All About China > Your trip to China

Money Changers?

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David S:
I'm curious about the best or maybe most effective way to acquire Chinese currency.  I am noticing there are several options.  I've read about taking a load of US currency there and making sure that they are all clean, fresh off the press bills to exchange. The downside to that is you're caring all that money around.  I'm also wondering about other options, like using my bank ATM card to withdraw cash from ATM machines.  With this there are the fees that would go along with it.  Travelers Checks, are also another option, but again if I remember right there is a premium to exchange those into cash also.  I've also considered opening an account at an international bank such as HSBC where I can deposit money here in the US and then when I get to China withdraw it as Chinese currency.  I'm curious what others think of these options and their experiences with them.

Thanks.

David

RobertBfrom aust:
David , I usually carry about 1000 Yuan from my local bank with me and only a little of my own currency , use my debit card at Hsbc or China bank and redraw as required , max 2000 per transaction if you are with a lady she will know where to go , I use Visa at hotels for payments , and my Princess has her own card linked to my Cheque account for purchasing items cost per transaction about us$4.50 , just make sure all your banks know where you are heading ; ie ,China and give them a week or so either side of your visit , hope this helps , regards Robert .

Paul Todd:
David,
I'm with Robert on this one. My bank makes no charge for ATM withdrawals in China and has the same daily withdrawal limit. I did find that if I keyed in a higher amount and was refused, I couldn't get anything out of the damn machine until the next day. I pay cash for everything, to avoid those visa add on's. As for currency from your home, I was "told "that to grease the wheels a little  foreign exchange was most appreciated. Nice crisp bills please. I always have a stash of hard currency available for those unexpected events like the machine eats your card or you have to leave town quickly!
Unlike many other Asian countries  where you can usually get a higher rate from money changers on the street if you know what your doing,I have not seen that here......yet!:icon_cheesygrin:

David5o:
Paul,

They are around Paul, but as everything is under the table so to speak, they maybe a little difficult for you to find on your own. There's not much of an incentive with US Dollars, but other currencies like the Euro, Sterling, and other Asian currencies, will all make much better rates than available at the Bank of China....

David....

Willy The Londoner:
My own opinion is to take a bit of money in RMB for immediate use on arrival.  Then use your card in the ATM machine. Most Bank of China ATM's have  English as well as chinese instructions.  Make sure you have the telephone number for the card issuer because they have a habit of stopping the card after one or two withdrawals and you will have to call the bank.

I have two Bank of china accounts here in China and I did try to open one with the UK branch of that bank  but they tell me that the UK branch would not facilitate any fast transactions between London and China and so I dropped that idea.  I have been here 4 months and am still using my visa debit card but have had to ring my bank twice in that period as the computer security checks had stopped the card.

I can get 2500 rmb a day out of the machine with no problem  (that just about covered my Viagra account at that time)
Changing cash in anything other than big bank is very time consuming as they will carefully examine each note and test each half a dozen times.  Even big banks take a time but then you have long quesues to put up with as well.  

My advice is to take debit cards preferably two issued by different banks.  If your only card is stoppped and you cannot get money your lady will think that you are broke and not worth persuing.   This happened to me so only have the two card with you.

Willy

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