cashing US $ into Chinese currency
 

What's the best way to exchange US$'s into Chinese currency?

In China it makes little difference where you do it. With the exception of (bank-run) exchange counters at airports and a few department stores, and at hotels, you have no choice but banks. The rate is set nationwide on a daily basis, and there is only the tiniest variance between banks. Just about any bank will do the change for you, but these are very inefficient and you may face a line-up, so the hotel may be the best choice. But note that only the hotel in which you are staying will usually change money for you, and if your hotel doesn't have an exchange counter you're out of luck.

Although it's increasingly possible to buy RMB before leaving for China it's still not easy, and the rate is always a great deal worse than you'll find at the airport exchange counters on arrival.

Peter N-H

Wouldn't using ATM machine be a better option? I assume they are in the cities.

Thank you Peter. Do you know if the situation in Hong Kong is the same? I know when I was in Japan several years ago my bank card did not work in the ATM's.

There are plenty of ATMs in Hong Kong and there are ATMs in all major Chinese cities. I had no difficulty using ATMs.

I must admit I have difficulty with the idea that you couldn't use your ATM card in Hong Kong. Just about any ATM of any bank on just about any street there will take cards on innumerable clearance systems.

But in order to confirm this all you have to do is to look at the back of your card to find out the clearance mechanism (Cirrus, Plus, etc.), go to the website of that clearance system (typically www.name-of-clearance-system.com) and look at its ATM locator (these are never up to date, but they'll give you a clue).

As for mainland China it's been many years now since I've taken anything but an ATM card with me either. I didn't mention ATMs in my earlier reply because I read your query to be one about exchanging cash. But an ATM card is certainly the best way to go. In China far from every ATM will help you, but more than enough will to make taking an ATM viable, and again you can look up on the websites where the relevant ATMs are, but they can certainly be found at Beijing and Shanghai airports, for instance, to get you going. And in major cities the machines at most branches of the Bank of China plus those in department stores will be able to help you if your card has the Cirrus, Plus, Visa, Mastercard, Maestro, or JCB symbols on it.

Exchange rates on these card tend to be better than for cash exchanges, but the greedy banks have been eating into these margins for some years. It's your card issuer that sets the charges, so again, consult your bank before leaving to find out just how much you'll be charged. Chinese ATMs often limit you to ¥2500 per withdrawal, so take that into account if your card issuer is charging a flat fee.

Peter N-H

I will be in China for 2 weeks in early September and then Viet Nam and was planning on using only the local ATM machines.
But another thought comes to mind - are US Dollars accepted? I usually bring some $1 and $5 bills.

No, use the local currency.

While some people will accept US$ in VN, they have to exchange it in order to use it. Unless the US$ is the currency of choice in a country (like Cambodia) it makes the most sense (and is most respectful) to use the local currency.

many of the tourist hotels should have money exchange desks. i remember the exchange rates were pretty decent, tho it seemed to vary from region to region. we never had a problem exchanging money. just make sure you don't give them any bills that are "too new", torn or ratty. they won't take those (although the next person will!). make sure you ask them for small bills, that'll make shopping a lot easier.