Exchanging Money - do it in the US or in China
 

Hi
Just checking to see if anyone found the rates to be better when you are in China or in the US before you leave..

Do most restaurants take credit cards(MC) or is cash the easiest thing when travelling aorund China?

TIA

A little use of the search box will find many earlier posts on this subject.

With the exception of some back-street trading in Hong Kong, the rates for the RMB are significantly worse outside China then inside it, and in fact the locations where RMB can be bought are limited compared to hard currencies. That rate within China, apart from some minor hiccups, are centrally set on a daily basis. Change there, and preferably simply by using an ATM (bank machine) card for the best rate. Contact your card issuer for details of charges and locations of compatible ATMs. As long as your card is on one of the major clearing systems there are usually several usuable ATMs at your airport of arrival.

China remains a largely cash economy. Credit cards may be used within the confines of hotels and outside it at foreigner-targeting businesses with higher prices, but in general if a souvenir shop accepts cards it's not one you want to be shopping at for fair prices, and for items like air tickets a supplement of up to 4% is charged for credit card use if cards are actually accepted. Despite the plethora of signs, many shops only take local and and not foreign versions of cards.

In short, expect to pay for most things in cash.

Peter N-H

Thanks PeterN_H ... That was very helpful.

Open a Schwab account and get the ATM/debit card. No charges at any ATM worldwide and they don't charge a currency exchange fee.

There are ATM's everywhere, and yes, get a Schwab debit card.
If you have a TD Bank near you thir ATM/debit card also does not charge a currency exchange fee or an ATM fee.

Make sure you notify the bank that you will be using the card in China, otherwise you might notv be able to get any funds.