China money options?

[Oiler1]

Hi all,

I am going to China and Hong Kong in a week.

I am a Canadian, but I will have some US cash to convert, as the rate seems more or less stable in China compared to the Canadian and other currencies. I don’t think they easily cash Canadian dollars anyways or do they?

For safety, I should bring traveller’s checks. Are they easily cashable in China? If so, how much commission does the Bank of China charge?

If traveller’s checks are not an option, I was thinking of opening a Bank of China account there and depositing my converted cash in RMB. This means I can always use an ATM card instead of carrying loads of cash.

Advice please,

Don

[Rhonald]

The larger Bank of China allow you to withdraw chinese money using your Canadian Debit card as long as your card has the plus logo. I never had problems in Shenzhen. When I was at a smaller city "Meizhou" I had to go to the city center to a larger branch where my card worked. Some ATM's allow 2000 rmb withdrawl per day while most allow 2500 rmb.

I have a TDCanda Trust Debit card and also once I withdrew funds on a M/C. If you take any cash with you for the trip, then make sure you do not convert it at the airport in Canada or the USA - they charge a premium.

Every time I withdrew in China I had an additional $5.00 Cdn Charge for the withdraw. Not to bad considering the fee we get hit with if using an ATM in a pub in Canada.

[mustfocus]

Rhonald,

You withdrew money against your MC?!?!?  You must have been quite in need as cash advances are just PAINFUL.  I told my parents that if they EVER withdraw money against their credit card (any of them), to email me at the first opportunity or to call me to let me know.  Otherwise the interest is calculated by the day.

I usually withdraw cash at the nearest ATM...I didn't know they charge $5 now...they used to charge $4...  I do agree, don't touch the airports for the ATM, but the Thomas Cook offices aren't bad for converting money.

Don,
Most places in the airport will take canadian or american funds.  But outside of the airport, it's best to have local currency.  If you can, I'd try to get some RMB (500 or less) just to get you by.  As has been mentioned here, you can get a better rate through your lady at any Bank of China (not the other banks there).

[JimB]

There are at least 10 other threads about this. Take a look and all your questions will be answered.

[Oiler1]

I searched all over but I couldn't find any threads on money options. Where are they?

I will use my debit and credit cards as a last resort.

[Vince G]

I have heard that the travelers checks are a pain in the butt to cash there. Signature must be EXACT or they refuse it. I know my sig changes each time so I see myself writing real slow with my tongue hanging out giving full concentration on how I'm signing? No thanks.  :icon_biggrin:

I'm working on a few ways incase my card has trouble. Cash, crisp new bills, a way to get the money from online to a bank account? And a few other ways. Be prepared.

[brett]

Hong Kong is fine for using Credit Cards. I couldn't use my Credit Card in China except to pay for hotels.

Take RMB into China if you're going to a smaller city as the banks are a nightmare.

Asia is pretty safe so there's not usually too much problem with carrying your life savings around in cash :icon_biggrin:.

Oh and I have just remembered - if you take foreign cash make sure the notes are PERFECT!

[David5o]

Oiler 1,


Check out the latest thread to cover some of your queries ''How much should I expect to shell out on a 2 week visit.''

David....

[Oiler1]

Ok, I will carry the majority in US cash, about $500 in CAD cash and some travellers checks in case I get robbed.

The Banks charge $5.00 each time I use my debit card plus 2.5% over and above the current exchange rate. It is beneficial to not use the banks as much as possible but then you take a risk too.

How much do they charge to cash traveler's checks in China?

[Willy The Londoner]

When you come to meet up with me then I will happily throw any damaged notes into my bin for you. (and I will dig them out later):icon_cheesygrin::icon_cheesygrin:

The Bank of China ATM's have instructions in English so are easy to use and they have a higher limit than some of the others.

Travellers checks are a your last line of defence - your signature has to be perfect in every way.  The reason for this is that the staff probably cannot read your signature so have to compare it loop for loop and stroke for stroke. The Chinese just use their names as signature and every one with the same names has the same signature!!!  Well that is what my wife tells me.

Just bring lots of RMB with you, you can get some in Hong Kong before you arrive in Zhongshan.   If you do change money anywhere make sure you do not take any of the new 500 rmb notes as no one wants to change them - even the banks will not take them so they are not widely circulated

You can open an account with The Bank of China as you are going to be here for a few weeks but you will need to check with the Bank as sometimes you can only use their cards in the Province where your account is.

Not sure about Asia being pretty safe but China and in particular the areas you intend to visit in China are fairly safe.

Not many shops accept Cards for payments

Willy

[Oiler1]

6.83 USD 6.53 CAD .8797 HK at this moment. My last resort is to get cash withdrawal from my credit card at a Chinese bank I suppose.

My friend in Canada went to Shanghai and opened an account there but she was only in Shanghai. I plan to be in the south and north of China so I have to find out if I can use an ATM all over CHina or not.

[David5o]

Oiler 1,


The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......

Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....

David....

[Oiler1]

Oiler 1,


The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......

Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....

David....

Thanks I know that from experience. Getting US from Canada is the only exception. I got some HK and RMB from the last time thank god.

[Martin]

Oiler 1,


The golden rules are ...... NEVER, Change your money up in your own country, NEVER change your money at airports or hotels, unless you absolutly have too, and then very small amounts...
ALWAYS, bring pristine banknotes with you .... no old or torn notes. ALWAYS inform your credit/debit card bank that you will be traveling to China......

Only bring enough RMB to cover you for your first day, 50 US Dollars will more than cover that....

David....

This is the best advice on this issue.  Personally, I converted $200 Canadian at the airport, but nothing more.  And like David 5o said about pristine notes...they will inspect each bill individually.  If they are not perfect, they will not exchange it for RMB at the banks!

[Martin]

Oiler...just to touch on something else you mentioned in your first post here...I took only Canadian currency, and had absolutely no trouble converting it to RMB.  Bank of China will accept CAD.  I converted in both Guangzhou, and Changsha with no problems.