I'm going to China. Should I exchange my money in the US, at EWR, or at my hotel in China?

Question

Where will I get the best rate?

Or should I use my debit card while in China?

Answer 1

The best rates you will get will be in the banks in China. You will need your passport though. Do not exchange any money at the US Airports as you will get a terrible rate.

Money exchangers at the China airport will charge you a small commision. Your hotel can also exchange money but their rates are not as good as the banks.

You can freely use your US ATM card in China, my US bank charges me $2.50 per transaction for commision. Most ATM in China accept Visa Electron or Cirrus cards.

If you go to a smaller city, you may have problems using your ATM card as they do not accept international cards. Happened to me in Jiading (a smaller district of Shanghai, 20 miles outside of the city).

Answer 2

I use my atm card here. I have had no problems. Of course the smaller Cities do not have access to international banking. Some CDities may only have one bank you can use. I only use Bank of China as i have heard of problems with other atms keeping the card. Also use the atm at the airport if there is one. The kiosks and currency exchanges there do charge a fee and it is very disturbing. Also wait until oyu get to your destination city to purchase a mobile card. the airport kiosks will charge you double for the card. Also use co9mnmon snese at the airports. Do not let anyone else check your bag in if you are getting a connecting flight. Make sure the cab driver uses the meter. There are no good deals at the airport. You may want to exchange al little money in Newark before your flight. $100.00 would be suffficient. This is just in case the atm at the China airport is not working or other problems arise. This is from a Jersey boy. Good luck



Good luck

Answer 3

take a little USD and use your ATM card, it is the most convenient, I live in Shanghai and you can use your ATM at the Bank Of China no problem, they even have CITI banks, best exchange rate you will get at Bank Of China, anywhere else they will charge you more, make sure you KEEP your exchange receipt, b/c if you want to exchange back to USD when you leave you will need it, also your passport is need to exchange as well, you should really get familiar with how they money looks as well, in Beijing they are notorious for cheating foreigners, they give you the wrong change using their smallest bill that are just cents, check out website below

Answer 4

Call your bank and ask for the co-partner if they have one in china. then use your ATM card at that bank that is co-partnered with.

This way you do not get any ATM fees. If you just use it at any bank you will be charged about 8 bucks USD$ for its use part from your USA bank and part from the Chinese bank.

Bank of America co-partners with China Construction Bank. They are in most all cites.

When you arrive at the airport you will need some RMB for the taxi or bus and I would change some USD$ cash at the booth in the airport. But only do 20 bucks or 50 bucks to get to the hotel.

Most normal hotels will then take your credit card. from there you can ask where is the bank and where to change the money.

Answer 5

I never had a problem exchanging dollars in China. I also never had a problem using my ATM. The best bank is HSBC. The current exchange is about 7.5 yuan [CNY] (pronounced you ahn) aka Renminbi (RMB) to the dollar. Make sure you take new bills not crumpled old ones. I used my ATM/Visa card most of the time. If you are going to exchange at a hotel pick an upscale one like the Palace in Beijing, The Conrad in Hong Kong Central or the Four Seasons in Shanghai. They usually have a better rate because their clientele expect it to be that way. Hope this helps.

Enjoy China, it's a great country. Also, if you are in Beijing and want to do the Great Wall go to Simitai which is more remote and less "restored" than the touristy sections.

http://www.travelchinaguide.com/china_great_wall/scene/beijing/simatai.htm

Answer 6

i am not much of a traveler but i have been to china 4 times since 2005. i take a little of good old american money but i never use it in china. i contacted my bank and told them that i am going to china, then i use my atm card at the bank of china atm's. i can get up to 2500 yuan twice a day. that's over $600 us dollars. and you will get a receipt. there is no charge for doing this. i only take 2500 at a time and pace myself so that i try to use most of it up before i leave. i usually keep about 1000 yuan in case my luggage goes over weight at the airport then pay the extras with chinese money.

Answer 7

You will get the best rate using your ATM card. Check with your local band, they probably don't charge for changing money and will just charge you an ATM fee.

Exchanging money is done at very poor rates in country, I would only take enough dollars to use at the airport or on the plane. Anything else you will get raked over the coals when changing money.

Answer 8

i would suggest changing money at the airport. i usually changed some money at the airport and then just used my atm card. when i used my atm card, to cut down on fees from my bank in the states (as some do charge an international fee) i would pull out my limit...2000 rmb at a time. it would last me for quite some time. i usually used the bank of china atm's, and there was always an option for english. if you have an hsbc account, you can find some hsbc atm's in china as well...therefore you wouldn't get charged any fees back home.

Answer 9

Neither

have some Chinese money cashed in your country (300rmb) and as soon as you get to the downtown of any city try the local banks ONLY Exrt. are between 7.95 /8.20 per $1

Answer 10

usa