where is best place to exchange left over Chinese RMB's for US dollars
May 23rd, 2013, 08:52 AM
#1
Original Poster
Join Date: Mar 2005
Posts: 59
Likes: 0
Received 0 Likes
on
0 Posts
where is best place to exchange left over Chinese RMB's for US dollars
My husband is returning to the US tomorrow from Shanghai and emailed me to find out the best place when exchanging his Chinese money (RMB's) back to US dollars. He was told the hotels over there give the same rate as the banks. They quoted RMB 10,000 = to about $1500.00 US. Or should he wait to get back to the US?
MAny thanks.
Melissa
.
MAny thanks.
Melissa
.
May 23rd, 2013, 10:01 AM
#2
Join Date: Jan 2003
Posts: 33,288
Likes: 0
Received 0 Likes
on
0 Posts
xe.com quotes 10,000RMB as being worth $1629.70. That's the interbank exchange rate, and he won't get that good a rate. He should get the best rate in China (he might want to check what a bank would give him). He'll get the worst rate bringing it back to the US.
Another option would be to pay his hotel bill with the extra. You always lose some money in exchanging it back to dollars.
Another option would be to pay his hotel bill with the extra. You always lose some money in exchanging it back to dollars.
May 25th, 2013, 04:22 AM
#3
Join Date: May 2013
Posts: 5
Likes: 0
Received 0 Likes
on
0 Posts
any bank will do. However www.xe.com is a very unreliable source for RMB exchange rates, I suggest to have a look at the official Bank of China rates
http://www.boc.cn/sourcedb/whpj/enindex.html
http://www.boc.cn/sourcedb/whpj/enindex.html
Jun 1st, 2013, 06:42 AM
#4
Join Date: Jul 2011
Posts: 427
Likes: 0
Received 0 Likes
on
0 Posts
xe.com is unreliable for any currency for retail transactions. He will get the best rate in China for sure and that sounds like a good deal. Otherwise he can buy you some gifts at the duty free shops at the airport on the way back ;-)
