China RMB Updates...

[Luna]

Hi Guys, may i know where do you change your currency from? Where is the better place to change thanks.

[hottip]

Originally Posted by Luna

Hi Guys, may i know where do you change your currency from? Where is the better place to change thanks.

Best place in Singland is at the Arcade. Usually Rmb0.15-0.25 to S$1 better than other places. Last week it was Rmb5.04 to S$1.
When in China, first of all hotel rates are generally the worst - so please avoid!!
I prefer ATM cashing for the added security of not having to carry excessive cash around for pickerpockets. ATM rates are better than BOC rates but have to pay a small service charge for ATM use.
In places like CP, u can change money in the strangest places like small Chinese run "mama-shops", where they sell candies, bubblegum, cigarettes, canned drinks,... and change foreign currency. Rates can be quite competitive vs BOC rates.
Whatever it is be careful of your cash - Be Vigilant and Safe !! No amount of great rates can even out one pickerpocket !!!

Good luck !!

[pusslover66]

Originally Posted by hottip

Best place in Singland is at the Arcade. Usually Rmb0.15-0.25 to S$1 better than other places. Last week it was Rmb5.04 to S$1.
When in China, first of all hotel rates are generally the worst - so please avoid!!
I prefer ATM cashing for the added security of not having to carry excessive cash around for pickerpockets. ATM rates are better than BOC rates but have to pay a small service charge for ATM use.
In places like CP, u can change money in the strangest places like small Chinese run "mama-shops", where they sell candies, bubblegum, cigarettes, canned drinks,... and change foreign currency. Rates can be quite competitive vs BOC rates.
Whatever it is be careful of your cash - Be Vigilant and Safe !! No amount of great rates can even out one pickerpocket !!!

Good luck !!

if u really really want gd rates and safety
remit yr money
no one can rob u, no fake notes

when u r in china open a bank account with atm card
min amt is rmb100
cost is 5rmb for the card and maybe 10 rmb for bankbook
depending on banks
whenever u want to go china
go to a remitance agent at chinatown-cost= $18 per remit
rate is better then money changer. eg interbank spot rate is 5.05 , money chnger rate is prob 5.00 and the remit rate is prob 5.025
remit the money 3/4 days b4 u go china
by end of second day yr money sud be there
go to atm machine in sg and use yr atm card to check balance

just note that the default atm withdraw max is 2,500rmb / day

cheers

[tslh_5]

To all Brother:

I am going to china next week can I open a acounnt in china by using Rmb or US dollars?

Can we use local bank atm card to cash out at the atm machince over at china???

If yes what are the charges like???

[supertora]

Originally Posted by pusslover66

if u really really want gd rates and safety
remit yr money
no one can rob u, no fake notes

when u r in china open a bank account with atm card
min amt is rmb100
cost is 5rmb for the card and maybe 10 rmb for bankbook
depending on banks
just note that the default atm withdraw max is 2,500rmb / day
cheers

all chinese bank now has raise the withdraw limit to 20,000rmb/day (but still rmb2500/withdraw. eg rmb10000, just withdraw 4 times

my advice is to register an internet banking and check your bal from website. it is free

[bluestarlover]

Hi Bros

Actually it does not make much difference if u withdraw RMB from china ATM using foreign card such as Citibank or HSBC. personally i do not think its worth the trouble apply for a local card unless you are staying long term in china.
the main problem i encounter is that many places even KTVs sometimes do not accept foreign credit cards and thats where a local card will come in handy if you do not wish to always carry thick wags of cash around.

cheers

[pusslover66]

Originally Posted by tslh_5

To all Brother:

I am going to china next week can I open a acounnt in china by using Rmb or US dollars?

Can we use local bank atm card to cash out at the atm machince over at china???

If yes what are the charges like???

to open bank account
bring passport + 100 rmb

dbs atm card, the charge is $5 per withdrawal( limit each time 2.5k rmb) and the exchange rate suck big time eg rate is 4.95 when u can get 5.07 at money changer

[Luna]

Great replies! Thanks Guys! Everyone feel free to contribute anything about RMB here.

[Wet Fantasy]

just check yesterday at money changer the rate now only 4.98

[Wet Fantasy]

just check now only 4.95

[69er]

I am not sure how much cash you need. But if only for small amounts, you can use your foreign bank cards at HSBC and Standard Charters bank ATMs. For Beijing, you can find HSBC ATMs at every Carrefour. You can use your bank cars at Bank of China, Industrial Bank of China etc but they will charge you extra. HK banks will charge you less. These HK bank ATMs only take foreiign cards.

How much you can take depends on your bank. I would think 3000RMB per day is OK. By using your ATM cards, you don't need to carry large amount of cash in China. You can withdraw as you need. You can also google the web for ATM locations in China.

[JediSkull]

juz curious...... wat if i wanna invest in rmb? can a foreigner open a BOC account in rmb? or can a china citizen open one in rmb in singapore's BOC and earn rmb's interest?

wat's the best ways of putting money into a bank account in rmb and earn rmb interest and in which bank? i only know there's a BOC, dunno abt other chinese banks liao. hear bros talk abt hk banks, is it better to have rmb in hk banks? hope some experts from the banking field can answer my queries...... thanks in advance.

[JediSkull]

any experienced bros can assist?