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Q: How much does a bank charge to convert RMB to US Dollars?
If I want to convert lets say 1k, 20k, or 50k RMB to US Dollars what does the bank charge. Also, do i need a passport or anything to do this at a bank? I don't have any bank accounts in China at the moment.
11 years 32 weeks ago in Money & Banking - China
I'm not sure a bank will do this for you if you don't have an account with them...in which case, perhaps better to ask a Chinese friend to help you (use their bank). Plus, the Chinese friend will not be as limited in the maximum amount of USD they can withdraw. Chinese nationals have a yearly limit of 50,000 USD they can exchange, whereas Foreigners are limited to 500 USD per day (so I'm told...never tried without a Chinese friend).
But, when I convert RMB from my own Chinese bank account into USD, there is no fee. (China Construction Bank)
The exchange rates are set by the government. There should be no charge at the bank. Hotels are another story
It can be a bleedin' hassle in the Mainland..
In HK it is the definition of easy, and u can shop around for a rate..
Check here first-
