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Q: Which bank/exchange platform is best for buying UK pounds?
Am planning to exchange a somewhat significant sum of RMB (a couple wan=10,000rmb) within the next week; what are the possibilities of this happening? if so, will I be required to place an order in advance? Also, where can I get a good rate?
Cheers guys
11 years 9 weeks ago in Money & Banking - China
China Merchants Bank Gold account with Visa/Mc ATM card. They exchange any currency by spot exchange rate.
You must tell them in advance, when do you want to pick-up cash foreign currency, especially if you're in the smaller city.
See thread 'laowai friendly bank' for more info on CMB Gold account.
You'll need passport with Residence permit, and another document. I use Foreign Expert Certificate as second document.
Note: be aware of Houblon 50 pounds notes, which were taken out of circulation in 2012. There are loads of them in Chinese banks. If you'll get them, you can still exchange them (I think) at the UK Airports exchanges or in the Bank of England.
kasuka91:
Besides that, do you have any other suggestions? I'm beginning to wonder about whether I should just wait until I go back to London and exchange it at a local Bank of China branch over there . .
icnif77:
No, don't exchange cash Rmb outside of China, except in HK. You'll change your mind as soon as you'll see exchange rate for Rmb in UK or elsewhere. Rmb isn't convertible currency as of yet, and exchanges for Rmb suck, everywhere I looked.
I don't know nothing else but CMB Gold account. You could leave Rmb on the CMB account, and spend money with ATM card outside of China for purchases. CMB converts all spending out of China by spot exchange rate from Rmb holdings on the account. Gold account is debit account, and there are no fees at the exchange.
China Merchants Bank Gold account with Visa/Mc ATM card. They exchange any currency by spot exchange rate.
You must tell them in advance, when do you want to pick-up cash foreign currency, especially if you're in the smaller city.
See thread 'laowai friendly bank' for more info on CMB Gold account.
You'll need passport with Residence permit, and another document. I use Foreign Expert Certificate as second document.
Note: be aware of Houblon 50 pounds notes, which were taken out of circulation in 2012. There are loads of them in Chinese banks. If you'll get them, you can still exchange them (I think) at the UK Airports exchanges or in the Bank of England.
kasuka91:
Besides that, do you have any other suggestions? I'm beginning to wonder about whether I should just wait until I go back to London and exchange it at a local Bank of China branch over there . .
icnif77:
No, don't exchange cash Rmb outside of China, except in HK. You'll change your mind as soon as you'll see exchange rate for Rmb in UK or elsewhere. Rmb isn't convertible currency as of yet, and exchanges for Rmb suck, everywhere I looked.
I don't know nothing else but CMB Gold account. You could leave Rmb on the CMB account, and spend money with ATM card outside of China for purchases. CMB converts all spending out of China by spot exchange rate from Rmb holdings on the account. Gold account is debit account, and there are no fees at the exchange.
Thanks mate!
icnif77:
If you don't have ability to open CMB account, get somebody who has it. It is really the best rate in the world, as I looked at other exchange rates for Rmb elsewhere. Even exchanges at Chinese Airports all have fee applied.
In West (UK, EU) exchange rate is so low, that you'll keep Rmb in your pocket when you'll see that.
