What is the China Currency Called:
Renminbi (RMB) is the official name of the currency introduced by the Communist People's Republic of China at the time of its foundation in 1949. It means "the people's currency". "Yuan" (CNY) ¥ is the name of a unit of the renminbi currency.
One quora post said,
The best (or at least how I do it) is doing it through a Chinese bank (ICBC, BOC, etc). It is usually free or at least much cheaper getting it at an international airport (Don't exchange at an American airport, just don't)."
"It is better to exchange RMB into USD China. China clears huge volume USD, where as the US clears very little RMB therefore their exchange “spread” will be greater."
At 8 Best Ways to Exchange USD/RMB in China they say,
|Where ||Rates ||fees ||Disadvantages
|Banks downtown (BOC and ICBC are best) ||Best ||none ||eed paperwork and waiting time.
|ATM with Credit/Debit Card ||Average ||yes ||
|Small stores ||Fare || ||Wach out for fake money
|Airport ||Bad ||yes ||Lines
|Foreign Currency Exchanging Machine - XDM ||Bad || ||Only at a few airports
|Individual Money Changers ||Usually Good || ||Wach out for fake money
My experience at Travelex at the airport:
Current exchange rate is 6.53 (Yuans/$) they gave 5.53 (85% of the market rate) plus a $10 service charge. Total cost $18 for 300 yuan ($46)(40%)
Chinese Money: where to exchange, how much to bring, can I use my ATM card?
8 Best Ways to Exchange USD/RMB in China
last updated 30 Aug 2017