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Q: Is there a fee for currency exchanges at Chinese banks?
For an upcoming trip to Europe, I was hoping to exchange RMB for GBP and Euros at a local bank prior to departure. Can someone confirm that this is possible? I've done it for RMB to USD, but never for any other currency and I don't know if it works the same way or you need to be a passport holder from that country (I'm from the US).
More to the point, I'm curious if this service at banks is free or not? From my previous experiences, it certainly seemed like they were giving me the full exchange value (1 USD:6.3 RMB), but it also seems like such a "free" service in China (or anywhere) is a pipe dream. Can anyone confirm whether they do actually charge you to exchange currencies? If they do, is there anywhere else that will do it for cheaper?
Thanks
11 years 31 weeks ago in Money & Banking - China
At Bank of China (at least in Nanning), they will exchange local currency into foreign currency depending on what funds they have. I have done exchanges for US dollars and HKG dollars. If they have Euros or GBP I am sure they would. I tried to exchange some into Vietnamese currency but could not do it because they did not have any for a recent trip there.
But be aware, as a foreigner you are only allowed to exchange the equivalent bo $500 US dollars per day. As a Chinese, you can change all you want. So, bring a Chinese friend with his ID card and you will have no problem if they have the currency you seek on hand.
In reality, even if they do not charge a fee per se, they do make money out of the transaction.
don't do it at airport - some exchange "booths" can charge if small amount is exchanged, otherwise they earn money on exchange rate
when exchange in local bank - usually no problem with USD or EURO, GBP are not always "ready".
but in UK will be no problem to exchange euro to GBP, also usually without charges (all they gain is exchange rate difference between buy and sale rates)
