I will be in china for 5 weeks this summer and will take some money over there but wanted to ask what method is best to take?
how about cash? is there is a charge to convert my u.s. dollars to chinese yen or yuan, whatever its called? if so, how much?
or would it be best to take my mastercard debit card? i was told paypal only charges $1 to take out money but that does not include the charges that the atm machines will charge over there.
all answers will be helpful. thanks!
2007-06-29 12:47:38 · 6 answers · asked by Anonymous in Travel ➔ Asia Pacific ➔ China
The best method is to use your current bank ATM card at foreign banks. If that bank is part of your banks system (that includes Visa and MasterCard) then they don't charge you to take money from their ATM machines. Only your bank will charge you and they probably only charge you a dollar or two max. The best part is your bank will be the one who exchanges the money and they do it at the correct rate. There is no cheaper or safer method to getting money overseas.
You are better off not taking any dollars with you as you lose about 5-10% in the exchange. They might only charge you a fee of .50 cents, however they get you in not giving the correct exchange rate. Changing money at a hotel or exchange booth is robbery. Just get money when you get off the plane, there are always a half dozen major bank ATM machines in every airport. You probably want to take a major credit card as back up. Check to see what your current cards charge to exchange currency on purchases. If you don't have one that charges 2% or less, get a Capitol One card as they don't charge anything. Last thing, don't get cash advances from your credit card unless you have too. There is no grace period on cash advances like there is for purchases. They start charging you interest right away.
Have fun.
2007-06-29 15:55:53 · answer #1 · answered by Just a friend. 6 · 1⤊ 0⤋
If you're banking with one of the bigger banks in the US, you should be able to change some money here so you'll have some money with you when you land. The foreign currency booths at the airports are rip-offs. If you bring some cash with you, exchange it at a local bank like Bank of China or HSBC to get the best rates. But be prepared to fill out alot of forms and don't forget to bring your passport. They will not exchange money for you unless you show your passport.
ATM cards will work as well but you will be charged like $3-$4 per transaction. I have an ATM card that's part of the NYCE network and was only able to get money at HSBC branches. They're all over the place so you shouldn't have a problem finding one. The other local banks don't use the NYCE networks on their ATMs.
Have fun in China!
2007-07-01 23:03:18 · answer #2 · answered by koiboy 6 · 0⤊ 0⤋
I brought cash with me when I went - there's a charge to convert but it's very small - I think about 50 cents or so as far as I can remember.
But only change your money in banks or hotels as they'res a lot of black market forgeries.
Enjoy your trip!
2007-06-29 20:09:09 · answer #3 · answered by morrigin 4 · 0⤊ 0⤋
Some amount in cash.
Credit cards & ATM cards from banks which you can withdraw amount in RMB whenever you want in China. Check with your bank if their cards allow you withdraw cash from ATMs in China, and which cities, how many machines and locations.
2007-06-30 06:54:49 · answer #4 · answered by thinker 4 · 0⤊ 0⤋
hmm.. now, the currency of US$ not too good. Longer n longer, it get lower n lower. Today, i just went to the bank.. US$100 = 754 Chinese Yuan.
I believe it'll be lower again n again =((
2007-06-30 05:03:04 · answer #5 · answered by giov_giovanna 2 · 0⤊ 0⤋
yap, i agree with morrigin...
2007-06-29 20:29:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