Quick question: What's the cheapest and best way to get RMB converted to US dollars and taken to the US? This is what I've thought of, but I would like other expats thoughts:
1. Convert RMB to USD here (in front of the banks, ahem), then carry the cash to the states with a hugh risk of loss, theft. There are also certain rules about how much money you can carry on your person to the US.
2. Wire transfer from one bank account in China to one in the US. I've done this once from the US to China and the fee was maybe $100? I can't quite remember.
3. Carry RMB to the US and exchange there, but this is probably the worst option as the exchange rate in the US would be horrid and you also have the restrictions of how much RMB you can take out of China on person though they probably wouldn't check you.
If there's another alternative, let me know. Also, if anyone has US dollars they would like to exchange for RMB, please contact at steven_lum at hotmail dot com. Thanks.
You can buy $500USD per day no questions asked. If you have ATM receipts or receipts buying RMB with USD, you can change more. I bought $2,400 one day at the BOC at West end of Nan Ping Jie a couple of months ago.
You must declared $10,000 or more on entry to the US. Don't think there is a limit but I am sure they will ask
questions.
Think to wire, or Western Union, USD requires the USD in hand when you do it.
I live off my US money, income, so I have lots of ATM receipts.
If you do go with your option 1, I've been told by banks that the best way is to have a Chinese friend exchange rmb for usd at a bank for me (can't remember why but I think there are less restrictions on Chinese nationals buying usd). They would just need their shenfenzhen. Definitely will be a worse deal if you wait to get to the states to exchange, but I don't know how much you're carrying.
How much you talking about? Makes a BIG difference as to the method.
We're talking about $5000 USD.
Anyone know a reliable money changer? Could you send me his/her details to steven_lum at hotmail dot com? Thanks! Also, again, if anyone has American Dollars he/she would like to exchange to RMB, please contact at the e-mail address listed.
^Just a reminder that GoKunming now has private messages, so you don't have to publish your email address online if you don't want to. If you're logged in you can click on a nickname and then click to send a private message.
Alternatively, you can send a private message from the dashboard, the link to which is in the upper right-hand corner of GoKunming.
FYI: I exchanged money in front of the Bank of China just south of the bird and flower market on Dong Feng Xi Lu. They'll take you to a bank to verify the authenticity of their currency before doing the exchange. My friend needed to open a bank account at the bank as the banks won't offer currency confirmation unless you have a bank account in the bank. We then deposited the money directly into the account and will need to wait 3 days to withdraw without penalty fees. The exchange rate given was a little better than the bank's. Should you wish to do the same, remember to bring your passport/ID card and bank card along with the cash.
