Foreign Exchange in China

[JOC469]

My mum is heading to China in a couple of weeks and was wondering where/how she should exchange AUD to the local currency. Are there bureau de changes around the place, or should she get her currency before she leaves the country? Are ATMs where you can withdraw money from prevalent?

 

[flin898]

You can exchange AUD to CNY at any chinese bank. Alternatively get her a 28degree card, load it up with your cash and then she can withdraw CNY at local ATM.

 

[munitalP]

If she's going to main centers, her ATM will work in a lot of banks as will credit cards. don't pay the money changers their fees unless there's no other choice.

 

[nickfromeastryde]

Have always found that I get a better rate changing my money over there

 

[fabsnake]

From my Chinese trip last year did a variety of methods when needing local currency:
- ordered $AU300 worth of Chinese RMB (yuan) from Amex and picked up before departure, fairly painless and exchange rate ok.
- exchanging in a Chinese bank was a waste of an hour of my life, it was so slow and English language was a problem, even my chinese-speaking relatives had problems trying to get understood, supposedly simply to exchange money. Might have been different at a different bank - never took a photo of a sign from the "Evergrowing Bank" but should have, some of our banks should also be so brazen with their names!
- some hotels offer reasonable exchange rates and are fairly hassle-free, Shangri-La was a good experience
- ATMs are happy to accept your linked card and let you withdraw local cash, you get charged for it when you see your statement. Easily the most convenient way but more pricey. I think the machines warn you what they will charge you before you accept, but don't definitively remember
- did NOT try any streetside exchange places, was not recommended.

Probably not worth wasting too much time to get the best rate you possibly can, go for the easiest and quickest if not too costly. Exchange rate should be so good at the moment anyway, not worth haggling over small rate differences when there is plenty of other haggling to do when shopping in China!

 

[one9]

From my Chinese trip last year did a variety of methods when needing local currency:
- exchanging in a Chinese bank was a waste of an hour of my life, it was so slow and English language was a problem, even my chinese-speaking relatives had problems trying to get understood, supposedly simply to exchange money. Might have been different at a different bank - never took a photo of a sign from the "Evergrowing Bank" but should have, some of our banks should also be so brazen with their names!

At airport, exchange a small amount of money at an exchange place in the airport or withdraw maximum transaction amount at ATM (around AUD $300).

Depending on cash requirements, either continue to withdraw from ATM (somewhat expensive as Aus bank will charge about $10 per transaction in fees) or go into a Bank of China bank to exchange Aussie dollars. At Bank of China, tellers all speak English. Sometimes they are quiet & quick. And sometimes busy and need to wait 10-30 min.

 

[drron]

At airport, exchange a small amount of money at an exchange place in the airport or withdraw maximum transaction amount at ATM (around AUD $300).

Depending on cash requirements, either continue to withdraw from ATM (somewhat expensive as Aus bank will charge about $10 per transaction in fees) or go into a Bank of China bank to exchange Aussie dollars. At Bank of China, tellers all speak English. Sometimes they are quiet & quick. And sometimes busy and need to wait 10-30 min.

Staying in SPG hotels I have always got the same or occasionally better rates changing cash at the hotel as at a bank.

 

[Cruiser Elite]

My mum is heading to China in a couple of weeks and was wondering where/how she should exchange AUD to the local currency. Are there bureau de changes around the place, or should she get her currency before she leaves the country? Are ATMs where you can withdraw money from prevalent?

Access to cash in China is VERY straight forward:

1. Take A$ with you - exchange at hotel lobby - the hotel exchange rate is set by Chinese government on daily basis - you cannot get stiffed cexchanging at hotel.

2. ATM's everywhere in China - yes you pay - yes they are totally secure.

3. NEVER NEVER change currency on the streets - you will be stiffed with counterfiet notes.

You can take travellers cheques and exchange at any better hotel - but this method is so last century.

Hope that helps - oh by the way - am off to China this afternoon via Sing - arrive Guangzhou midday tomorrow - then fly to Nanjing - 1 night in Nanjing - fly to Beijing - 4 nights Beijing with daily train trips to Tianjin. China is SO EASY nowadays - travel is easy - currency procurement is easy - all you guys should go visit at least once in your lives.

 

[benhadi]

Strangely when i was there, they gave better exchange rates for travellers cheques. The difference was not huge, but still noticeable better.

 

[Cruiser Elite]

Strangely when i was there, they gave better exchange rates for travellers cheques. The difference was not huge, but still noticeable better.

Ah China - the land of complication and contradiction.

The more often you go there - the more amazed you will be by their society - very little makes sense in China - you just go with the flow.

 

[KLN]

have always exchanged at hotel. rate was always good
Sofitel Hyland.
never had any probs.
don't forget to tell your bank when you are going and coming back if you're using a credit card.

 

[Cruiser Elite]

Just back from a week in China - below is the official daily exchange rate schedule issued by Bank of China to ALL hotels. This is issued Mon to Fri - if you try to convert on Sat or Sun you will cop Fri rates.

99.99% guarantee that all international hotel chains will adhere strictly to these rates - Chinese owned hotels may or may not.

 

[TonyHancock]

I'm pretty lazy and find the most convenient way is to use an ATM. Not experienced any problems.

 

[Cruiser Elite]

I'm pretty lazy and find the most convenient way is to use an ATM. Not experienced any problems.

Absolutely use ATM's also - problem is there is a limit at ATM's that varies from bank to bank.

I stayed at Renaissance Beijing Capital for 4 nights - closest ATM is 100mtrs away and would only let me withdraw RMB5,000 / day = approx A$782. I bought 2 fake Mac Book Air computers which cost A$300ea plus some other computer stuff on one day - plus drinks - er sorry rephrase that - lots and lots of drinks - food - etc etc etc - could easily spend $1,500 / day - so ATM's aint gonna always get you over the line.

Still the easiest and BEST way is hotel exchange - same rate that you will get at ATM - oh and by the way - ATM's in China just like elsewhere do occasionally swallow cards.

But each to his own - hotel desk / ATM same same - NEVER EXCHANGE ON THE STREET - NEVER.