| Help...Money change in China | |
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| Apr 13, 2008 07:36 |   |
| guestOwca | Hi. I have problem...and I need your help... For a few days I am going to China and I am going to take GBP with me? Are there any problems with changing GBP? |
| Apr 14, 2008 00:10 | #1 |
 | Non Just go to any Bank of China and they will change it for you |
| Apr 14, 2008 02:19 | #2 |
| Even better, go to a Bank of China branch and talk to one of the friednly neighborhood 'black market' changers. You will recognize them because they say "huan qian?" (change money?) to every foreign-looking individual who walks by or enters the bank. Although I haven't heard of any untoward incidents, it may be generally safer to talk to they guys that are physically inside the bank. They will actually withdraw money directly from the ATM machine or teller, so you won't need to worry about getting fake bills. They will also give you a slightly better rate than what the bank offers. How they make money still eludes me. If you are wary about this, change through the bank. However, this route can take a lot longer--you may have to wait in line, struggle with a non-English speaking teller, and sign all kinds of forms. And, yeah, you will need your passport when transacting with the bank. Don't change your money before going to China. Exchange rates here are regulated and are very fair. |
| Apr 16, 2008 00:44 | #3 |
| i would strongly advise anyone NOT to change foreign currencies with any "black market moneychangers" who may be around in popular city centres or at front of banks - as only few will will even withdraw money from the ATM to exchange with you and even that it is not safe as they can do a sliegh of hand to cheat you. In China, there are alot of counterfeit bills esp rmb100. Play safe, go to the banks or at the hotel's cashier - and altho u may not get a good exchange rate, but at least the consolation that the money is Real. |
| Apr 16, 2008 03:30 | #4 |
| Yes, I totally agree. There's no problem changing any GBP to RMB at Bank of China. |
| Apr 16, 2008 07:02 | #5 |
| GUESTOWCA | Thanks for all information...on Friday I am going to China -for the first time and I am a little nervous...I hope everything will be ok |
| Apr 17, 2008 00:26 | #6 |
| <<i would strongly advise anyone NOT to change foreign currencies with any "black market moneychangers">> My bad. I was giving advice based on my personal experience and that of many foreign friends--my wife used to teach in a school in front of a BoC branch and all her foreign co-workers changed money through the 'black market' guys. It saved them the hassle of having to bring tax receipts, payslips, and all kinds of documents (required when buying foreign currency). To be safe, I strongly suggest you change through the bank. If you have problems while you are here, look for the nearest hot spot and send us a message. =) |
| Apr 20, 2008 09:58 | #7 |
| Alternatively - just open up a Nationwide Flexaccount before you leave, and get a Visa debit card associated with it. That way you can withdraw money from ATM's all over China, and you won't pay a penny for the service. You will also get the standard international exchange rate - which will beat anything you will find in China. It also prevents you having to carry Sterling, and going through the trouble to exchange it. |
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