USD to RMB currency exchange
- Joined: Sep 20th, 2007
- Posts: 3
I am trying to transfer my USD into RMB and I've already exchanged USD50K which is the annual limit.
In this way, I heard I basically have FOUR options as follows:
1/ Use foreign bank account and withdraw RMB from ATM
2/ Find other Chinese friends, help me exchange money from the bank
3/ Via black market transaction
4/ Exchange with a person who needs USD at the middle rate
Obviously, No.4 should be the optimal choice as the other options provide discount rates. My question is does anyone need USD so that we can have a win-win situation for exchanging foreign currencies. Otherwise, does anyone can provide me contact/location that I can find black market in Beijing. Thanks!
slonios
Re: USD to RMB currency exchange
first,the black market is always taking much higher risk ,unless there is no other options
second,every legally banks or institutions can not act against the annual limit which is restricted by Chinese government.in another words,anyone who promise you exchange more than that,means they are illegal.
third,through the experience of my foreign friends,maybe you can try pingten.com
it's a international online money transfer tools,it used to send money(convert currencies at the same time) from China to overseas bank accounts,but if you can send money to your friends,it just means send money to yourself,right?