Chinese Yuan to USD
Jul 18, 2019, 11:10 pm
#1
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Chinese Yuan to USD
I am currently in Beijing traveling bask to the US tomorrow. I have around 7,000 Chinese Yuans that I would like to exchange to US dollars. Where should I do this? Beijing airport? Bank?
Thank you for your help!
Thank you for your help!
Jul 18, 2019, 11:18 pm
#2
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Larger banks are okay as long you have a well documented paper trail. If not, you could ask locals for advice on money changers (big business in Shenzhen... honestly not sure about elsewhere, but they presumably exist), or maybe open a bank account, and connect it to WeChat/Alipay.
Jul 19, 2019, 7:26 am
#4
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You're probably right, but I don't want to give the OP too much confidence. Things that should be simple often turn out differently. Plus, there's the distinct possibility that the person you end up with at the bank has no experience with foreign exchange.
Jul 19, 2019, 12:14 pm
#5
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I've got a bunch of envelopes at home, all of which have ISO 4217 currency codes written on them. When I visit a foreign country, I take the relevant envelope with me (or create one if I haven't visited before) and when arrive, any US money I have goes into that envelope for temporary storage, and any money in said envelope goes into my wallet. When I depart that country, I just keep the local currency and it goes into the relevant envelope and the envelope gets put on my shelf. When I go back in the future, I'll take the envelope with me and if there's sufficient money in it, I won't have to go to the ATM immediately the next time. So far, I have CNY, CLP, GBP, HKD, JPY, KRW, MOP, and TWD envelopes (I've been to more countries than that, but I didn't pick up any MXN or PAB when I was there, for example).
I don't like ever exchanging one type of cash for another whether at a bank or even worse, one of those exchange booths at the airport. All of the foreign currency I have I got at ATMs in the visited countries (because you lose almost nothing in the exchange so long as you have a debit card that doesn't charge fees). But I won't try to exchange it back to USD because you typically lose at least 2-6% in the process, so I just keep it. The only currencies I'd really not want to hold, and would want to exchange back immediately, are ones like ARS, TRY, or VES, but I've not been to those places yet. In any case, I don't think the value of the CNY is going to decline that much, so one option is just to keep it and use it next time.
I don't like ever exchanging one type of cash for another whether at a bank or even worse, one of those exchange booths at the airport. All of the foreign currency I have I got at ATMs in the visited countries (because you lose almost nothing in the exchange so long as you have a debit card that doesn't charge fees). But I won't try to exchange it back to USD because you typically lose at least 2-6% in the process, so I just keep it. The only currencies I'd really not want to hold, and would want to exchange back immediately, are ones like ARS, TRY, or VES, but I've not been to those places yet. In any case, I don't think the value of the CNY is going to decline that much, so one option is just to keep it and use it next time.
Last edited by STS-134; Jul 19, 2019 at 12:21 pm
Jul 19, 2019, 3:41 pm
#6
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Jul 19, 2019, 4:03 pm
#7
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But I won't try to exchange it back to USD because you typically lose at least 2-6% in the process, so I just keep it. The only currencies I'd really not want to hold, and would want to exchange back immediately, are ones like ARS, TRY, or VES, but I've not been to those places yet. In any case, I don't think the value of the CNY is going to decline that much, so one option is just to keep it and use it next time.
I stand by my "open a bank account" advice as plan B. If he's already at the bank, there isn't much to lose by trying. It would help if his hotel gives him a somewhat long dated temp residence permit though.
Jul 19, 2019, 4:57 pm
#8
Join Date: Feb 2013
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No, I have exchange a lot more than this, several times, and "paperwork" was never asked even once. But this may depend on the bank branch. The thing about the limit is that branches may not have enough US$ and it needs to be ordered.
Jul 19, 2019, 10:33 pm
#9
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I tried to go to a totally different bank on the same day (20 minutes after the first $5000 exchange), and after entering my passport number into the computer, they immediately said "you changed $5000 today already, can't do more". Told me to come back "tomorrow".
Jul 19, 2019, 10:44 pm
#10
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Not sure about RMB to USD, but for foreign currency (cash) to RMB, foreigners are limited to the equivalent of $5000 (at least 3 years ago it was).
I tried to go to a totally different bank on the same day (20 minutes after the first $5000 exchange), and after entering my passport number into the computer, they immediately said "you changed $5000 today already, can't do more". Told me to come back "tomorrow".
I tried to go to a totally different bank on the same day (20 minutes after the first $5000 exchange), and after entering my passport number into the computer, they immediately said "you changed $5000 today already, can't do more". Told me to come back "tomorrow".
Jul 19, 2019, 10:53 pm
#11
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I know about the $50,000 per year (which actually my banker said is not a hard limit, if it's just my cash from overseas and I have a 'good sounding" reason for needing it in China, it is easy to go over $50,000.
Jul 19, 2019, 11:00 pm
#12
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Jul 19, 2019, 11:11 pm
#13
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right. Wired money, not cash.
I meant physical cash. That, at least 3 years ago not sure about now, is limited to the equivalent of US$5000/day. I had about Euro15,000 to exchange, so it took a few days. My wife wasn't with me that week, but I assume she could have exchanged it all at the same time.
I meant physical cash. That, at least 3 years ago not sure about now, is limited to the equivalent of US$5000/day. I had about Euro15,000 to exchange, so it took a few days. My wife wasn't with me that week, but I assume she could have exchanged it all at the same time.