Exchanging USD for RMB in Shanghai
 

I just came back from a trip to Shanghai and had a very interesting time trying to exchange USD for RMB. Communication isn't an issue for me since I speak both Mandarin and the local Shanghainese dialect.

In my prior trips, I've exchanged USD for RMB at ICBC and China Construction Bank without any issues.

On this trip, ICBC (largest bank in China) made it impossible for me to exchange USD for RMB, wanting me to fill out some BS resident paperwork even after I told them I was traveling there as a foreign tourist. There was a sign at ICBC that clearly states that they do perform foreign currency exchanges from USD for RMB. The staff at ICBC were lazy and horrible to deal with. Saw the same staff turn away a family of European tourists who wanted to exchange Euros for RMB.

When I went to another of the Big 4 banks, Agricultural Bank of China (ABC Bank) and smaller Bank of Shanghai, they told me they would do the exchange ONLY if I opened a bank account with them. Since I don't live in China, I was back to square one.

After all this runaround, I found a China Construction branch and was assured by their staff that they do indeed exchange USD for RMB for tourists. China Construction Bank staff were very pleasant to deal with, all customer service and no attitude like the ICBC staff I encountered.

When I went to the Bund, I saw that Bank of China had signs for RMB exchanges with tourists coming out of the branches there from FX exchanges.

As a Western tourist who visits China occasionally on short trips, the tourist friendly banks that I can clearly recommend are China Construction Bank and the Bank of China. Both of these banks have competent and friendly staff willing to do business with tourists with FX exchange (ie. USD, Euros) for RMB.

The rest of the local banks, including the remaining two of the Big 4 banks (ABC Bank, ICBC) weren't very tourist friendly and catered only to the locals.

Travel experience may vary among different individuals along with the going FX rates of each bank. I hope this information will help fellow travelers who visit China when they do FX exchanges.

I mainly use my US ATM card to withdraw cash overseas. I also did the same in China before I worked there. It is much more convenient and less costly than most foreign exchanges.

Yes, banks in China are awful. They're all awful.

Have you ever tried online banking, with one of those dongles that'll only work on Win95 with IE?

The ATM was a godsend. Use it.

Yes avoid the bank at all cost. A simple task can sometimes take upwards of an hour.

Why would one bother lining up at the bank when you can get local currency in seconds from an ATM.

If you don't have a bank card for the currency you want to exchange from... although if I need RMB I just exchange it in Hong Kong

I have no idea what you mean. I get local currency all over the world with my Canadian bank card. Any bank card works and the exchange rate is rather good.