China - taking currency in/out
Feb 25th, 2008, 07:56 AM
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China - taking currency in/out
We'll be spending some time in China soon, arriving by train and leaving by road.
I'm finding it difficult to get consistent information about regulations concerning importing/exporting Chinese currency.
Please has any one had recent experience, or know of a definitive statement somewhere?
Michael
I'm finding it difficult to get consistent information about regulations concerning importing/exporting Chinese currency.
Please has any one had recent experience, or know of a definitive statement somewhere?
Michael
Feb 25th, 2008, 08:32 AM
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The last figure I saw written down in Chinese documents was ¥7000 in either direction, but I'm sure it must be higher by now.
Either way there's little point in either exporting or importing since although ¥RMB are now more widlely available overseas (although not very widely) it's at rates far worse than obtainable within China itself. Variations between exchange points in China are microscopic, so foreign exchange is very easy. And when it comes to exporting ¥RMB no one else wants it, and exchange rates at home, where found, are again poorer than those obtainable by switching it back before you leave.
So in short it's best to arrive with foreign funds (although there's a theoretical limit on those, too--US$10,000 or similar, off the top of my head from last time I checked. And best of all to use an ATM (bank machine) card.
But effectively you can enter and leave with as much as you like. The chances of actually being searched are as near nil as makes no difference, and China is one of the most relaxed countries about customs questions and inspections of foreign tourists.
Peter N-H
Either way there's little point in either exporting or importing since although ¥RMB are now more widlely available overseas (although not very widely) it's at rates far worse than obtainable within China itself. Variations between exchange points in China are microscopic, so foreign exchange is very easy. And when it comes to exporting ¥RMB no one else wants it, and exchange rates at home, where found, are again poorer than those obtainable by switching it back before you leave.
So in short it's best to arrive with foreign funds (although there's a theoretical limit on those, too--US$10,000 or similar, off the top of my head from last time I checked. And best of all to use an ATM (bank machine) card.
But effectively you can enter and leave with as much as you like. The chances of actually being searched are as near nil as makes no difference, and China is one of the most relaxed countries about customs questions and inspections of foreign tourists.
Peter N-H
Feb 25th, 2008, 08:50 AM
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Peter,
Thanks for reply.
Since posting I eventually ran this to earth:
http://ch.china-embassy.org/eng/zgly/t139054.htm
on the Chinese Embassy in Switzerland's site!
Point taken about ATMs. That will be the intention, but we will need some before we get to one to draw and possibly after we leave anywhere we can change back, so it seemed prudent to check.
Michael
Thanks for reply.
Since posting I eventually ran this to earth:
http://ch.china-embassy.org/eng/zgly/t139054.htm
on the Chinese Embassy in Switzerland's site!
Point taken about ATMs. That will be the intention, but we will need some before we get to one to draw and possibly after we leave anywhere we can change back, so it seemed prudent to check.
Michael
Feb 25th, 2008, 09:11 AM
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P.S. That page (and note it's dated 2004) is definitely out of date. Note, too, that these official pages are usually either a) out of date, or b) updated without the date at the top being changed. But it confirms the general scale of things.
Feb 25th, 2008, 09:44 AM
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Peter,
Train from Mongolia. It seems prudent to have a little cash for on-train purchases, although I'm guessing dollars might do (trying to establish that).
Yes, I saw the date. As you say info is far from consistent. The embassy in UK didn't have any workable official links although one via CNTO said all RMB banned! I've no emailed them in London.
Michael
Train from Mongolia. It seems prudent to have a little cash for on-train purchases, although I'm guessing dollars might do (trying to establish that).
Yes, I saw the date. As you say info is far from consistent. The embassy in UK didn't have any workable official links although one via CNTO said all RMB banned! I've no emailed them in London.
Michael
Feb 25th, 2008, 10:13 AM
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My money says you've little chance of getting a reply. But the answer is at least ¥7000 as already mentioned, although, as said, you can effectively carry in and out what you like as a foreigner since checks are very rare and you make no detailed currency declaration at the border. Really no one's that fussed.
On the trains from Mongolia tugriks, yuan, and US dollars (small, reasonable condition bills) are accepted quite happily on the Mongolian side. The Mongolians (whose dining car you have until the border) are easy going (and the borscht is excellent, by the way) although the menu in general is thicker than what's available. There isn't a lot there you'll want, and very little on which to spend your money, so don't make a big deal of this. You should be shopping for enough to keep you going in the supermarkets and corner shops of Ulaan Baatar, not least because food in the Chinese dining car is usually both poor and poor value for money. There's a bit of cashmere selling goes on on the train itself (for US$) but you should already have shopped that where you'll have better control of prices.
There are money exchange facilities in the station at the border which you can use while the bogeys are being changed, so bring a small amount of hard currency cash and change it there. There's an ATM in the main hall of Beijing Station on arrival, and a couple of banks just across the square. Just do your homework with your bank on what it charges, make sure your card is on a useful system (Cirrus, Plus, Mastercard, Visa, etc.), and look up a list of ATM sites before you leave. Although just a short walk north of the station there's both an HSBC and a Citibank that will take any card known to man.
Peter N-H
On the trains from Mongolia tugriks, yuan, and US dollars (small, reasonable condition bills) are accepted quite happily on the Mongolian side. The Mongolians (whose dining car you have until the border) are easy going (and the borscht is excellent, by the way) although the menu in general is thicker than what's available. There isn't a lot there you'll want, and very little on which to spend your money, so don't make a big deal of this. You should be shopping for enough to keep you going in the supermarkets and corner shops of Ulaan Baatar, not least because food in the Chinese dining car is usually both poor and poor value for money. There's a bit of cashmere selling goes on on the train itself (for US$) but you should already have shopped that where you'll have better control of prices.
There are money exchange facilities in the station at the border which you can use while the bogeys are being changed, so bring a small amount of hard currency cash and change it there. There's an ATM in the main hall of Beijing Station on arrival, and a couple of banks just across the square. Just do your homework with your bank on what it charges, make sure your card is on a useful system (Cirrus, Plus, Mastercard, Visa, etc.), and look up a list of ATM sites before you leave. Although just a short walk north of the station there's both an HSBC and a Citibank that will take any card known to man.
Peter N-H
