China money options?

[Oiler1]

Oiler...just to touch on something else you mentioned in your first post here...I took only Canadian currency, and had absolutely no trouble converting it to RMB.  Bank of China will accept CAD.  I converted in both Guangzhou, and Changsha with no problems.

Thank you, this is great. I am going to Zhongshan, maybe Guangzhou and Shanghai. I will take more Canadian and less American then.

[ttwjr32]

to much emphasis is put on this. bring your bank card and some good clean
crisp cash and you will be alright. if you decide to bring a m/c or visa it is good
to use for hotels.  China is not in the dark ages and is willing to part you with
your cash

[brett]

I got RMB in the UK, who wants to mess around with changing money on holiday?

[Willy The Londoner]

I got RMB in the UK, who wants to mess around with changing money on holiday?

Your right Brett - who wants to mess around and changing money on holiday.  Except finding your woman in China is NO HOLIDAY.  It is a serious business and not one to be taken lightly.  That is if you know what is good for you!!!!:icon_cheesygrin:

Willy

[Cam]

You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.

[ttwjr32]

thats an option for a long term stay Cam that works great here

[Willy The Londoner]

You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.

The banks do have some strange ways.

I first opened a B of China account in Zhuhai and when I moved to Zhongshan I was unable to pay money into the account whilst in Zhongshan but could draw it out anywhere in Guangdong Province by ATM!

Just like the TV its all Chinese to me.

Willy

[Cam]

thats an option for a long term stay Cam that works great here

Even for short term it's worth it, just leave a couple of hundred in the account and if you come back everything is set up there and ready to use again.

[Oiler1]

You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.

Do they charge you any fee each time you use the ATM card? They do in Canada!

[ttwjr32]

if ou use another bank branch you are charged a fee

[Cam]

You'll get a much better exchange rate here than at home, just spend n hour or two at a BOC and open an account, make sure they change your cash into RMB before it's deposited or you can only use that money in the city you open the account (weird as it's the same bank all over China) but you will get the card instantly, I have used my BOC debit card everywhere without any problems at hotels, E & W China, big shops & ATM/banks. I deposited about $4,000 AUS dollars & it cost about 50rmb to exchange & deposit it.

Do they charge you any fee each time you use the ATM card? They do in Canada!

If you mean your home bank card I was charged about $9 Aust for each withdrawal by my local BankWest branch, using my BOC account there is no charge if used at any of the thousands of branches they have, really crap interest rates here, something like 1.5%, I'm getting close to 6% in Aus.

[Willy The Londoner]

I get charged about 4 GB pounds every time I withdraw 2500 rmb via my British debit card.   I reckon this is a small price to pay for the very Chinese welcome I get at Bank of China ATM where the animated lady is continually bowing to me during the process.  My wife rightly thinks I am nuts when I keep bowing back!!!   One day that atm lady is going to stick a finger up at me!!!!!

Seriously though I think the 4.oo is money well spent as insurance as there is no danger of losing a large wad of money when carried around.   And I get a good rate of exchange much better considerably much faster than cash exchanges in Banks.

Willy

[rockycoon]

You are getting better interest rate there than here.  Went to the bank her and it .4% interest on savings and checking, the CD's aren't
much better.

[ttwjr32]

banks are now down to .04 %  interest???  wow  or is it 4%
in the USA

just curious

[Willy The Londoner]

banks are now down to .04 %  interest???  wow  or is it 4%
in the USA

just curious

The banks are so poor now that you will need to pay THEM interest to misuse your money!!!!  

Willy