What is the difference in exchange rate between a bank and the "black market" guys who hang around banks? I read about that a lot here but dont understand how much difference it makes.

There is a lot of difference, as well as the risks.

Just use the bank.Either get a Chinese friend to exchange a lot, or you can exchange the equivalent of $500USD a day.

Do as you wish - but then don't biatch about what happens here.

paulinshanghai wrote:There is a lot of difference, as well as the risks.

Just use the bank.Either get a Chinese friend to exchange a lot, or you can exchange the equivalent of $500USD a day.

the Chinese friend can exchange like you per day,and less than you per year

there is nothing like "change a lot" at one time in Chinese banks.

the only exception can be if you have to buy something like an apartment an you can change all the money you need even in once, but you need to show a lot of TRUE papers.

caso wrote:the Chinese friend can exchange like you per day,and less than you per year

there is nothing like "change a lot" at one time in Chinese banks.

the only exception can be if you have to buy something like an apartment an you can change all the money you need even in once, but you need to show a lot of TRUE papers.

That ain't true.
I wanted to exchange the equivalent of 2000 $ worth of RMB and the bank told me either bring all the required papers or just ask a Chinese to do it for me. I handed the money to my girlfriend and got the money exchanged after just 10 minutes.
And no, I do this every month.

shanghai_flava wrote:

caso wrote:the Chinese friend can exchange like you per day,and less than you per year

there is nothing like "change a lot" at one time in Chinese banks.

the only exception can be if you have to buy something like an apartment an you can change all the money you need even in once, but you need to show a lot of TRUE papers.

That ain't true.
I wanted to exchange the equivalent of 2000 $ worth of RMB and the bank told me either bring all the required papers or just ask a Chinese to do it for me. I handed the money to my girlfriend and got the money exchanged after just 10 minutes.
And no, I do this every month.

well, I thought "a lot of money" was more than USD 2000...

Chinese can exchange as much RMB to dollars as they like per day, but the yearly limit is $50,000.

binky wrote:Chinese can exchange as much RMB to dollars as they like per day, but the yearly limit is $50,000.

maybe I misunderstood, I thought we were talking about the opposite, dollars (or any foreign currency) to RMB

sorry, i meant converting $$$'s to RMB. From what I read here, people here use guys outside banks all the time. I want to learn more about that. How much more do you get from them rather than from banks.

...

caso wrote:

binky wrote:Chinese can exchange as much RMB to dollars as they like per day, but the yearly limit is $50,000.

maybe I misunderstood, I thought we were talking about the opposite, dollars (or any foreign currency) to RMB

The limit is also $50,000/year. In this case, it applies to Chinese and foreigners.

The $50000USd applies for both.

I get one of my workers to exchange and send money overseas every month to either Australia and HK and never any probs. Sending USD is much more expensive. So better off doing either what Root says, or just getting someone (a Chinese friend) to send the RMB overseas to your account. Thats the cheapest way.

Hook up with a reputable remittence company in your country. Cuts out the banks and black market middlemen for both parties to obtain the best rates! No limit.

Any problem?

This thread has spiraled out of control. I'm bringing $5000-$8000 with me to China. How do I convert it to RMB at the best rate possible while not getting ripped off?

Just go to bank of China and exchange it. Bring your passport.

ratty wrote:This thread has spiraled out of control. I'm bringing $5000-$8000 with me to China. How do I convert it to RMB at the best rate possible while not getting ripped off?

It's not, what comes in must go out..same way.

You should have a local bank account, remit your money from overseas reminttence shops for better rates than bank.

What is your currency?

The black market guys wouldn't give you much more than what the banks offers. You could give it a try, but its techically a trust issue. If the rate is good, you should have them bank in the money in your account to prevent receiving fake rmb.

Ah Beng wrote:

ratty wrote:This thread has spiraled out of control. I'm bringing $5000-$8000 with me to China. How do I convert it to RMB at the best rate possible while not getting ripped off?

It's not, what comes in must go out..same way.

You should have a local bank account, remit your money from overseas reminttence shops for better rates than bank.

What is your currency?

