Best way to use Australian money to obtain Chinese RMB before travelling to China or during our trip.

cr12330 on 17/05/2017 - 19:43
Last edited 17/05/2017 - 19:44

Looking at a few different options at the moment, Travelex (4.6 RMB to 1 AUD) xe.com is showing 5.09 RMB to 1 AUD, Citi Bank debit card which I don't have at the moment but always see it mentioned but I don't have a citi bank where I live in Australia so I would need to open an account online.

Just trying to find the best rates and no fees. Happy to get a atm card or just get cash Chinese Yuan RMB before we go.

Let me know, I know that Westpac has no fees for the Bank of Nanjing but this bank not a regular bank, like when going back to my Wife city in Foshan, you can't find it there so it kind of unless.

I'm all ears, please kindly give me your thoughts, thank you and have a great evening.

Travel

Comments

  • altomic on 17/05/2017 - 19:51
    +2

    get a Citi Bank debit card

    • cr12330 on 17/05/2017 - 20:01

      With Citi bank is it based on Visa card exchange rate?

  • ZippyRoo on 17/05/2017 - 19:59
    +1

    We always exchange in China. The exchange rate is better there. However, I understand bringing a load of Australian dollars in cash is risky. My mum has a local bank account in Shanghai so she does EFT to that account when we're still here and then go to the bank in China to withdraw the money out in RMB. If your wife has trustworthy relatives or friends there, get their account details and EFT money to that account. If all fails, Citibank debit card should be your safest option.

  • jamesblake2908 on 17/05/2017 - 20:06

    In Box Hill they have Chinese run 'no commission' places that generally offer the best rates on exchange. I'm sure they have it in other major Asian hubs too

    • cr12330 on 17/05/2017 - 20:07

      Yes I read that on the forum, how does that work, do you have a link for this please?

      • jamesblake2908 on 17/05/2017 - 20:11

        How it works is you pretty much take in your AUD and ask them for RMB, which they typically always have on hand. I'd compare the rate first, but I generally find they're always the best. I can't link you because they don't have English websites as far as I know, but just look hole in the wall sort of shops that seem like they're targeted towards Chinese, rather than English speakers

  • cr12330 on 17/05/2017 - 20:06

    Is there a catch using Citi bank debit card, seems like something too good to be true?

    • Sinchan on 17/05/2017 - 20:13
      +3

      just back from Shanghai last month. Citibank plus debit card was very handy. I can find no fee ATM at most metro station with good visa rate.
      search Wiki page on http://forums.whirlpool.net.au/ for detail explanation.

      • cr12330 on 21/05/2017 - 10:14

        I notice the guys from Whirlpool tells you which ATM do deal with if you can't find a citibank ATM but do you think their right with saying the other bank with their ATM is fee free? I can't find any other info to back it up?

        • Sinchan on 21/05/2017 - 17:15
          +1

          yes it is free, i used HSBC and Bank construction of China(not sure if the name is correct).

    • peterpeterpumpkin on 17/05/2017 - 21:04
      +2

      Don't worry. Everyone else is equally surprised that such a thing would even be offered - in Australia of all places.

      And since you'll never be entering a branch you'll never be offered 100 services you don't care about.

      If you don't have international roaming, make sure you update the Citibank app and set the one-time pin before you leave. And update your phone clock upon arrival. Regardless of what any bank tells you, ring them to tell them the dates and destination you'll be travelling.

      In related annoyances, download Microsoft and Google authentication to your phone if you use their services and obviously a working VPN if you use the latter.

      Although my information may be dated, if you go to smaller towns in China you may have trouble finding an ATM that accepts foreign cards within a 5 minute walk (you'll see one in the distance and 10 minutes into your trek you realise it's Unionpay only).

      • jjjaar on 18/05/2017 - 08:43

        Funny you should mention the app, my phone refuses to work with the app. After about 15 calls to Citibank before an overseas trip, I was advised to buy a new phone. The 16th call involved someone telling me you can get a small device (hard token) sent to you that activates the one time pin when you're away

    • hayne on 18/05/2017 - 01:22
      +3

      There's no catch, and it's pretty much the best exchange rate you'll get from your various options to change foreign currency. Usually you can find the exchange rate you'll get here. https://www.mastercard.us/en-us/consumers/get-support/conver…

      I've been using it for years for overseas trips and I always review my bank statements to calculate the rate after my travels are over. Since there is no fee charged by Citi, you're getting the Mastercard interchange rate which is not far off the spot rate.

