Exchanging CAD to RMB (china Yuan)

[shinsky]

Just wondering where you can get the best exchange rate to RMB in the GTA area?

Checked out my bank (TD) and they seem to be taking quite a bit of spread from the spot rate.

[toisanwu]

Just wondering where you can get the best exchange rate to RMB in the GTA area?

Checked out my bank (TD) and they seem to be taking quite a bit of spread from the spot rate.

It's tough to get the best rate anywhere in Canada. Perhaps you should consider just get enough of RMB here for couple of days and get the rest in China. BTW, only Bank of China would exchange your CDN/USA dollars to RMB.

[ghu]

If you're going to China, then just get it done there. WAY cheaper.

I read forums saying that it's cheaper at the airport. In my experience (Dec 2011 - Jan 2012), it was quite a bit cheaper at my hotel (they had a currency exchange booth). At the airport, they charged a flat fee on top of inflated interest rates. At the hotel, there was no flat fee, and the rates were almost on par with what it actually was.

Hope that helps!

[reachedlegendary1]

I have done this in PVG at an ICBC.
Since I was exchanging a large volume of money they gave me market rate + 50 bp

[thepersianguy]

i exchanged some money in the bank in china (USD to RMB). it took about an hour in total and they counted the bills literally 10 times, brought out some sort of currency checking machine that would try to feed the bills but continously jam. they then took photocopies of my passport and i had to sign three different papers. thankfully they were all brand new bills, i'd hate to have given them some slightly used bills they probably would done another 10 different tests on them. quite the headache...

[toisanwu]

i exchanged some money in the bank in china (USD to RMB). it took about an hour in total and they counted the bills literally 10 times, brought out some sort of currency checking machine that would try to feed the bills but continously jam. they then took photocopies of my passport and i had to sign three different papers. thankfully they were all brand new bills, i'd hate to have given them some slightly used bills they probably would done another 10 different tests on them. quite the headache...

It's a tedious process exchanging money at BoC, but I never experienced that much headache. I believe it's their regulation that passport must be photocopied. And they usually count the money 2 to 3 times. It was actually fun seeing them counting money by hand, quite fast. But 10 times sounded a bit ridiculous.

However, I always got the best rate from BoC. (actually few years back, I exchanged money privately for better conversion rate, but didn't seem to be a market for it anymore).

[bigfred]

Just go to an ATM when you get there. I never bother trying to get local currency anywhere until I get there. Carry a few American bills and you are good to go anywhere.

[cookiedoughy]

I exchanged CAD to RMB at Bank of China as well. But like others said, they do photocopy your passport. For me, it usually is a 10-15 minutes process. You must have had a lot of cash with you for them to count like 10 times and have to wait an hour ^^"

You need cash everywhere in China unless you go to those major tourist spots or department stores. It's probably easier to withdraw cash from the bank's ATM machines (and safer too!), than carrying a pocket full of cash.

[monkeymama]

FYI, you cannot exchange CAD to RMB at BOC in Hong Kong. CAD is converted to HKD first, and then HKD to RMB.
Not sure if the other banks in HK offer direct exchange from CAD to RMB.

[shmoozer]

I am going to China for a 4 month trip. What would be the best way to have a quick and safe supply of cash for the 4 months that I'm there? I'm not a big fan of using my credit card abroad, that also costs a lot more. Suggestions? tips?

[krazo]

I am going to China for a 4 month trip. What would be the best way to have a quick and safe supply of cash for the 4 months that I'm there? I'm not a big fan of using my credit card abroad, that also costs a lot more. Suggestions? tips?

I highly recommend using the ATMs from the major Chinese banks: Bank of China, ICBC, China Construction Bank..

I nearing the completion of my 1 month trip to China and this has been the easiest way to get cash. I withdraw roughly $2,000 at a time to last me a good while. Also, the local ATMs do not charge you a withdrawal fee (at least the receipt says 0 fee) and the rate is decent (about 1 to 1.15% over spot from observations.) I use my ING Thrive account and am only charged $2 per withdrawal.

[darth wolf]

I've exchanged at banks and hotels in china, they are both fairly competetive. Almost the same when I changed RMB in a HK bank.

always better to change US to RMB since they will convert your CDN into USD first.