Money Question
 

I will be arriving late at night in Shanghai. I will need to take a taxi from the airport to my hotel.Should I exchange some US dollars into local RMB before I leave the USA? And if so, where is the best/cheapest place to do this?
Thanks!

Exchange windows at the airport or an ATM at the airport. If you are using an ATM know what charges your bank levies - per use, and the premium charged on foreign exchange.

There is no need, as there are ATMs at both of Shanghai's airports. Simply check that your card is on the Cirrus, Plus, Visa, Mastercard, or similar system (see back), and double-check the ATM locator on that system's site.

It's often hard to exchange RMB overseas and although now more common than before tends to be possible mainly in cities that are starting to see large numbers of Chinese tourists or that have flights to China. Exchange rates, however, are always much worse than those available in China, so if you do do this keep the sum small, and insist on smaller bills (taxis hate Y100 notes even on trips that cost more than Y100). Y200 will be plenty.

Peter N-H

Are ATM's fairly well located at the airport?

Thanks!
My card is on Cirrus, & I will be getting just a small amount of money the first night. Where does one get the best rate of Exchange in city of Shanghai? When I was in Israel, I brought Traveler's Checks and banks would not accept them. I had a heck of a time, plus a day with no money, when I was there. Finally exchanged them at a Foreign $$ Exchange kiosk on the street.

I don't remember exact ATM locations at Shanghai, but they should be clearly visible in the arrivals hall. Making the gesture of inserting your card into a machine will anyway get you pointed in the right direction.

Traveller's cheques are increasingly a pain in China, and even some larger hotels are now sending their guests to the Bank of China to do exchanges, and there can be long waits. A better exchange rate is given for cheques but there's a 0.75% commission, which end up making cash exchanges better.

Exchange rates are fixed nationally on a daily basis, and any difference between banks is infinitesimal. Check, as suggested, the fee your bank charges per use (can be as little as zero, as high as $10), and how many percent it's skimming off the exchange rate. If your bank and card issuer are not the same, your bank may take a chunk for doing precisely nothing. Note that many ATMs will only issue ¥2000 at a time, so calculate the fee as a percentage of that. (You can usually do multiple withdrawals, but you'll pay a fee every time.) Nevertheless, as long as the charges aren't outrageous, and as long as you've done your homework, ATMs are the way to go.

Peter N-H

Peter NH
You have been a very good resource on this subject. Thank You!

There are CitiBank ATM machines in the baggage claim area. I also carry CapitalOne debit card which does not charge fx fees. Drivers could take USD too.

Thanks Peter for your comments on the travelers checks. Good to know. I always travel with an ATM card, regular credit cards and travelers checks (which I always return unused but have for emergencies).

Monica ((F))