Where is best to change currency in Shenzhen China & are the rates good?
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This entry was posted on Monday, May 10th, 2010 at 9:15 am and is filed under Currency Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
May 10th, 2010 at 9:15 am
The only legal place to change money in mainland China is in a bank or some hotels. Bank of China is usually the most convenient. The rate is fixed centrally, so they are all the same (although hotels may charge a service charge).
There are illegal moneychangers who may offer a higher rate but it is very risky to use them.
May 10th, 2010 at 9:15 am
man i went to china 2 years ago and i "could not change american express checks" or canadian money.I used ONLY my debit card. They wouldent even look at me (i"m not kidding) if i presented an american express check even at my hotel. I rented a car with mastercard (i waited for 2 hours for the payment to go thru") They are so backward its unbeleivable. Steven
May 10th, 2010 at 9:15 am
Apart from airport and banks, there are money changing stores in Lowu Mall right outside the Shenzhen - Hong Kong border, the common currency they change are US Dollar, China Yuan or RMB, and Hong Kong Dollar. Other currencies are available too but I can’t name all of them and each store may offer different rate. You could take time to go around some of the shops to ask and compare a particular rate, most of which will have same or fairly even rates.
May 10th, 2010 at 9:15 am
Well going from Hong Kong to China you can buy RMB before you go to the mainland. However if you change money at the airport or border it will be more expensive.
On the mainland you can change money at banks, many good hotels will change it for guests and I think at the Lohu border there is a Western Union branch and some other money changers.
The rate should be fixed and the same everywhere. Avoid the illegal money changers.
You can also access money from Visa/Master card and Sirrus cards at most ATMs, if in doubt try bank of China.
THere are also branches of Citibank and HSBC in many major cities.
May 10th, 2010 at 9:15 am
duno wil u pass by HK. if yes u better change it in those banks in HK. if u change in shenzhen, waste some of ur time Q up in their bank better as otherwise, big chance that u wil get fake notes on those streetside currency exchange centre
May 10th, 2010 at 9:15 am
Based on my experience, change money at a hotel (2 minutes) rather than a bank (45 minutes).
Save the receipt you get when changing currency to yuan! Without that slip, you will not be able to change any leftover yuan back to your home currency.
May 10th, 2010 at 9:15 am
As someone else suggested, Bank of China. Hotels are only good if you are exchanging a small amount of money.
And as someone else suggested, keep your receipt because it will make it much easier to change your RMB (yuan) back to your home currency before you leave Shenzhen. If you do not have that receipt it will be near impossible to change your money back. With the receipt they will help you quickly and without any hassle.
Exchange rate is fixed, so it does not matter what bank you go to, but Bank of China is the most accommodating for foreigners in this regard. And it is also the most busy, so best to go early in the morning.