Great HFCampo! Thanks again, so much! I'll get the deposit back next week and then give it a try. I don't have receipts from money we've exchanged previously (reasons why that is, but who cares) and it's an apartment deposit anyway. So, I'll get both rates and post within a week or so, hopefully. Thanks again! You are the best! Having my blonde and blue-eyed son with me brings me tons of luck! What a wonderful time we've had here in Kunming, Lijiang, the Gorge, Dali, etc. Just fabulous!

@ Campo: Okay, got it, but there are usually women outside the main Bank of China branch at Beijing Rd. & Renmin Rd too. Anyway, are we talking about 1% difference or something? Like I said, I don't know.

I dont know how people get good rates from those "nice" ladies, when they are always offering a rate much worse than in the bank. They use their arsenal of psychological tricks too, to block your will/road to bank, if you happen to even look at them. Even after a bartering, and the usual pushing and shouting, you dont even get near the bank rate. Calling them nice sounds like a joke, not saying they would be bad people, they just do a hard work and try to make an income, like most ppl around. So why are they there, one may ask. Since all people cant change cash like that. Beginning of year all usd was sold out in main bank (at least, you did t get any without right connections) and the nice ladies were, of course, more rampant than usual. This was clearly high season.

So everyone has had a positive experience with these ladies and have gotten a better rate, oh except Peter? Pushing and shouting? What people cannot go to the bank to exchange money? I doubt that Peter has ever even tried to do business with these people.

At any rate, OP, use these ladies for a quick exchange at a better than the bank rate. If not, just go inside the bank where you will remain for at least an hour... but you also must have an account there. Good luck!

The "nice" ladies outside the bank have fake 100 dollar bills. I was offered a bundle of them only last week for a reasonable rate, then a ridiculous rate once I flicked their corners and the game was up.

There is no reason they would offer you a better rate than the bank, this only happens in countries (like Zimbabwe) that have a cash flow problem.
They are wanting Dollars for Renminbi not renminbi for Dollars you'll find the two have large varient depending on which way the dollars are going.

A story a few years ago a teacher changed outside the bank (not in Kunming) they received fake 100 yuan bills.

I'd take care changing outside the bank, the rates in the bank of China are much better than changing money in Europe or at an airport.

Take your money to the bank, change it there. Dollars can be gotten from most banks, not just bank of China. Also dollars are the only currency that can be exchanged at weekends. You'll have a daily limit of $500 a day when changing money. You'll need the help of a Chinese friend if you plan changing any more.

Don't do the "I can't believe I just got an LV bag for pittance" or "that guy just sold me an iPhone for a loss". People, Americans especially, are greedy and want to believe they're getting a great deal, when in fact it's the ladies outside the bank that are getting the thicker end of the wedge.

Interesting, Napoleon. However, in my experience, dollars cannot be gotten at most banks. In fact it is very difficult to do any kind of transaction involving foreign currency at other banks.

The risks in changing money on the street is not worth it. Aside from buying counterfeit US notes, it is illegal.

The daily limit was $1000 USD per day at the BOC and at the airport. Did it go down?

Dollars can be gotten at almost all national brand banks:
Construction bank
Industrial bank
Everbright bank
Bank of China
Merchants bank
Agricultural bank
IBOC
Bank of Asia
All have plenty of dollars. All will have the same rate.

If you're changing large amounts then you will be better off going to Bank of China as they have the largest reserves. In Kunming the Bank of China at jiaosanqiao and Nanpingjie have the largest reserves.

They are also the go to places if you're looking to change Yen, Aussie Dollars, Singapore Dollars, Won, Sterling or euros as they have a daily float. The banks mentioned above, with exception to IBOC, will have a daily amount of other currency based on what other customers have deposited or changed that day, especially the smaller branches.

For the best rates you are better off changing the money as an electronic amount, ie - deposit the money and then change, rarther than changing the cash outright. If you have a Chinese bankcard or a friend with one, deposit the notes into the account then have them exchange the amount within the account, then withdraw in the currency you want. You'll find you'll get a much better rate than asking them to change one set of notes directly into another currency.

Keeping the receipt will also allow you to change back that currency up to that amount without the paperwork within 12 months at that branch.

Changing money in China is hassle with the paperwork and time needed, on top of restrictions but they give very competitive rates and do not give one rate for a $100/€100 note and another for a $10/€10 note like many other places. You get a total amount and not a rate dependent on which notes make up your total amount.

Bridge - I realize that all this back and forth bantering may cause you confusion so in the end you will have to decide if you go in the bank where you will have 100% safety or risk it outside the bank. I dismissed Aliens comment for 2 reasons, because he was sending you to another branch which I have no experience with at all and because he openly admits he does not know about this topic nor does he have experience exchanging money with those people. The bank branch I suggested to you is because I have used them many times in the past to exchange money every time I travel and I travel often here in the last 12 years.

As for the other comments, read for yourself. Personally, I could care less about what happened to the friend of a friend in another province or country.

Bank is best and safest place to go, just bring a copy of your passport and expect to wait for some time but you will have your money in hand at the end of the day and this is all that matters. Fortunatley, you are not changing a lot of money. Good luck!

And don't try to do anything on the weekend as many branches are closed.