Originally Posted by
moondog
Unless things have changed a lot recently, it's illegal for companies doing business in China (including foreign CCs) to deviate from official exchange rates. So, while it's common to get nailed for foreign currency transaction fees of up to 3%, I've never heard of CCs employing unfair exchange rates. ATMs are also a good way to go.
Hi
moondog, does this apply to hotels? I must admit I have never bothered shuttling back and forth between hotel and bank but I was always told by colleagues that the Hotel rate was not as good as the Bank rate
FWIW, I always change cash (GBP) at the nearest Bank of China where, like you said, the rate is the official standard rate
Standard rate or not, the depreciation of GBP from 13.5 to about 10.2 in 3 months is a killer....
nickyboy