The black market guys wouldn't give you much more than what the banks offers. You could give it a try, but its techically a trust issue. If the rate is good, you should have them bank in the money in your account to prevent receiving fake rmb.

Strange, I have read many many times here how people love those "black market" exchangers because of how much better rates they pay.

But that is not what I am reading in this thread. OK, I'll just use a regular bank. Thanks.

...

ratty wrote:

Ah Beng wrote:

ratty wrote:This thread has spiraled out of control. I'm bringing $5000-$8000 with me to China. How do I convert it to RMB at the best rate possible while not getting ripped off?

It's not, what comes in must go out..same way.

You should have a local bank account, remit your money from overseas reminttence shops for better rates than bank.

What is your currency?

The black market guys wouldn't give you much more than what the banks offers. You could give it a try, but its techically a trust issue. If the rate is good, you should have them bank in the money in your account to prevent receiving fake rmb.

Strange, I have read many many times here how people love those "black market" exchangers because of how much better rates they pay.

But that is not what I am reading in this thread. OK, I'll just use a regular bank. Thanks.

If you don't have a bank account, open one immediately. There are always risks when dealing with the black market changers, especially if you don't speak the language. You could be receiving fake rmbs. If you change 8000US$, you're looking at around 520 x 100rmbs. There's no way to authenticate all of them. But if they are willing to bank in the rmbs into your account, I guess there's no harm in doing so if the exchange rate is favourable. These black market money changes are always loitering near banks. That said, 52,000rmb is alot of money to carry around, you'll need a luggage.

Anyone hear of the banks allowing for more than $500 per day for the expo? They did it for the Olympics, and that was only 1 month long.

Is there a daily limit? I didn't know that, but I always exchange money at the bank where I have an account. Even when I bring cash $, they let me exchange as much as I want (well, they do until I max out for the year.)

Now that I think of it, there did used to be a daily limit, but it was really high. Something like $10K.

Man, this place just makes you crazy sometimes. Here they are, on track to being the largest economy in the world, too. I wonder what the world would be like if China was the superpower instead of the USA?

Anyone care to speculate on that?

He-he-he.. "control" - is key word.

Daily exchange limit is $10k. Daily withdrawal limit is $5k.

Are these limits in and out of Mainland China also applicable to HK based bank accounts?

zillahh wrote:Are these limits in and out of Mainland China also applicable to HK based bank accounts?

No. Just in Mainland. HK still FREE !!!

http://www.hsbc.com.hk/1/2/hk/investmen ... d_init#top

root wrote:

zillahh wrote:Are these limits in and out of Mainland China also applicable to HK based bank accounts?

No. Just in Mainland. HK still FREE !!!

http://www.hsbc.com.hk/1/2/hk/investmen ... d_init#top

Thanks. But, my intentioned question was remittance from HK bank to Mainland bank/atm, and yearly withdrawal limits?

OK, what does China gain from all these insane currency controls? What would they lose if they operated like any other modern country? I dont get it.

zillahh wrote:

root wrote:

zillahh wrote:Are these limits in and out of Mainland China also applicable to HK based bank accounts?

No. Just in Mainland. HK still FREE !!!

http://www.hsbc.com.hk/1/2/hk/investmen ... d_init#top

Thanks. But, my intentioned question was remittance from HK bank to Mainland bank/atm, and yearly withdrawal limits?

Ok, i got it. I SURE what ATM transactions do not affect yearly/daily limit of the person witch name on card. That are different sistems.

ratty wrote:OK, what does China gain from all these insane currency controls? What would they lose if they operated like any other modern country? I dont get it.

What's easy for understanding. Just imagine if 1 RMB = 1 DOLLAR. What happens ? Chinese QQ car will valued for $30k (30k rmb now). And american Buick Enclave will still cost $30k or 30k RMB..

Ok, you are a buyer with cash, what you will buy in same case ?

Who sold - that wins

I think its perfectly clear to many people why China has currency controls.

Let's face it: China Inc. is not being run as a charity. Obviously, the government expects some benefit from a policy that they work so hard to maintain.

And I should add that, as a potential exporter, I would benefit as well.