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Q: What's the place to get the best currency exchange RMB for USD?
I'm taking an intl flight from Shanghai next week so I wanna know where I can get the best deal to get some USD.
A bank, at airport in a currency exchange place in check-in area or inside the gates area?
Thanks
11 years 29 weeks ago in Money & Banking - Shanghai
I'd go for the airport, if you go to a bank then you can expect lot's of paperwork and at least 1 hour to complete everything and that's if the bank isn't busy when you go. Just get it at the check-in area or gates as it will probably be the same rate more or less.
morocotopo:
Thanks a lot dude, I agree with you. Is just that I wonder if somebody knows how much % changes from one place to the other so I can some facts.
Cheers.
ambivalentmace:
the airport will screw you on the rate badly, only swap a small amount.
i got 6.17 to the american dollar in august at ccb and the rate at the airport in beijing was 5.95, they have to pay the overhead rent and labor cost on their shakedown scam.
I already made it in 3 different places, for reference these are the rates I got on Oct 11 2013
Bank of China in the city:
6.1242 the limitation is you can buy only $500 USD per day.
Currency exchange agency in the city:
6.1513 & must pay 60 RMB commision.
Shanghai Pudong Development Bank (SPD) at airport check-in area:
6.2378
Currency exchange agency at the airport gates area:
6.2378 and they charge commision.
All of them quite easy. So conclusion, better take your time to get your USD in the city to get better rate.
Cheers
icnif77:
I have unlimited (paper) foreign currency exchange through my China Merchants Bank Gold Visa/MC account with 'spot rate' applied. 'Spot' exchange rate on Oct. 11th was 6.12 for US$/Rmb, and 0.163 for Rmb/US$ exchange. You can track 'spot exchange rate' through !Y Currency Converter.
How to:
- open an account at CMB with 1000 Rmb (or more) deposit;
- arrange with your employer to deposits salary to your CMB account.
You must be legal employee in China, with valid Resident and Working permit.
I have CMB ATM card with Visa/Mc logo and USB stick (Windows) for online purchases. However, CMB website is (was?) in Chinese only, so I am unable to make online purchases without translator.
If balance on the account is lower than 50 000 Rmb, CMB is charging 50 Rmb monthly fee.
If I use ATM card abroad, funds get deducted out of Rmb holdings on the account, with 'spot exchange rate' applied.
at least in icbc you can exchange your rmb online to forex but dunno how to get it out though
icnif77:
You can get foreign notes (cash) at the same (ICBC) Bank, where you opened your account.
dom87:
sure but they the probably charge you for exchange. If i transfer it into forex i get the real exchange index
Usually currency exchanges at travel places (airports, train stations, etc.) have lousy rates. Hotels w/international guests are sometimes better, sometimes worse. Banks, despite being money-grubbing *%&%*, often have the best rates that you can easily find. Key word = easily.
Sometimes you get lucky and find a good rate somewhere. I wasn't looking to exchange money on Rodeo Drive in Beverly Hills, but they had the best exchange rates I'd seen in CA, maybe the whole U.S. Possibility: rich folks get better rates so they can buy over-priced crap.
QUESTION: Has anyone seen something similar in China? If so, where?
usually the large companies if you have a relationship with someone working there use trusted black market currency traders that give you a better rate than the banks, make sure you know the person through a personal contact and he has been in business for a few years.
in jinan, aston has used the same money launderer for 10 years and he always gives better rates and many currencies and has all the machines to check valid currency. i buy singapore and norway currency from him all the time.
these people exist in every city but hard to find a reputable one.
I exchange Rmb to Forex through my China Merchants Bank Gold account on the daily 'spot exchange rate', what is rate 'everybody' first look at in the morning, before adding their fees to the 'real exchange rate'.
china everbright bank are really good for foreign exchange, especially us dollars.
