RMBtoUSD in Shanghai

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sandia911

Squeeker

Joined: May 23, 2006
Posts: 11

Status: Offline

Posted: Aug 12, 2006 - 05:55 PM
Post subject: RMBtoUSD in Shanghai

RMBtoUSD in Shanghai

This is a slightly different post about a previous post on Converting RMB-USD in Shanghai.

I've decided to fly from Shanghai direct to San Francisco (without stopping over in HK).

The downside is there might not be an easy way to convert up to 20,000RMB into USD before getting on the plane to America here in Shanghai.

My questions are:

1) Where is the best place (both in terms of a good exchange rate and relative ease of mind) to convert RMBtoUSD in Shanghai.

- Is it at the Pudong airport before take-off?
- Is it at the Bank of China (note: I have no documents regarding the money, so...)
- Is it through an illegal money changer? Who has done this?
- or is the RMB best dealt with at the recieving end (in the SF airport)?

Magnolia
Board Biatch

Joined: June 01, 2004
Posts: 30259

Posted: Aug 13, 2006 - 12:42 PM

I would usually respond that your options are to find a friend who is paid in China in RMB who needs to convert and exchange with them or use a money changer. I was in a branch of Wachovia the other day and got to chatting and was told that to exchange RMB20000 stateside at the bank would cost about USD17 although I am not sure of the exchange rate (you can probably call to inquire). China does have a currency declaration required upon exiting if the amount you are carrying exceeds a certain value, but I don't remember what that value is.

Forget the airport.

Going to the bank without paperwork will require the help of a local who has travel documentation (I think... there is some new law).

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