RMB exchange rate
 

we were exchanging RMB for our China trip, our bank offers 6.95 to one CAD, its 7.72 with currency converter site. I understand spread and buy/sell rate diff.
7% seems high, would we get better rate at ATM in China or is the diff too small to worry about?
Thanks.

Greetings from China. For an idea on exchange rate check the following web site:

http://www.boc.cn/en/common/service....EXCHANGE+RATE+

Then add what ever your bank put on top for out of the country ATM usage fee.

For us it's great and there are many ATMs where we are at the moment - Lijiang. Maximum withdraw per day is RMB 2,000.

You will get a much better rate in China. You get the worst rate ordering the foreign currency in your own country.

Hanuman, thanks for the link
Kathie, i think you are right, thanks for the suggestion.

First check your bank's fees for international withdrawals and out-of-network ATMs. Then you know the charge. My bank just went from 1% to 2%. So, in CAD, today I would get 7.76 yuan less a 2% fee, or 7.61. Not even close. As usual, exchange into your foreign currency in the foreign country for the best rate.

rploehn,

will do just that, thanks

Sam.