Money Changers?

[David S]

I'm curious about the best or maybe most effective way to acquire Chinese currency.  I am noticing there are several options.  I've read about taking a load of US currency there and making sure that they are all clean, fresh off the press bills to exchange. The downside to that is you're caring all that money around.  I'm also wondering about other options, like using my bank ATM card to withdraw cash from ATM machines.  With this there are the fees that would go along with it.  Travelers Checks, are also another option, but again if I remember right there is a premium to exchange those into cash also.  I've also considered opening an account at an international bank such as HSBC where I can deposit money here in the US and then when I get to China withdraw it as Chinese currency.  I'm curious what others think of these options and their experiences with them.

Thanks.

David

[RobertBfrom aust]

David , I usually carry about 1000 Yuan from my local bank with me and only a little of my own currency , use my debit card at Hsbc or China bank and redraw as required , max 2000 per transaction if you are with a lady she will know where to go , I use Visa at hotels for payments , and my Princess has her own card linked to my Cheque account for purchasing items cost per transaction about us$4.50 , just make sure all your banks know where you are heading ; ie ,China and give them a week or so either side of your visit , hope this helps , regards Robert .

[Paul Todd]

David,
I'm with Robert on this one. My bank makes no charge for ATM withdrawals in China and has the same daily withdrawal limit. I did find that if I keyed in a higher amount and was refused, I couldn't get anything out of the damn machine until the next day. I pay cash for everything, to avoid those visa add on's. As for currency from your home, I was "told "that to grease the wheels a little  foreign exchange was most appreciated. Nice crisp bills please. I always have a stash of hard currency available for those unexpected events like the machine eats your card or you have to leave town quickly!
Unlike many other Asian countries  where you can usually get a higher rate from money changers on the street if you know what your doing,I have not seen that here......yet!:icon_cheesygrin:

[David5o]

Paul,

They are around Paul, but as everything is under the table so to speak, they maybe a little difficult for you to find on your own. There's not much of an incentive with US Dollars, but other currencies like the Euro, Sterling, and other Asian currencies, will all make much better rates than available at the Bank of China....

David....

[Willy The Londoner]

My own opinion is to take a bit of money in RMB for immediate use on arrival.  Then use your card in the ATM machine. Most Bank of China ATM's have  English as well as chinese instructions.  Make sure you have the telephone number for the card issuer because they have a habit of stopping the card after one or two withdrawals and you will have to call the bank.

I have two Bank of china accounts here in China and I did try to open one with the UK branch of that bank  but they tell me that the UK branch would not facilitate any fast transactions between London and China and so I dropped that idea.  I have been here 4 months and am still using my visa debit card but have had to ring my bank twice in that period as the computer security checks had stopped the card.

I can get 2500 rmb a day out of the machine with no problem  (that just about covered my Viagra account at that time)
Changing cash in anything other than big bank is very time consuming as they will carefully examine each note and test each half a dozen times.  Even big banks take a time but then you have long quesues to put up with as well.  

My advice is to take debit cards preferably two issued by different banks.  If your only card is stoppped and you cannot get money your lady will think that you are broke and not worth persuing.   This happened to me so only have the two card with you.

Willy

[brett]

I took a lot of RMB with me. I took some sterling with me to change and it was a bloody nightmare. If you are visiting a small city then don't bother with this. It took me and my lady an hour to get money changed, that's after we went round about 10 banks looking for one that would do it. There were forms to fill in, queuing to do, notes to check about 5 times. They even rejected one of my £20's because it had two small holes in it where it had obviously once been stapled.

My credit card didn't work in China except in hotels. But I guess if you called them first then they might relax their security checking.

[Martin]

I took cash with me on my last trip.  I plan to do the same on my upcoming trip.  I carried $4000 Canadian dollars.  I was a little nervous of this, but I kept the money well hidden.

I would convert $1000 at a time.  I had intended to convert my money at the bank, however, we always ended up finding people that wanted to convert my money for me, and at a competitive rate to the exchange rate.

