strange ? on changing $ in China
Apr 8, 2014, 4:10 am
#16
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
It's been so long since I changed cash at a hotel that I thought maybe my memory was hazy and I was wrong about not getting a good exchange rate. So to check it out I went to two hotels by my office to check their rates at lunch. The Sheraton Hongqiao and Renaissance Yangtze both had the exact same cash exchage rate of $1 USD = 6.07 RMB. So there is consistency in the rates but seeing as the spot rate is $1 USD = 6.21 it's not that great a deal.
I'll try and check out a few more rates on my trip home tonight. It still seems like ATM is the best deal if you have a no fee card and an inside the bank exchange would be second best.
I'll try and check out a few more rates on my trip home tonight. It still seems like ATM is the best deal if you have a no fee card and an inside the bank exchange would be second best.
Apr 8, 2014, 4:26 am
#17
Join Date: Dec 2012
Location: BRS; PVG
Programs: BA Gold, A3 *G, EY Gold, AZ CFP (ST E+). Hilton Gold
Posts: 271
I'd say a 2.25% spread is quite decent. In many parts of the world the banks typically would charge you 3% minimum.
Apr 12, 2014, 10:39 pm
#18
Join Date: Apr 2009
Location: HKG
Posts: 1,314
www.boc.cn/sourcedb/whpj/
When you exchange cash at a bank, they use a live rate. So any rate that only gets updated once a day is clearly going to have a premium built into it.
Note that even if you went to a bank to change your USD notes, you will still lose compared to taking cash out of an ATM since the bank will hit you at the note rate rather than the TT rate.
Apr 13, 2014, 7:56 am
#19
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
Sure, if you want to waste an hour at the bank. Not the sort of thing that I do on vacation. There are many things in life for which I pay for convenience.
Apr 15, 2014, 11:23 am
#21
Join Date: Oct 2006
Location: Long Beach, CA
Programs: AA PLTPRO, HH Diamond, IHG Plat, Marriott Plat, Hyatt Globalist
Posts: 3,559
I was caught in a pickle a couple of years ago in Saigon when the front desk at the InterContinental refused the majority of my $20 bills - many for very minor infractions (pen mark, etc.)
Apr 16, 2014, 7:16 am
#22
Join Date: Apr 2010
Location: Oarstraya
Programs: QF SQ VA CX DL UA PR MH MU
Posts: 327
FWIW - stayed at Le Royal Meridien in Shanghai Sat 12th to Tue 15th - checked hotel exch rate on Mon aft USD1 = RMB6.15 - then walked directly to ICBC Bank 50mtrs away exch rate over counter within bank USD1 = RMB6.15.
ATM at ICBC also dispenses at 6.15. Of course everyone is free to do as they see fit - but IMHO if you want to exchange cash I would have no hesitation in changing at hotel provided it is part of a top tier chain - just save the time and effort of going outside with your passport to the bank - I would however be a bit wary of exchanging at lower starred Chinese owned hotels.
ATM at ICBC also dispenses at 6.15. Of course everyone is free to do as they see fit - but IMHO if you want to exchange cash I would have no hesitation in changing at hotel provided it is part of a top tier chain - just save the time and effort of going outside with your passport to the bank - I would however be a bit wary of exchanging at lower starred Chinese owned hotels.
Apr 16, 2014, 8:19 am
#23
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
"...ATM at ICBC also dispenses at 6.15. Of course everyone is free to do as they see fit..." - are you sure about this. As I understand it, the exchange rate is not determine by the bank that owns the ATM but by your bank.
Apr 16, 2014, 9:23 am
#24
A FlyerTalk Posting Legend
Join Date: Dec 2000
Location: Shanghai
Posts: 42,033
I don't think so. Your bank can pad the rate in their favor (with disclosure) but they can't invent exchange rates on their own.
Apr 16, 2014, 3:53 pm
#25
Join Date: Apr 2010
Location: Oarstraya
Programs: QF SQ VA CX DL UA PR MH MU
Posts: 327
Yes if you use foreign card you are at the mercy of the exchange rate that YOUR banks charges you - but the ATM will dispense at the set BoC rate on the day - which on this day was 6.15 - then your bank will convert to your home currency at a rate that sees them get a nice little earn on the exchange rate.
You cannot win if you use cards in any overseas country - if you use cards then sooner or later you will pay an exchange rate to convert your funds.
You cannot win if you use cards in any overseas country - if you use cards then sooner or later you will pay an exchange rate to convert your funds.
Apr 16, 2014, 8:53 pm
#26
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
In my case (RBC in Canada) the rate is determined by Visa plus a markup. See this website: http://usa.visa.com/personal/card-be...calculator.jsp and this one http://usa.visa.com/personal/card-be...-rates-faq.jsp
You should ask your bank how they determine their exchange rate on overseas ATM usage. There are also ATM fees which depends on your package with your bank. In my case, there are no fees.
Apr 23, 2014, 1:28 am
#27
Join Date: Jan 2013
Location: 대한민국 (South Korea) - ex-PVG (上海)
Programs: UA MM / LT Gold (LT UC), DL SM, AA PLT (AC), OZ, KE; GE and Korean SES (like GE); Marriott Gold
Posts: 1,995
Best is to use your bank card in ATMs.
Apr 23, 2014, 4:08 am
#28
Join Date: Feb 2013
Location: China and Canada
Posts: 1,886
With all the advice to use ATMs, I generally agree, but, two weks ago, I used the ATM in my Shanghai hotel (Jianguo) which also had an automatic exchange machine for cash, its rate was 6.02 when official rate was 6.21 - there was no exchange possible at the desk. When I got my CC bill (CitiBank AA Executive), the advance fee was 5%. I did find a Citi ATM the next day, but didn't need any more Yuan, so I don't know the fee.
