Best place to exchange currency from US Dollar to China RMB?
I wanted to know where is the best place to exchange my US dollars for China RMB and get the best rate?
I just came back for my trip, here is the conclusion from my exp of my trip last week and trip 2 years ago:
1. The bank inside China has the best rate, but it is painful to wait on the line. It may be a little bit faster if you don’t look like a Chinese. Bank uses standard rate, you cannot bet it. It is the safest place to get money.
2. The hotel has a pretty good rate. Fairly close to the bank’s rate – at least for the one I stayed in, but this could be different from hotel to hotel.
3. Use your USD debit card – Bank of America align with China Construction Bank that allows you to withdraw RMB in China without additional charge. Commerce Bank ATM card does not seems to charge any extra as well (I just used it in my trip. The monthly statement does not have details about the rate, but I calculate it. It is about the standard rate of the date.
4. Credit card usually have a 3 to 4% subcharge.
5. Exchange store at airport has a very bad rate.
6. Never exchange currency with unknow source in China, there could be fake. Watch out the case like you pay some the 100RMB, and the guy returns you telling they don’t have change. They may have already exchange the bill to a fake one.
