I did search through the older threads but I couldn't find the info that I needed.

I have relatives visiting from NZ and I wanted to know where is the best place to change their money into RMB. Does the new airport have reputable fair money changers? And will they need to first have US dollars or Euros etc to convert in to RMB?

Any help would be appreciated.

Thanks in advance

Don't bring NZD! USD best bet, can change at bank if need to.

But then again, why bring physical money? The best thing for people to do these days when they travel is usually to use their ATM cards at a local ATM. That way, only 1 conversion takes place (and hence only 1 set of fees). If you change from NZD-USD in NZ, then have to change from USD to NZD in China, you are getting hit with at least 2 conversion fee charges and losing money through the nose!

You can get between 2000 and 5000 RMB from ATMs in China with an overseas card (most common is 2000, sometimes only 1500, I have got 5000 from a few machines), which should see them right for a while, so why carry around foreign money at all? Plus not to mention the convenience...

How about traveler's check? 0.5% charge fee, compared to a foreign card doing cash on ATM in China? I also want to know.

0.5% conversion fee? Man, that's pretty good! I get charged NZD $15 for each overseas withdrawal = RMB 75. For a RMB 5000 withdrawal, that relates to 1.5% fee. Any other fees associated with using travelers checks? Where can they be cashed in China? And do the banks where you cash them have any additional fees?

@blobbles,
Where did you find a machine that give 5,000 on a single withdrawal? The largest I have found so far is at China Merchants Bank at 3,000 with Bank of China coming in second at 2,500.

Since I pay a per withdrawal fee when I take money out of my Canadian account I would like to get the largest single transaction I can find.

ICBC atms give five grand a time

To answer two questions.

1) The new airport does have a travelex on the ground floor, right after you come out of the international arrivals baggage claim area. The rate is not the best, but it can be useful to change some small amounts to get money for cab fare and the like. I am sure there is an ATM somewhere in the airport...but I have no idea where.

2) at ICBC you can take out 5000 at a time, but (at least from my attempts) not at machines marked as ATM. Instead use the CRS machines. No idea if its a fluke or a feature of the different machines, but the CRS machines seem to give more.

One caution on the foreign card front—some smaller banks do not automatically have their Debit/Credit Cards enabled for international cash withdrawals (this happened to me the first day in Kunming) so it can be a good idea to have some physical cash to change in to RMB, just in case you need some funds to tide you over.

Yep, I am pretty sure my 5k withdrawals were at ICBC's. However on some days I can get only 2000 from a machine that has once given me 5000. I believe what happens is the machine restricts the amount depending on the amount of physical cash left in the machine as on occasion the maximum withdrawal can be a measly 500.

I have also withdrawn 5000 at a (don't know the name of the bank but not ICBC) ATM nearby Wenlin street on Long Xiang Jie, past Dicos on the left heading West. At the same machine a month or two later though I was restricted to 3000, I suspect for the reason stated above again. The machine seems like something from 1980's though so I felt a bit dodgy using it as it looks like it might chew up your card. Never did though.

Back on the original topic though, anyone else bring cash/travellers check with them when coming from overseas?

Remember Murphy's Law.

If it can go wrong...
Bring USD just in case. Also, you cannot use credit cards from overseas banks in many outlets in China. The Visa emblem means they accept Visa from Ch banks only, in most cases.

Most big hotels will also exchange USD for local currency, if you get stuck, but the rates are not the best.

Blobbles:
Traveler's check from Bank of China
1)fees during the purchase
0~1%(depending on where/how much you buy)
In Beijing:0.
In yunnan: the bank may have some promotion programs now and then.Don't go any small branch for exchange, go the head office.
2)fees during exchanging the check in China
0.75%(this fee is charged in the currency of your travel's check, in USD not in RMB)

(Assuming 0 when purchase)So It seems traveler's check costs less then cashing on the ATMs.

twice exchange: NZD-USD-RMB, So......

But....totally speaking, seems Traveler's check still win??
Not sure about the number at all.

Buy the way, don't try to get a good charge fee from Bank of China, since it leads the international charge among the Chinese banks@_@the fee is always the highest.

Charge fees 滚蛋。