$$$$ in China
 

I've heard conflicting reports on ATMs in Beijing and Shanghai - heard there weren't very many, so don't plan on using ATM cards, vs. there are plenty.

What do you suggest on money 'type' to bring -
* travelers checks (how much does it cost to cash one; and how easy)
* hard cold cash
* ATM

I'm traveling with my two teenagers and don't want to spend time after time trying to find a place to 'cash in' my US dollars.

Any suggestions are most helpful! Thanks!

There are many ATM's in China, but not all work. If one doesn't work, go to the next one. Get enough cash from ATM at the first airport, and plan ahead. Be sure to get some small bills.

US cash, $20 to $1 bills are great also. Everthing is '2 fo dolla'.

Forget the travelers checks. ((*))

We were in Shanghai last May for 2 weeks. We first used the ATM at the airport when we entered. After that we used the ATM at both hotels where we stayed--Four Seasons and Westin--both in the lobby. Always worked. We never used dollars--It's not Chinese currancy.

Faloola, hi!

Before I had departed for Beijing this past Spring, I purchased in advance US $100 worth of the Chinese currency, CNY (Chinese New Yuan). I recollect receiving about 700-800 CNY for the US $100, and remarking that the value seemed similar to the value of the Hong Kong dollar.

I felt very comfortable and confident having some of THEIR currency in my pocket even before I landed.

After my initial walletful of CNY ran out, I simply cashed in a US$ travelers check at the hotel desk. The exchange rate was favorable, and certainly not the 3% being charged by most US banks and credit card companies.

Enjoy your visit!

thanks to all that have answered questions about $$$ in China....which have prompted a few more questions:
* where would I exchange money here in the US for the yuan; is it worth doing it ahead of time?
* we are staying in non-us named hotels - not the Westin, or Marriott, etc...do you think they have the standard ATM's?

I wouldn't bother to get money before you go. I never do, I always use an ATM in the sirport, and I always have a few US$100 bills stashed just in case I can't find an ATM when I need it or the ATM isn't working. In the major cities, there are plenty of ATMs, not just at hotels.

Faloola, you ask about purchasing chinese currency in advance here in the U.S.

You can go directly to your local bank and make arrangements with them. Many banks can get foreign currency within 2 business days.

You can also order directly from a foreign exchange firm. I usually use F/X EXchange, on the web as www.oanda.com Their website has an easy and secure transaction purchase form.

Their website also provides "Cheat Sheets" printouts of wallet-size currency conversion charts. These are good to carry around with you to help remember the rates, even if you don't buy the foreign currency from them!

I live in Shanghai and travel to Beijing and other Chinese cities. All I ever do is go to an ATM and withdraw money and I use my credit card in stores/restaurants. It's not a big deal.

There's an ATM (Citibank) right when after you get through Customs in Shanghai before escalators and ATMs all over the city. I prefer HSBC because you can withdraw 3,000 rmb whereas the others limit you to less. (If you find a non-HSBC ATM allowing more, pls tell me!) The easiest HSBC to find in Shanghai is in Shanghai Center (tell taxi driver "Port-o-mon") You can use Chinese ATMs that display the network logo shown on your card. Just ask your hotel or restaurants or wherever. Worst case you can get a cash advance from your credit card. I'd think you'd have more problems with travelers checks because I've heard they won't be accepted if they're bent in any way and there's concern that they're counterfeit. Not sure if that's true though.

I don't have a HSBC account but I was debating on getting one for my trip to Hong Kong. Does anyone know if there's a ATM transaction fee for using it abroad? (I'm in the US).

Thanks!

I opened an HSBC account specifically to draw on from foreign countries. There is a $1.50 charge to withdraw from a non-HSBC ATM. They have told me that there is no fee on the exchange. Since there is virtually always a 1% fee on exchange, it isn't clear to me whether they charge that or not. I will be able to report back on fees and exchange rates when I return at the end of Nov. By the way, HSBC has an interenet savings account that pays in excess of 5% right now.

Hi nagiffag,
1)u mention there's a limit on max ATM withdrawal of 3k RMB
any min amt per withdrawal ?
2)Any additional charges imposed by the
bank ATM machines?My bank charges flat
3US per transaction.
Is a 5 digit PIN ATM current a/c card
workable in China (PLUS system)
Thanx!

Cozzar,
1) All ATMs I've ever seen only dispense 100 rmb notes (about equivalent to $13 US). Thus I ASSUME that the least amount one could withdraw is 100 RMB. I've always wanted to take the max because I want to spread the $1.50 non-network ATM fee (that my US bank charges) over as much as possible.

2) If the Chinese bank charges me a fee, then it is embedded in the exchange rate and I don't know what it is. As an example, I compare the total transaction cost using my Chase Mastercard with a 3000 rmb withdrawal (at HSBC Shanghai) drawing from my US account with National City on 28July06. The Chase exchange rate= 7.72 RMB/USD vs National City= 7.77. After removing the 1% cash back option I have with Chase, the rate becomes 7.796. Pretty close, but both obviously have significant fees.

3) My ATM card is on the Plus system and has a 4-digit pin. I assume you have a different type of account so I can't answer your question. If you're going to Shanghai I suggest you post the question on ShanghaiExpat.com and someone will give you the answer. Sorry.

Hi nagiffag,thanx so much
1)Anyone can enlighten on whther if a
5 digit PIN ATM card is workable in Shanghai?
2)So there r additional charges imposed by the China ATM machines if l withdraw
RMB. But l learn that using a foreign
bank Credit card,the retail merchant will impose additional 3-4% charges,is that true?
Great day!