Hey Ozbargainers
I am going to China Shanghai in Sept. May I know whats the best way to exchange the currency??
TIA
Best way to exchange currency for China
bargain1234 on 24/07/2019 - 15:41
Comments
Currency exchange rates are regulated across the country. You will see very little difference between bureaus. Exchange it over there rather than here.
This isn't true at all. I found a vastly different rate across the airport, shopping centres, exchange shops, etc.
That said, I stuck with the ATM's at Beijing & Shanghai. I found they had the best rates.
Banks who change currency are regulated. The rates vary very little. At airports, hotels and tourist hotspots there is a little/less regulation.
There are a number of reasons for this: Firstly, foreigners working in China are restricted in how much and how often they can change currency/transfer money home. Secondly, the RMB is a largely regulated currency with huge backing from the government. The last point is, tourists changing money are bringing money into the economy. The fluctuations in exchange rates across tourist hotspots have no effect on the overall stability/value of the RMB as locals and foreigners working in China would always go to the bank.
Chinese nationals can change much higher limits at banks than foreigners. Tourists can pretty much change what they want but will do so at the tourist rate dictated by the market (i.e fluctuations in rates across bureau de changes/airport ATMs).
You can exchange RMB at the Pudong airport. I think you will get a better rate than the forex in the big 4 banks here.
One thing to note with Shanghai (or Tier 1 Chinese cities) in general recently is that most people have moved to cashless transactions. I literally had shops insisting that I use Wechat pay (which I dont have) to pay for little items like coffee. I try not to use my credit card to avoid exchange spreads. It is illegal to reject cash payments but alot of shops still do it on the pretense of "oh we do not have change in the shop" so you have no choice but to try another one. Quite annoying sometimes.
Well you are spot on with the cashless thingy going on there & I agree it's a huge PITA, however it's not illegal to refuse cash - it's illegal to refuse RMB, which can be in electronic form.
Just use your ING visa debit card at the atm there to withdraw cash
Yeah we were there in May and did that, got a little bit out at a currency exchange before we left then pulled out the what we needed at ATM's when we were there. ING orange card refunded all our fees etc just remember to meet the conditions for the card (deposit $1000 and make 5 transactions local shopping, anything really during the month BEFORE you travel.)
just go to an ATM when you get there.
apply for an appropriate fee free card now.I found the ATM's at Shanghai airport had the best rate both in China & Australia so that's what I stick with.
Can't you just use a citibank card?(google citibank plus account)
open an account at bank of China in Australia.
In Brisbane, I would go to the Chinatown/Sunnybank to get some small cash, enough for small and cash expense for the whole duration. Perhaps you would have the same in Sydney.
For major hotels and businesses, your Oz Credit Cards should do ok.
For other payments around the place, I would recommend setting up WeChat Wallet/Pay. It is so common it's not funny. Every little corner shop has a WeChat account. I have friends being refused business because she chose to pay cash! I myself bought beer, had hairwash, massage all using WeChat.
Enjoy Shanghai, I am envious. Hope to visit one day soon….I couldn't find an ATM at Shanghai airport that worked with my card (ING). Had a long stopover and a transit visa, but couldn't leave the darn airport without cash (luggage storage was cash only). Not sure if the train accepted cards - couldn't get that far.
So anyway, despite the above advice I'd recommend getting a little bit of cash here before you leave, just in case you get stuck at the ATMs like me - or do better research than I did to find ATMs that work.
How long are you going for?
Is it a sizeable amount of $ you need to exchange?