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Q: Exchanging currency now when returning home
Hi everyone a question about the exchanging currency now,
I will go home for several months and will return to China perhaps next year and was thinking about my savings in China.
Since the devaluation of the Yuan people have made a loss including myself so I need advice, should I take RMB out of the country and convert it into USD back home or should I do it here? Since I will return next year I don’t know if I should leave some savings in my bank account or should I just take everything out, it’s not a mammoth amount but I’ve already made a loss with the present currency exchange rates, I am just concerned about the future of the Yuan dipping even further.
Anyone offer any advice or suggestions would be great.
8 years 32 weeks ago in Money & Banking - China
Exchange rates are much better at chinese banks than they are at bankd back home. Much closer to the actual listed exchange. In Canada and America anyways they kill you on that. I will exchange it all here and take it back home. luckily it will take a few trips so i can do it in incriments.
expatlife26:
yeah I second that, most north american cities just aren't set up for currency exchange so they offer terrible rates.
Nature of China means all these weird currency inflows so theres forex businesses everywhere.
Personaly we take some Chinese cash home so we have money on hand when we return to China
however the amounts are low
You could leave it in your BOC account and withdraw it as you need it back home through a ATM
That way you can wait for a good exchange rate
For us in Australia the AUS $ has taken the fall so we are better off leaving money in China till we go back
Shining_brow:
Dude! Now is the time to be buying up AUD bigtime with your Chinese RMB - it won't be too far away when the $AU rebounds, and you should make a small amount when it does. (hopefully, it'l come back to 1:6 fairly soon...). As of a few hours ago, it was 1:4.39
icnif77:
You're better off staying in Rmb than converting it to $AUD, because rate is low at the moment. It will take time for $AUD to reach 1:6. Longer than 2y, IMO.
Shining_brow:
But Incif, if someone has the money to spare (for a year or so), then NOW is the best time to buy AUD!!!
I suspect, after Abbott gets kicked out at the next election, the dollar will bounce back.
Exchange rates at the Chinese airports are better than converting it back home, is my experience.
As for currency fluctuations: the worst of the sudden downfall has passed, so more devaluation will be easier to anticipate. I wouldn't dream of leaving any large sums in a Chinese bank when I'm not in China, but I don't have any long term plans to return either.
Exchange rates are much better at chinese banks than they are at bankd back home. Much closer to the actual listed exchange. In Canada and America anyways they kill you on that. I will exchange it all here and take it back home. luckily it will take a few trips so i can do it in incriments.
expatlife26:
yeah I second that, most north american cities just aren't set up for currency exchange so they offer terrible rates.
Nature of China means all these weird currency inflows so theres forex businesses everywhere.
According to economic experts and currency exchange fluctuations followers, the value of the Rmb will continue to drop this year and also in 2016. By 12-2015 one US dollar will bring you 6.8 yuan, and into the 7+ range in 2016.
According to them, continuous reductions in manufacturing index, and now in the service index too, will force the Rmb value down increase export sales and keep the economy moving.
Depending if you believe this or not, you will have different avenues to choose from in front of you.
BOC are evil and stupid. They will use any excuse to try to absorb your money into their coffers. If you come back after a year or more of not using one of their accounts they may say that 'thought' you had left China permanently so thought it best to steal your money and freeze your account, then you'll have WW3 trying to get your money back.
My personal opinion is to remove all money from Chinese accounts ASAP and exchange it in China to your home currency and leave that in a safe taking it with you when you leave. The only exception would be if you are Australian as Australian banks have ridiculous charges which eat away at your savings.
silverbutton1:
Glad you mentioned this. I will keep it in mind in the future...
Today $1 Aus buy ￥4.326
not a good time for Australians to go China unless you have money in China
Thank you for all the advice, my best option is to exchange money here in China, actually I will ask a trusted Chinese friend to do this, the procedure would be easier for her.
Would anyone recommend any banks which are half decent as I have ICBC and Bank of China on my list, unless someone else can suggest another one which offers good rates that would be great.
icnif77:
See China Merchants Bank Gold account with Visa/Mc ATM card, and currency exchange (US$50k/y) by spot rate.
Sorry one more question I will ask my Chinese friend to exchange currency I think it will easier for her to do than I, will she need to hold an account with the bank or can you walk into any bank to carry out this exchange?
What is the maximum a Chinese can exchange in one day and I take it they just need their I.D card and nothing else.
Any tips woud be appreciated as this would make my exit out of China less stressful
Shining_brow:
Chinese people don't have limits set. But, you'll need to advice the bank you're coming - so that they have the currency on hand. (don't just expect them to have a few thousand, or tens of thousands, of dollars just lying around doing nothing but waiting for people to show up).
