Is it better to exchange at the airport when I arrive? Or should I get the exchange done here in the US before I leave? Is it better to use a retail store (IE - Travelex) or a bank in the US?
2007-12-26 15:36:42 · 8 answers · asked by Ella Bella's Mommy 2 in Travel ➔ Asia Pacific ➔ China
What about when I exchange it back? Will I get a better rate to exchange my left over CYN if I exchange it in China before I leave? Or when I return to the US?
2007-12-26 16:03:09 · update #1
usually the country with the lower currency would be better to exchange a higher currency. i usually exchange my singapore dollar in thailand or the philippines rather than in singapore cuz i get better rates there.
edit...
when u sell, u will definitely lose more money especially when ur exchanging from RMB to USD...my advise is exchange ur USD to RMB accordingly, making sure thats the right amount u need for your stay... and try to avoid banks cuz bank rates are relatively lower than those smaller licenced retail shops.
2007-12-26 15:42:02 · answer #1 · answered by Sean Lawlor 5 · 1⤊ 4⤋
You can not change money into Yuan in the US. I do not think you can legally exchange rmb outside of China. You can do it right in the airport (there may be a small surcharge 30rmb) or go to a bank with your passport. Unlike other countries, you don't have to worry about getting a better exchange rate, because the rate is set by the government and all banks charge the same rate. Do keep your money exchange receipts though, if you need to change your rmb back when you leave China you have to show that you changed money from another currency. 100 yuan aka rmb or quai, is the largest denomination and is the rough equivalent of $12US. Hope this helps.
2007-12-26 16:31:25 · answer #2 · answered by Wassa! 4 · 1⤊ 0⤋
The tendency is that you will get a better rate of exchange from foreign currency to local curreny when you are in that country itself.
One can get currency exchange either at airports or at banks in town.
At the airport in most countries, you can usually get a better rate from the exchange counters after exiting immigration rather than before. Simple rule of free market competition and own experience.
2007-12-27 18:20:02 · answer #3 · answered by thinker 4 · 2⤊ 0⤋
you will get WAY better rates in China. Also, the rates vary only slightly from banks, to airports to hotels. So you can also change at the airport upon arrival.
Also, bring cash, don't bring traveler cheques. Make sure your notes a crisp, sometimes older and messy notes are more difficult to change.
2007-12-26 15:57:03 · answer #4 · answered by Anonymous · 1⤊ 0⤋
exchange it here for sure, you will get a better deal, a few things you must remember
you will need your passport to exchange it if you exchange it back in USD you will need the orignal papers frlom when you turned it into RMB, if you do not have them you will not be able to exchang eit back to USD
you should also get fimiliar with the money and how it looks, there are lots of fake bills here, this last month my wife has gotten 2 fake 20's and this past year we got a fake 50 and a fake 100
2007-12-28 16:32:46 · answer #5 · answered by Anonymous · 4⤊ 1⤋
Do your monetary transactions here in China. The RMB is only strong here in China, you get crappy rates for you Benny Franklins when exchanging in the US.
2007-12-26 19:56:20 · answer #6 · answered by lihanmu 3 · 1⤊ 0⤋
Do it in China, the rates are alot better!
2007-12-27 04:27:32 · answer #7 · answered by White Shooting Star of HK 7 · 2⤊ 1⤋
It is better to do it in China!
2007-12-27 08:38:30 · answer #8 · answered by Anonymous · 2⤊ 1⤋