Tips for multiple Currency Exchange for trip to China

[zinkle]

Hi everyone,

I'm heading to China in August. I land in Hangzhou via Kuala Lumpur on Air Asia X.

I have some left over cash in JPY+USD from previous trips to change. I do not anticipate travelling to these countries in the forseeable future.

What tips can you give for changing my remaining foreign cash? Should I change all the different cash here in Sydney, KL (12 hours to kill between flights in LCCT) or Hangzhou? Where should I change - bank/hotel/moneychanger?

I'm a little wary about scams etc in China, where sometimes anything goes - advice to avoid them would be appreciated.
I've found changing money, even in shopping centres in KL to be very good, but will this be negated by the conversion (JPY-MYR, then MYR-CNY)?

P.S. I've taken out a 28 degrees mastercard from advice I've read here on AFF to cover any shortfalls.

 

[Cruiser Elite]

Currency exchange in China is 100% secure if you use even one ounce of brain cell.

Bank of China set daily exchange rates - ALL hotels are required by law to strictly adhere to daily exchange rates.

Which hotel are you staying at? If it is a member of an international chain you will be safe - exchange in house.

If your hotel is a member of a Chinese chain be a little more wary.

You can go to virtually any bank - same story - take your passport and they will exchange.

ATM's also very secure - use with confidence.

NEVER NEVER NEVER exchange on the street - it is not a case of 'Will I be fleeced' - it is a case of to 'To what degree will i be fleeced'.

The Chinese counterfeit anything and everything imagineable - counterfeit currency is their specialty.

 

[richie9x]

Usually if you are changing currency between two difference currencies that are not that local currency you will have to change into the local currency as an intermediate. So it wouldn't be as good a rate as going directly between two currencies. So I would recommend changing your currency in China.

When I changed money at Beijing Airport 3 years ago. That exchange rate offered was good. The clerk went to great length to show the process and count the money in front of me slowly. I was happy with the exchange.

 

[KLN]

don't change in sydney!
KLIA is as good as money changers in the city. they were even better on one day.
china very safe at the hotels. have always done it there. no problems

 

[Cruiser Elite]

Usually if you are changing currency between two difference currencies that are not that local currency you will have to change into the local currency as an intermediate. So it wouldn't be as good a rate as going directly between two currencies. So I would recommend changing your currency in China

Provided you have your passport and are exchanging at a bank or international hotel in China you can exchange virtually any currency directly into Renmimbi / Yuan.

Be aware even slightly damaged or torn notes may well be rejected by both banks and hotels.

When I changed money at Beijing Airport 3 years ago. That exchange rate offered was good.

With all due respect - airport exchange locations offer significantly inferior exchange rates to banks or hotels - in 13 years and over 100 trips to China I have never and would never excahange at airport kiosk.

You only need sufficient funds to get to your hotel - if you have pre-paid transfers then you do not even require taxi / bus money.

Do your currency exchange at your hotel or the closest bank or use ATM's which are on every corner and invariably function perfect - almost all will have english / chinese option to enable you to operate them.

 

[zinkle]

Currency exchange in China is 100% secure if you use even one ounce of brain cell.

Bank of China set daily exchange rates - ALL hotels are required by law to strictly adhere to daily exchange rates.

Which hotel are you staying at? If it is a member of an international chain you will be safe - exchange in house.

If your hotel is a member of a Chinese chain be a little more wary.

You can go to virtually any bank - same story - take your passport and they will exchange.

ATM's also very secure - use with confidence.

NEVER NEVER NEVER exchange on the street - it is not a case of 'Will I be fleeced' - it is a case of to 'To what degree will i be fleeced'.

The Chinese counterfeit anything and everything imagineable - counterfeit currency is their specialty.

A rather late update to changing multiple currencies on my trip to China,

Thanks for all that replied. Our trip was tightly scheduled so that we didn't have any time to wander off and go to banks etc, mostly sightseeing. In the end I changed the money at the hotels we stayed at (ended up being 4+ star hotels - some local, some international) and all had the same procedure and all offered the government rate and issued the same exchange receipt.

There was no problem exchanging USD-CNY, JPY-CNY & HKD-CNY that I had. And the exchange rates were much better than for me to change it here in Sydney.