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Which currency is stronger in China ?
Jan 25, 2008 22:37
guest80192 Hi,
1) I will be visiting China in August and i would like to know if it is better to change my british currency into United States dollars before coming, or will i get a better exchange rate if i changed it in China?


2) Also is the money exchange fee cheaper in China or U.K?
Jan 26, 2008 01:08
#1  
  • JABAROOTOO
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Why bother with the expense of converting pounds into US dollar which incidentally is taking a slide against the Yuan and then converting again. Bring some cash with you which has generally no charges when changed at the bank of China.

Then follow up with withdrawals from you debit card. Just check that it can be sued outside the UK. Most can be these days.
Jan 26, 2008 10:32
#2  
  • GRIZ326
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I will add to JABAROOTOO's comment about your bank card: be certain to advise your bank that you are traveling in China so that they do not lock you ATM card. China is one of the countries on the fraud watch list for credit cards.
Jan 26, 2008 12:33
#3  
  • APAULT
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The Chinese rmb is semi exchangeable internationally. So there is no direct exchange rate advantage changing outside China, or inside. However, it is SEMI exchangeable outside China...some places will accept RMB others won't. So it is best not to rely on selling it outside China. But you might find a good rate outside China, but watch out for fake 100 rmb notes.

It is easier to use your visa/mastercard and make largish withdrawls to avoid too many charges.

I am not sure notifying my bank I will be travelling to China would make any difference. They would look at be more blankly than usual.
Jan 27, 2008 21:45
#4  
  • TIGERPAUL
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If you start using your card to make cash withdrawals or puchases in China without notifying your bank, there is a good chance they will block it. Better to tell them in advance. There is so much card fraud going on these days that the banks are tightening up.
Jan 28, 2008 01:04
#5  
  • JABAROOTOO
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I've never heard of this 'locking the card' before and a few of my friends and family have used their debit cards for weeks travelling around in China
Feb 24, 2008 01:43
#6  
  • ELLYSE
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Jaba: I've heard of it happening before, especially for American banks who're quite paranoid about card fraud and similar.
Just change your GBP directly to RMB in China. Don't get hit twice by the exchange rate!
Feb 24, 2008 01:53
#7  
  • BARONTWANGLE
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As you are from the UK, here is what to do. Open a Nationwide Flexaccount, and get a Visa Debit card associated with it. They are the only UK bank which won't charge you for withdrawing money from foreign ATM's (even though the ATM will often tell you that you will be charged), and their exchange rates are the best I have seen. There is no reason to bring any cash with you - just tell them you are travelling in China before you leave the UK.

You can withdraw small amounts of money as often as you like, and you won't be charged a penny.

Cool huh?!
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