hello, im leaving china and i need to exchange a stack of rmb for dollar does anyone know a reliable place that lets foreigners exchange. thanks
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exchange rmb for dollar
also does anyone know if its possible to make money orders/checks out of rmb.
Ocean
(1193 posts) •
Bank of China will change RMB to dollars, but there is low(ish) limit for foreigners, I recall. Keeps changing. Chinese can exchange more if you have a friend who can help.
If more than $USD 10,000 it must be declared to Customs upon entry and that could slow you down. If you have a stateside bank account, you (better with help of Chinese citizen) can electronically transfer funds to that. A higher limit applies.
I could be wrong, but I believe the limits on cash transfer are flexible if you have good cause. Leaving China permanently would be good cause. A wire transfer would be the best way of doing this, assuming the money is legal.
If you go to ask at a bank, go to the main branch downtown. Local branch staff are often not as knowledgeable. Remember if you are told it cannot be done, ask for a manager, it could be the person you are asking has not heard of what you are asking for, but would never admit not knowing.
Probably not a great time to buy greenback (current USD/CNY = 6.9685). Increased 700 pips in the previous month alone.
but if you must, just walk up to any currency sellers sporting massive handbags loitering in front of Bank of China at the intersection of 北京路 and 人民中路, or across from 顺城. They will take you inside the bank to make the exchange in case you worry about counterfeits. Their interest rates will be a tad better than the banks.
Did you earn the RMB legally? (Work permit & paid taxes?). If yes then it’s easy. Go to tax office & get copies of your income tax receipts/payments. Take those to bank with passport & bank card. You can exchange as much as you can show tax receipts for AND wire it home at the same time.