Dear ozbargainers,
I will be heading to china for holiday this year. I would like some advice on the best currency exchange method I can use to get the most out of my $AUD to CNY.
Some suggestions that I have received: bank of China, Citibank, post office…
Anyone have experience with currency exchange in China? and any suggestion on method of exchange (debit card, bank card, post, etc. )?
Apparently the Chinese gov controls the exchange rate there, so no matter where you change it in China, you should get the same rate. We're about to head off for our 2nd visit there & will just change it there. Rates given here are pretty crappy. The 'no fee' places here have poor rates to cover the 'no fee' part. The ones with fees are made worse by the fee.
If I was to change currency here for anywhere, I'd be looking to AmEx first - pay online & collect at a convenient PO. Citi had the best cash rates, but don't do it now.
Myself recommend you go to www.anying.com.au in Melbourne.
They give better rate & also you can check their rate online & compare with other.
We used to do currency exchange here.
Never do your currency exchange in China ( long queue & you have to fill forms )very complicate.
Bank of China won't do currency exchange unless you have an account with them. the best idea is to hunt around and see who will give you the best price locally to exhange