By continuing you agree to eChinacities's Privacy Policy .
Sign up with Google
Sign up with Facebook
Q: Is it better to exchange funds at the airport or at the bank in home country?
At which point is it best fiscally to exchange all the Chinese dollars back into home country's dollars?
1. the bank in China
2. The airport exchange in China
3. The airport exchange in Home country
4. The bank in home country
They usually take an 8-12% cut at the airports but I see most people do it there
which is actually the best place for the exchange?
8 years 44 weeks ago in Money & Banking - China
Never ever try to exchange any currency at airports specially in Asia if you have to exchange all you have got. They simply rip you off with taking a huge margin. For me getting USD from BOC and changing it home currency works well since it covers the fees because of the exchange rate shuffles.
Use western union to a relative you trust. Or get a Chinese friend you trust to do a bank transfer to account in your home country
China Merchants Bank Gold account with Visa/Mc ATM card.
Foreign currency get exchanged by 'spot exchange rate', or the lowest rate possible anywhere.
You can use ATM card for purchases anywhere in the world by spot exchange rate applied. Funds get deducted from Rmb holdings on the account.
CMB charge 50 Rmb monthly fee, if balance on the account is lower than 50k Rmb.
See 'laowai friendly bank' thread for more on CMB Gold account.
Home country exchange sucks, because Rmb isn't convertible currency yet, and all exchanges charge big fee at the exchange.
Shining_brow:
Was it easy to get the gold account? And any special requirements?
icnif77:
I opened first one in Dalian with 1000 Rmb deposit. They want to see your passport/RP and FEC. They'll ask you for the phone no., and you'll get all withdrawals on account to your mobile.
New thing is, when your mobile no. isn't working anymore, they'll close your account.
I heard about that a month ago in Zhengzhou, and might not be interpreted right.
If you'll open an account, ask about that. They'll probably ask you for your phone no. You must give them phone no. at the opening of the account.
CMB has an English speaker anywhere I was in China.
Online shopping with the card is PIA/not possible. It's possible from Chinese websites, and impossible from Western ones. I just scroll to the bank, and ask manager (in Urumqi) to buy things (tickets) for me online, and I handed her cash.
If you feel the urge to exchange in the airport, do not do a large sum; terrible exchange rates.
Your best bets are either doing it directly at the bank (BOC is really good for this) Setting up a bank acct in a Chinese bank and having someone transfer the money from your bank acct at home, or setting up a pre-paid international credit card (Visa Cheque Cards are good for this) and withdrawing the money in RMB from an ATM.
Hope this helps.
I change it here at the Bank of China. Actually, my wife does it.
Going to change money sometime this week and I'll see if she can simply transfer it into my Aust acct so I don't carry the cash.
Note I said "simply"......hahahahahha!
Today, it costs 4.78 RMB for 1 AU$. After bank fee it costs 4.81.
4 years ago it cost 7.99.
don't do it at the airport or your wallet will be sorry
