Exchanging money back into USD or euros - advice?

[amandagmu]

So, I just found out yesterday that my apartment deposit is going to be paid back to me in cash the day before I leave here (several months from now) and I'm concerned about carrying the money back with me on the plane because 1) it's a lot of money and 2) I have no use for it at least for another 6-12 months (when I will likely return for a shorter trip).

Also, would be nice to have this cash available for rent and groceries back home.

Since I do not have a regular Chinese bank account, making a deposit for future use is not an option, and since I'm going back home, I don't want to open one. I suppose my options are:

1) exchange at a bank here in Beijing or at the airport (if that is even possible).

2) exchange at the bank or airport when I get to the other side - my concern here is that I might be getting close to the limit on amount they'll exchange, and other concern is that the rates will be terrible.

So has anyone been in this situation before? How and where did you change money back? How bad was the exchange rate or service fee?

[anonymoose]

I doubt there's a limit to the amount you can exchange (outside China), since the larger the transaction, the greater the profit for the bank. In fact, for large sums, they often give a better rate (although large probably means several thousand euros). Note, however, that there is a limit of 20000 yuan for taking cash out of China. You would be better off exchanging at a bank rather then the airport, because airports usually give rubbish rates.

Incidentally, if you want to open a Chinese bank account, all you need is your passport, and it only costs about 5 yuan (for the card). It is quick and easy (once you have got to the front of the queue at the bank).

[stoney]

I assume its a few thousand RMB and since you are likely to return, I would just hang on to it. You save the exchange rate 2 times, and you also have a handy supply of cash when you get back to China. Anyways that's what I usually do if I have a couple thousand left over.

Exchange rates at banks are reasonable, however I have seen people try to exchange money at banks where they don't have an account and there were problems, so don't leave it till the last moment.

[amandagmu]

It's somewhere between a few thousand and 20,000, but I do see your point. I had to put down two months' deposit, not one.....

[jbradfor]

Since I do not have a regular Chinese bank account, making a deposit for future use is not an option, and since I'm going back home, I don't want to open one.

If you're relatively certain you will return, you could open one now, and deposit part of it right before you leave. You won't lose much: you'll get some interest during that time, and most people expect the CNY to strengthen compared to both the USD and EUR (no idea how fast, though), so you have a chance of making a bit on foreign exchange trading ;)

If you deposit part, and exchange part, you'll have enough money to buy groceries when you return home, and next time your in China you have that waiting for you.

Just a thought.

[jkhsu]

I agree with jbradfor. I wish I had put more money in a Chinese account when I left because the USD has been dropping compared to the RMB.