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Q: Going home - Convert RMB to USD here, or when i get back?
Question for the seasoned pros. I haven't been home for several years now. I know, hard to believe. I have finally gotten my ticket back home purchased (going home for a solid 2 weeks and doing some traveling too, yay!) but I have a serious question.
Where should I convert my RMB to USD? When doing the trip the other way around, I'd convert USD to RMB and carry a good bit. I'm a student, so I never had a ton of money to carry on me anyway.
This time its different since I'm doing it the other way around. I actually do have money that needs to be taken back. I know they have limits on stuff you can carry out of the country here. What's the down low on that? Also... are exchange rates to USD better here, or over in the U.S.?
I realize this may be seen as a frustrating question for experienced people here... but I don't get anything on yahoo (I absolutely hate the fact that I have to use Yahoo here) and this is new for me.
9 years 16 weeks ago in Money & Banking - China
I'd say best exchange would be in HK, and on Mainland, China Merchants Bank is my choice for currency exchange.
With Gold CMB debit account, you can paper exchange by spot exc. rate without any fees applied (US$50k limit/year). Cash currency pick-up by appointment few days later, if you aren't in big city.
Since you have only two weeks, have a look about currency exchange and rates in CMB. I'm not sure, how exchange in CMB works for non-account holders.
It is definitely better to exchange Rmb in Chinese Bank over exchange in USA or elsewhere. I don't suggest, you exchange it at the Airport, before your exit. Do it earlier in the Bank. Maybe, you could stroll, and see rates and fees in diff. Chinese banks.
See 'laowai friendly bank' thread for more info on CMB.
jetfire9000:
Gotcha. I don't have an account in the Merchants Bank and I didn't prepare this well enough in advance.
I guess I'll just get my USD converted to RMB at my normal bank over here (ICBC). It sounds like that's the best bet.
On the second thought, if I have time I'm gonna take a look at the account type you speak of. 50 bucks every time sound significant enough to meexpatlife26:
I agree, HK is nice for that.
I dunno if you live in south china though.
You'd lose money trying to go form the HK aiport which is in the middle of nowhere to anyplace youd get a good exchange rate.
if you do live in south china you could fly out through there and just take the train down to HK
icnif77:
You mean '50Rmb monthly fee if balance is below 50000 Rmb'? Similar fee in Western banks is much higher, so I don't mind. I had an account in Urumqi and now in Henan. In Urumqi, I've never paid 50 Rmb/m, and here in Henan, banker warned me I will be charged, but I wasn't last two months. I paid 50 Rmb fee with CMB Gold account in Liaoning, Jiangsu and Fujian.
You can hold funds in any currency, and all goes toward total balance count. ICBC is the worst I think, but if you hold an account it might be the best (exc. rate). Save exchange slip, and compare it with exchange on the Airport. 'Highway robbery' at Airports. I'd go for look at other banks, where is best exc. rate and lowest fee. You might get 'good deal' at CMB, because that's HK bank, and Chinese employees aren't really into the bank rules.
In Urumqi, manager told me I can get CC. I've applied, and supplied million documents from School, and her A was: 'You were denied, because your residence is in 40km Fuk., and not in Urumqi.'
She knew, I always come in bank during 'siesta time', because of the bus connections, beside all documents I was required to bring. I needed CC to make online purchases, because Gold ATM is shady for online. Gold ATM works like any Visa/Mc card, but not for online purchases on non-Chinese websites. Her solution: 'I'll book the plane tickets for you with my CC, and you'll give me cash!'.
32y old, very nice girl, manager of big CMB, who didn't know all CMB banking rules. It took me maybe 30 days to collect all necessary docs. for CC.
hi2u:
@icnif, I'm curious, have you tried withdrawing from an atm in America with your cmb gold card? Or do you know if that is possible to do?
icnif77:
Not in USA, but in UK, Guernsey, EU and HK. Purchases and cash withdrawals. It's ATM with Visa/Mc logo. Funds get deducted from Rmb holdings on the account with 'spot exc. rate' applied. No fees!
You can get info on USA withdrawals at the CMB. It's Visa logo, so no restrictions can apply anywhere, in other words 'it's not different than BOA Visa ATM card'.
The UK does not allow you to enter with more than 10000 euros unless you declare it. Imagine your country woulD be about the same. Taking this amount of cash out of China is pointless. You can't exchange it anywhere without losing lots due to commission. If you do it this way, Western union shop offer best rates. Icnifs mention of gold account is the best way or get a Chinese friend you trust to transfer it through the bank to your account back home. Western union is Inexpensive. You could transfer money to somebody you trust back home if you'd prefer.