The first time I did this, I was worried about getting counterfeit money, although my lady was with me, and she was inspecting every bill that I had.  The second time, the lady that was doing thre exchange was drawing the money directly out of the ATM.

I suppose this is a little riskier way to go, but it worked for me...it may not work for you.  If you go this route, use a little caution.

[David5o]

Martin,

I've never had any problems changing my hard currency up in this way, and i did that for years, I only ever changed money at the Bank in an emergency, ....well if you can call it that, ...meaning i couldn't find my money changer in time!!...lol!!

David.....

[feisnik]

The ATM is just so easy. If you bank with Bank of America, you can withdraw at China Construction Bank for no fees. As a FYI usually the 2000 Yuan limit is per machine. You can use multiple machines or multiple banks to withdraw this much. But definitely call the bank in advance to raise your daily limit and to tell them what days to allow transactions in China and any other countries you will fly through (i.e. sometimes I have layovers in Japan and South Korea and may use an ATM or my card there).

[Irishman]

Last two times I went with €500 (in fresh bills out of an atm machine).

First time I just changed €100 in the airport and used my Mastercard to take out 3000 RMB from Bank Of China atm's (best rate, highest daily withdrawal limit for me ) .
I do this until I reckon the meaning euro's converted will do me. I then change it all at once, queuing in banks is boring, and you have to queue for everything in China.

The second time I had 900 RMB left over from the first visit and only had to make a couple of withdrawals from the atm before changing the cash.
The largest note is only 100RMB which is less than €10 so your wallet stuffs up fast - make sure your hotel room has a safe, most do.

Make sure your credit card company knows you are going to be using it there. My Halifax Visa debit card refuses to work in any atm there, but my MBNA Mastercard works fine, if neither worked it would be a cheap holiday with only €500 in funds!! ( thats enough for a decent enough trip though , just not a lot of present buying!), at least you could pay for the hotels online if the worst came to it.
I would definitely bring a reasonable amount of cash in case your plastic or travellers cheques are not accepted there.

[heckerd]

My last trip to China I carrired 5,000 US and 5,000 CAD and my US visa as emergency. I was getting married and decided to get a ring in Hong Kong with my wife selecting on the ring since I wanted her to choose the ring style she liked. I never exchange at the bank I always exchange at the private dealers for a better rate without the fees. Bring a money belt with you if you have alot of cash.

[David5o]

Probably, for anyone going out to China for the first time, the best bet would be using some form of Credit and ATM card(s) Obviously following all the safeguards that has been mentioned, like informing your bank when and where you will be, so as not to have the card blocked!!

But i would also suggest that you take an emergency contingency amount with you in your own currency cash. Cash that you have no intention of using/spending except in an emergency!!

Never change up more than you would need for 1 or 2 days in your own country, you will ALWAYS get a better rate for your cash in the country you are visiting, the exceptions to this rule are very few and far between, and China is not one of them!!

Somewhere in these threads, i have previously posted a do's and dont's list on money changing in China, if you can find it, ....it will explain a bit more than i have here!!

Another observation on this thread. It is illegal to change foreign currency for RMB in China or visa versa, except through official designated banks, so never change your cash with touts outside the banks. You could get yourself in a whole heap of trouble, you could even find yourself dealing with the fraud police/officers, and a hefty fine at the end of the day.
You should only deal with people you have been introduced to, are known to you, or with friends!!

David.....

[JimB]

Listen to what David50 says.  Read is post on this and you cannot go wrong.

[David S]

Thanks for all your input guys.  I am sure others will chime in, but this gives me a good handle on things.

[brett]

I would add that if you are going to a small city then take plenty of RMB. Changing foreign currency at a bank there will drive you nuts, and would you want to rely on your ATM card?

I can't remember the forex exchange rates I got, but the rate from a Chinese bank wasn't awe inspiring compared to what I got back home.