Exchanging Money in Beijing

[Duncan Leung]

Hey all,

I was wondering if anyone had any tips on the best way to exchange some RMB into USD? (I'll be traveling to the US for a couple of days).

I wasn't sure if it would be best to:

1) Get USD from my bank directly from my account

2) Exchange RMB at the airport

3) Exchange RMB anywhere else?

Thanks for your help!

[ksl0588]

Not an expert, but this is what I've heard. I think its not a good idea to exchange your RMB to USD in airports/hotels because the rates are not that good compared to money changers around the area. Also, I suggest you bring a passport when changing currency.

[Archie.]

Hi Duncan Leung,

I think your approach 1) is the best choice.

If your account is Chinese Yuan account, just withdraw Yuan and tell the teller to exchange for you at your bank.

You can even withdraw Chinese Yuan on ATM, and went to the nearest Chinese bank such as ICBC, CCB, and tell exchange for you.

[Archie.]

Hi ksl0588,

I never exchange at airport. But I think there is nothing to worry about the rate if you exchange at any Chinese commercial bank where rate is float. You can easily exchange Yuan into USD at USD-Yuan buy rate. About 6.8 to 1, I am certain for the rate now but I am sure you won't get loss.

[gougou]

When I went to the US two years ago, I just used my standard Bank of China debit card to get money from ATMs there (didn't work with all of them, but with enough that I was never worried to run out). I can't remember the exact rates, but I'm sure it was cheaper than changing at the airport.

[Duncan Leung]

Thanks guys for all your advice and help. I'll probably get some on-hand USD cash from my bank, and then withdraw more from an ATM while I'm in the US if needed.

Thanks again!

[roddy]

Can foreigners just walk up to an ordinary Chinese bank and buy foreign currency now? It's been years and years since I've needed to do it, but back then it was the world's biggest hassle.

[Archie.]

I am sorry for what I said. Totally wrong. Pls delete them, thanks

[JonBI]

Within two hours of arriving at my hotel, I had already opened up a RMB account and changed all my money, travelers' cheques and dollars included, into RMB. You can merely walk into the bank, head to the foreign currency department (Assuming it is a big bank), hand them the notes, and get RMB notes at the official rate.

The problem is you are supposed to have a phone number and an address to open an account, but to change money you don't need anything, just to wait in that hideous lineup (unless it is a very big branch, in which case the line is small for foreign exchange).

Also, speaking English is a bit of a a pain, so hopefully people will know some basic Chinese terms, like foreign exchange, or exchange meijin for renminbi.

[jbradfor]

Except the OP clearly said he wants to exchange RMB into USD, not the other way around....