      Going to a money changer, even if they're a bargain in Box Hill, will not be cheaper. The money changer still has to make money either on commission or on the spread, so you'll lose out.

      Going to Travelex will not be anywhere close. Don't fall for "we have no fees!". Even if you are charged no fees, usually they'll look to make roughly 500 bps for a transaction - i.e. you'll lose out on $5 for exchanging $100.

      Carrying AUD in cash to China and exchanging at the bank will not be cheaper. The bank also makes money on the spread.

      Transferring money to China is probably not going to be cheaper either unless you are pretty much charged $0 for an international transfer fee which is really uncommon - more likely you'll pay a fee of $20 from your Aussie bank and it's possible that the receiving bank in China also charges you a fee.

      I don't work for Citibank, they're not even my main bank - I just use this account for forex. It's just that it's by far the cheapest option.

  • [Deactivated] on 17/05/2017 - 20:40

    Goto bank

  • [Deactivated] on 17/05/2017 - 23:32
    +1

    Baby formula IOUs.

  • kw2277 on 18/05/2017 - 09:54

    I have just returned from China last month. We exchanged money with Westpac before leaving. I think we got 4.9 RBM at the time. Had to pay a $4 flat fee. I didn't want the hassle of changing money when we got there. But in saying that, our first hotel had an ATM which changed currency and charged $4 fee as well. Enjoy your trip.

    • Sinchan on 18/05/2017 - 13:00
      +1

      After checking my Citibank statement, average rate I got 5.13. So approx. 0.2 different and I spent around $1000 cash for food, transport and shopping during my last month holiday in Shanghai. Glad to find out I saved some $$ by using Citibank card .

  • cr12330 on 18/05/2017 - 12:15

    So I'm obtaining the Citi Bank Plus debit card now and I have my Bank West card as well. So when taking money out from ATM use the Citi Bank and with expensive products I should use my Bank West card right? as both uses Mastercard currency conversation website. Is there a exchange page which show something better than xe.com as I like to know the best or close to best compare it to the Master Card websites? Thank you

    • ilikeradiohead on 18/05/2017 - 14:35

      What Bankwest card do you have? Most Ozbargainers would have the Zero Platinum, and none of the platinum cards have OS transaction fees. Howevr all of their other cards do have forex fees.
      As for the cost, they should be identical since they both use the Mastercard interchange rate (now, Citi used to use Visa).
      For use, I used the Bankwest as much as possible and the Citi only to withdraw cash, since you have to have the money in your account with the Citi, whereas with the Bankwest it's a credit card so you pay it off the following month.

      • cr12330 on 18/05/2017 - 15:00

        Yes I have the Bank West Zero Platinum card, I really didn't want to get the 28 degree card because a lot of people here on ozbargain said the customer service is getting worse with them.

        So if I use it at a restaurant, buying goods etc, its better if something is over $50 dollars AUD ($300RMB) because anything less just use cash, you agree?

        Thank you

        • ilikeradiohead on 18/05/2017 - 15:37

          I haven't been to China so I can't say what their use of cash is like vs here/other countries I've been to, but I would just pay for everything with the bankwest card and just use cash if necessary. EG I was just in Hong Kong and paid for every meal I could with card, only using cash for street food and places that were cash only.

  • kw2277 on 18/05/2017 - 12:44
    +1

    I have used the 28 Degrees MasterCard when travelling overseas and when I purchase items online from Overseas as well.
    Have a look at this link.
    https://www.finder.com.au/
    It has lots of useful information when you go into the travel money section.

  • ilikeradiohead on 18/05/2017 - 14:30

    See the comment I made here. Essentially, taking money from an ATM is almost always better than going to a money changer, even if your bank charges you a % commission to withdraw money overseas, except for low values. Also what hayne said.

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