Best way to exchange for RMB in China?

Hey all,

I'm leaving for Shanghai next tuesday, and I'm wondering if you guys had any advice on how to get the best rate at the Chinese banks?

According to on the Bank of China site, there are two rates listed: buying rate and cash buying rate.

The former is more advantageous, so I'm wondering, what do I need to get that rate? Do I need to get traveler's checks? Or wire the money to an account in Shanghai?

Any advice would be most appreciated!

solarz said:

According to

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on the Bank of China site, there are two rates listed: buying rate and cash buying rate.

The former is more advantageous, so I'm wondering, what do I need to get that rate? Do I need to get traveler's checks? Or wire the money to an account in Shanghai?

Any advice would be most appreciated!

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What financial instrument constitutes a buying rate?
I thought travellers cheques were a pretty dated thing these days, because what you dont spend, theres a cost of changing it back again, unless you go on a regular basis.

When My wife went to Beijing she got a debit Visa Card to supplement her regular card as a spare etcetc. It works just like a credit card except the debit card is preloaded with your own money, and you just put it into a ATM machine or over the counter and withdraw what you want, best take out a decent amount as there was a $5 charge

When My wife went to Beijing she got a debit Visa Card to supplement her regular card as a spare etcetc. It works just like a credit card except the debit card is preloaded with your own money, and you just put it into a ATM machine or over the counter and withdraw what you want, best take out a decent amount as there was a $5 charge

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I agree..I've not traveled overseas since 2003 when my ex-wife and I went to Singapore and the Philippines. I carried no cash..she did. I used a pre-loaded Visa debit card. Good anywhere...

Try buying street food with credit card.

solarz said:

Try buying street food with credit card.

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I hear you..Like I posted my ex-wife had cash(American). In the Philippines people love green American money.

solarz said:

Try buying street food with credit card.

Click to expand...

As I said you can make a cash withdrawl from ATM's Banks etc, I reckon cashing travellers cheques are more hassel, show ID and that sorta stuff. Extra Good when visiting a variety of countries

i do it the old fashion retarded way. i bring as much american dollars (they still love american $$ over all other currencies) & just change it at a bank. i would have a couple of credit cards to use just in case of emergencies but i dont like to use them unless i have to.

Back in Singapore, we have dedicated money changers, and our rate is somewhere between $S1.00 to around RMB4.8. Whenever I go to China, I would carry around two thousand RMB, just in case of emergency (like going into hospital, which I heard do not accept credit cards). However in most hotels in China, I think they do accept visa and mastercards.

But I am not sure about shopping centres. I mean, some of the shopping centers I go to, do not even allow me using my Citibank Visa Card.

China is trying to use a new system. Chinese banks' Visa or Credit Cards will work fine in many Chinese stories' checkouts. Foreign banks' issued credit cards may not go through first time. You might have to go to managers' offices to run it again. If you are using the US dollars buying goods or services in China; please remember, in these days, are not as good as RMB. Most Chinese local banks buying and selling US dollars. They make a profit by doing the business. Their profits are way smaller than the US credit card company charges or US airport exchange windows. I think the difference is less than 1%(In China). The American Express Travaler's Check has already charged you 2%. Amercan Express, you CAN leave home without it!

It depends how much currency you want to buy. It might be worth buying more than you need on account of it being most likely yo be an accumulating currency over the medium term.