what do you mean 'later'?

Hi. I'm interested in finding out an efficient way to exchange RMB into USD too. Could you please let me know the date and what exchange rate you were quoted when selling RMB and buying USD.

I am trying to work out how this compares to the spot rate as quoted by www.oanda.com

I wonder if there is any method where the margin is around 1%.

Are you sure that the ID card and some forms are all we need to get US dollars? Can you give more details? thanks!

Recently returned from a business trip to HK. I've found the most efficient money changers (i.e. best rate) are in HK, near the Holiday Inn on the Kowloon side. There's a host of money changers at Chungking Mansions and you can negotiate a good rate. Just carry cash to HK and withdraw using your ATM card too (max HKD 4,500 each day).

Went to Bank of China Main Branch and they said it is impossible for foreigners even though the sign on the window says "foreign exchange" !!!

Does anyone have details on how a loawai can get RMB exchanged into another currency and sent back to my bank in the home country? I am here officially on work and have work contracts, permits. It is legitemate but all the banks tell me no, including Citibank and HSBC. Thank you for your help.

Kill me now :twisted: :twisted:

take a look at this.
http://www.thatsbj.com/forum/viewtopic.php?t=327&postdays=0&postorder=as...

Hi to confirm.

Foreigners are allowed to change up to 500$ in one transaction but need tax certificate and passport.

Chinese can change up to 5,000$ a year with no penalties, so i get a colleague to go to the bank with me use their ID card and get cash.

Also can change 500$ at the Bank of China desk at the airport near gate 8 before customs/check in only need to show your passport and get US $

HOWEVER and this is pretty serious, they gave me 4 fake 100$ bills despite me checking through them fairly thoroughly!

I was absolutely furious when I arrived in Oz and Travelex Forex desk called the police and wanted me to surrender my currency because it was FAKE. Thankfully had some sympathetic policmen who concluded that i wasn't a money launderer nor a counterfeit currency producer - so gave me the cash back. It's now under investigation at BOC as I kicked up a serious stink given that I went through the Legal channels to change cash and they as the national bank should bloody check bills properly.

However left me somewhat skint in Oz since still can't get a credit card that allows me to draw on my RMB salary!

Phew rant over!

If anyone wants to change RMB to British pounds, I can help. My Chinese girlfriend works for an international organization based in London, and she is currently setting up their office here, as they currently do not have a presence in China. Until all the paperwork to register the organization is completed, they are paying her in British pounds, which is transferred from London to her bank account here.
However, she is nearing the limit for withdrawing foreign currency for this year, so would like to find someone who needs pounds to enable the exchange. She speaks excellent English, so communication should be no problem. As for the exchange rate, she is not looking to make money on this, so it would be whatever the going rate is at the time of the transaction. If you are interested, call me at: 1368-323-3923 and I'll make arrangements for you to get in touch with her.

Someone posted above about the black market. Anyone know how you go about changing money when you have more than the limit and no supporting documents? Thanks!

You have to convert the money pretty much within the year that you earned it, but otherwise you are totally correct.

Without work contract and other documentation, one is pretty much at the mercy of the $500 day with passport only trick.

Best thing is to find a Chinese friend to help.

Possible with any bank? I have my salary account at Bank of China

Most branches can do simple foreign currency transactions - $500 per day - but for anything above that you will probably be referred to the large Chaoyangmen branch of Bank of China.

It does not matter that Bank of China is your salary account - other banks can do the exchange as well if you have all the proper paperwork as listed above.

I have used 3 year old tax receipts and not had a problem because of it in BOC - though that is not to dispute the advice of gdbill.

You may consider opening an account with HSBC - they need exactly the same paperwork as the other banks, but they do the job quicker and without any attitude.

I think it's a matter of "your mileage may vary" on currency exchange. Some have obviously been able to use old tax receipts to buy $, but on the other hand I have seen instances where they refuse stating that they need to be a year old or less.

There are quite a few other banks that can perform currency exchange operations, but they generally haven't the knowledge / experience as staff in Bank of China so they may not know WTF they are doing. Still, sometimes that can work to your advantage.

Another factor is what you will do with the $ once you have them. If you want US$ cash, then any bank that works is ok. If you are going to remit the US$ abroad via bank wire or a cashier's check, the job becomes complicated because of the difference in the two types of US$ you can get with a currency exchange.

There are US$ "hui" [汇] and also US$ "chao" [钞]. "Chao" means basically US$ banknotes in hand and "hui" means "virtual" US$ available for remittance abroad. You must have "hui" to send a bank wire or purchase a cashier's check. If you only have "chao" in your hand or in your account, you must convert it to "hui" and there is a conversion fee from 1% to 3%. Basically to convert you need to sell the "chao" at the bank's buy rate and then convert the resulting RMB to "hui" at the bank's sell rate.

So, if you are going to send the money overseas, best to conduct the currency exchange at the same bank you will use to send it.

I recently went to the foreign exchange counter at Beijing Airport and exchanged a load of RMB for Yen. I didn't show them any ID or anything like that.