Exchange Rate (UKP)

[adrianlondon]

Hi everyone,

According to BNU's website I need to pay my tuition fees as soon as I register. As this is likely to be the same day (or next day) that I arrive, I can't just go to an ATM and draw out 12,000 CNY. Which is a shame, as that'd give me the best exchange rate*

So, I am likely to either bring CNY with me (at a crappy exchange rate of around 13.1 to £1) or sterling travellers cheques.

Does anyone know what banks in beijing charge (roughly!) for cashing travellers cheques and, more importantly, what the current exchange rate is UKP to CNY (RMB)?

If it's on a web site somewhere, that's even better as I can keep track of the rate myself.

* Anyone in the UK planning on spending a long time abroad ... I fully recommend Nationwide Building Society's credit and cash cards. The exchange rate is good, and there is no commission. None at all - it's a selling point of theirs, so it's not even hidden in the exchange rate.

Doesn't make too much difference if you're on holiday for a few days, but it does if you're living abroad for a few months!

[889]

At today's Bank of China rates, £100 cash will buy you RMB1432.76.

If you're using TC's, £100 will bring you a gross payout of RMB1463.62, but the bank then takes out a 0.75 percent commission, so you'll net RMB1452.64.

That is, TCs bring you slightly more than cash (not taking into account the commission you pay when you buy TCs).

The staff at the Bank of China take great delight in finding some reason not to serve you, so take along the receipt you got when you bought the TCs, make sure the signature on the TCs matches that on your passport, and pray.

[HashiriKata]

The following website will give you exchange rate for RMB:

http://www.xe.com/ucc/

Yes, I'm with Nationwide and therefore had no idea what "commission" other people were talking about .

BTW, if it'd take you a few days to withdraw the amount of cash needed, you can explain this to BNU and they may give you a few days to do so. I just can't imagine why they should be so rigid about this.

[adrianlondon]

Thanks for that 889! Very helpful. I get a much, much better rate of exchange taking cash (or TC) to China and exchanging it there than I would getting RMB here in the UK. Over 1RMb more per pound. That's a lot.

HashiriKata, good that you've got a Nationwide card. You're smart, too As for the xe.com website, I already knew about that, but it lists bank-to-bank exchange rates which are a far cry from anything I can get here in the UK in a typical exchange place.

All sorted - I'll take sterling cash or travellers cheques.

This forum, as always, is very useful.

[adrianlondon]

I didn't notice this on my first read ...

I just can't imagine why they should be so rigid about this

I would have agreed with you except that I've had so much grief actually applying to BNU in the first place, I think asking them to bend the rules is like asking the local government to set up a website apologising for tiananmen square issues.

[imron]

Bank of China exchange rates.

Columns from left to right: Currency name | Buy price (TC) | Buy price (Cash) | Sell Price | etc etc

Prices are for 100 units of the specified currency, and the site looks to be updated daily.

Pounds is listed right at the top (英镑)

[adrianlondon]

Thanks!

And thanks for realising that I'm a beginner student of Mandarin so would need help interpreting the columns

Those exchange rates are fantastic compared to what one could get in the UK.

Here's a tip for anyone ... get your RMB in China!