buying foreign currency

[fran1942]

I plan on buying some Singapore and Malaysian currency in Beijing.

Can someone recommend th best place to do this.

Do you know what sort of fee I would be charged ?

I am just deciding whether to do it here in Austalia or wait until I get to Beijing.

Thanks kindly

[pandaxiongmao]

Bank of China, most likely. Other banks mostly deal with EURO, USD, and Yen. I don't have much experience with Beijing, but I haven't seen a money changer handing out Malaysian Ringgit before in China.

Generally there isn't a specific money exchange fee, you just don't get the mid market rate in China.

Why wouldn't you get the said money in Singapore or Malaysia?

[simonlaing]

If you're in a city with one, the HSBC might be a place you may be able to change it otherwise the Bank of China.

Other banks really only want to change to US dollars. Many won't let you hold foreing currency other than USD in your bank account. I find this annoying as the Bank of China's internet support is not that good either..

The bank doesn't charge a commission but for lesser known currencies the rate that you will get may not be that good. Also some bank of china's will ask you to come bank in a few days and ask how much you want to change and buy. Plus it can still be problematic. Around the olympics there was a limit of $500 USD a day for westerners to change. But for Chinese there wasn't a limit, though sometimes you have to prove you have a reason for it like a visa to another country or foreign boyfriend who will take you there.

Also for some south east Asian countries like Thailand many places accept RMB as payment. They call it the little dollar.

Places in the airport as well might help you though they may charge a commission.

Good luck,

Report back which way you found to change the money.

Simon:)