How To Get The Best Exchange Rate For Chinese RMB To $$$?

I live in Beijing and I get paid in RMB. Where can I get the best exchange rate done? Since I have a large amount of money I would like to trade to dollars, it really matters to me what % fee they would like to get profit for this exchange. I need help to know where I can find the location with the best exchange rate possible. I live in Beijing...





Thanks


Tyler|||Your best bet is to go to one of the main branches of the Bank of China. They will have better rates than any of the hotels or exchange places at the airport. All of the BofC's should have the same exchange rate, but only the large ones will be able to actually exchange to dollars.



You may need to check your work contract to see if there is a percentage you are allowed to exchange. Bring a copy of your contract with you, so that the bank can confirm your salary and the proper percentage.



For example, my contract has the following statement:



6."The employer shall pay the employee a fixed salary of _______ yuan (RMB) starting from August , 20 to July , 20 and provide a travel allowance of _______ yuan (RMB) for employee in a year."



8."The employee鈥檚 monthly salary shall be exchanged for foreign currency under the following conditions: the expert and the teacher may convert a sum not exceeding 70 percent(expert) or 30 percent (teacher)of his/her monthly salary."



We've never exchanged RMB to dollars so I can't tell you from experience the procedure, but it may save you a trip back home if you have your contract with you.



Additionally, if you are a teacher, then you will want to bring your foreign teacher/expert card with you, as well as your passport.



EDIT: Yes, indeed, I am a Craftylass . . . I work with my hands with all kinds of textile and paper crafts. Thus, my name.



That aside, Bank of China is your safest choice. I know that in my city in the Northwest, ONLY the main branch of the Bank of China can change RMB to dollars. (The name of Chinese currency is known as Ren Min Bi (people's money), therefore, the RMB abbreviation. It is also known as the Chinese yuan, with the abbreviation of CNY. All locals refer to their money as RMB, not as CNY. If you went into the bank and asked to change CNY to dollars, you are likely to get strange looks.)



Additionally, when we first arrived in Beijing back in August 2005, we wanted to change a large sum of American dollars to RMB. You got it . . . the only place to do this was at the Bank of China. You can always ask around, but you just can't go wrong with the BofC.



Also, the black market for money exchange is pretty non-existent now. When I lived in China 1989-1991, people were constantly bombarded with "Change money? Change money?" requests, especially with Foreign Exchange Certificates (FEC) required for foreigner use. These days, there's no money to be made on the black market for currency exchange, so if you hear of someone asking to let you change money, then run in the opposite direction!



One other suggestion would be to possibly find a foreigner who has just arrived from the US (like we did in 2005) and do an exchange based on the rate for that day. You can always go to http://www.xe.com for information on current exchange rates.|||Go to a bank. Open two accounts: one in RMB, one in USD, and then transfer the funds between the accounts. Using cash, at anytime, greatly increases the fee %; avoid doing so.



@Craftylass - BRAVO!|||Serious answer, hold onto it. The RMB has being consistently strengthening against the dollar for a long time and will continue to do so. This slow adjustment is controlled by the Chinese govt and will continue a fair while yet|||your best bet is chinese bank.



the black market might offer better rate, but china is changed, it's not like the 90s where you could only get the best rate in the black market, nowadays, black market rate is no different from the local banks rate. BECAUSE china got 3.5 trillion dollars worth of forex reserve ! THE FREAKEN LARGEST IN THE WORLD, they don't have a lack of forex to exchange, hence, the pretty barren black market. It's dying actually, the black market.



My experience is that, the chinese banks offer AMAZING cheap rate (like the ones you could only experience if your a large bank, and trade with other large banks) to individuals ! for e.g., when I was in Australia, their ask price of CNY, i.e. their selling CNY, I'm buying CNY (chinese currency, why do you guys call it RMB anyways, the official name is CNY, got it?!) is 1 AUD (australian dollar) for only 5.5 CNY !, but when I was in china, I can exchange 1 AUD for 6.9 CNY !! And that rate is exactly the LIBOR RATE ! amazing !



So exchaging currencies in china enables you to enjoy the rate only large banks can ! amazing again !!



PS: ALL CHINESE BANKS, INCLUDING BOC, ICBC, CHINA CONSTRUCTION, CHINA MERCHANT, BANK OF COMMUNICATIONS AND AGRICULTURAL BANK OF CHINA (THESE BANKS ARE ALSO WORLD LARGEST BANKS) OFFER MOSTLY EXACT THE SAME PRICE, ONLY OCCASIONALLY WITH SLIGHT DIFFERENCIES, SO YOU DON'T HAVE TO STICK TO ONLY ONE BANK LIKE CRAFTY SAID, AFTERALL, CRAFY LASS IS A CRAFY LASS EH? U CAN'T TRUST HER. YOU CAN JUST CHOOSE ANY BANKS YOU LIKE !|||As others have said the big banks are your best bet. If you bank with one it will be easy if not I found it is easier to chang smaller amounts. They are not too exited to change large amounts at one time.