Posts: 268
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| Posted: Wed Jul 06, 2011 7:43 pm Post subject: |
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| Mr. English wrote: |
| In Guangzhou the best rates are on the street. |
Once in a blue moon, I've gotten a few counterfeit bills in the mainland. You can use a mini-blacklight and check a bill. A large transaction would require checking each bill. I'm not saying the street doesn't have a safe and cheap way to exchange. I'd be afraid to flash a lot of cash on the street, let alone take the time to inspect a lot of bills in the company of strangers. But that's just me  |
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Salvatore
Joined: 22 May 2011
Posts: 119
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| Posted: Wed Jul 06, 2011 10:13 pm Post subject: |
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| I was given 3 fake 100 rmb bills at a money exxchange in HK. I'm going to HK later, so, I'll just give them back! |
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auchtermuchty
Joined: 05 Dec 2009
Posts: 344
Location: Beijing
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| Posted: Thu Jul 07, 2011 5:41 am Post subject: |
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| Miles Smiles wrote: |
| I can't understand why anyone would even consider making the exchange in another country. |
Neither can I, but many people do. They seem to have the instinctive belief that they will be ripped off by Chinese banks, and ironically end up getting ripped off by western banks.
If your friend got treated differently for making the same transaction, it's down to a mistake (or scam) by the bank worker. All forex rates are set by the central bank. The banks in China can't change them, just like the interest rates on personal savings. They don't have their own rates. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Fri Jul 08, 2011 8:15 am Post subject: |
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Hold on a minute.
The worst case scenario is to change US to RMB and then change it back again.
They clip your ticket both ways. You�ll get enough lessons in how little RMB are worth when you go home at the end of the gig.
The same applies to any nationality new teacher changing any foreign currency into RMB.
If you�re flying in via HK you�ll need some HK dollars as well, even if you are just idling time at the airport.
If you know when your first RMB payday is, only take enough RMB to get by.
If payday is a long way off ask about an advance from your school.
A word of caution on obtaining US or RMB on the street. Counterfeits of both are in circulation as others have mentioned.
Notice how Western Union agents in China have UV lights to check US notes.
There are various ways of checking RMB 100s for counterfeiting.
One is that the collar on Mao�s jacket is rough to the touch for genuine notes but smooth on counterfeits.
I recall discussion on counterfeits a year or so back on Dave�s with tips on how to detect counterfeits - if the search function is up may pay to have a look.
You will be right royally screwed on something to do with money in China, so be warned.
�No one hears your screams� |
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Miles Smiles
Joined: 07 Jun 2010
Posts: 1294
Location: Heebee Jeebee
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| Posted: Fri Jul 08, 2011 11:06 am Post subject: |
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| Non Sequitur wrote: |
Hold on a minute.
The worst case scenario is to change US to RMB and then change it back again.
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I suggested that one retain the exchange ticket sh that when one NEEDS to change rmb to other currency again, he won't have a hassle, and he won't be hit with extra charges. No bank will argue with a bona fide exchange voucher. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Fri Jul 08, 2011 6:21 pm Post subject: |
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| Charges to one side - the difference (it's called 'spread') between buy and sell rates is enough to caution you. |
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