Foreign Exchange Guide to China
In this guide we review :
- Travelling in China - Practical tips
- Buying Chinese Yuan Cash Online - Travel money for China
- Chinese Yuan (CNY) - Currency Market News
- Sending Money to China - Save on Chinese Yuan bank transfers
- Chinese Yuan Exchange Rates - Latest info & charts.
China Travel Practical Tips
China's international visitors have rocketed to an impressive 26 million in 2015. It is said that in less than 10 years, the country will become the first tourist destination with the world's largest number of visitors.
Credit cards are still not accepted in many places so it will be convenient to carry a travel card or cash with you. The highest denomination (100 yuan) does not carry a huge amount of value so if you intend to make large purchases you may be carrying a conspicuous wad of cash around with you. In only recent years, more and more banks around China have made this possible to the extent it is becoming standard.
Beware of people on the street side who offer services of money exchange. There has lately been a growing rate of ATM scam, where certain characters set up fake ATM's to scam credit card details. Just try to avoid any ATM that looks suspicious, or use the ATM's at major banks. There is also counterfeit money circulating in China, these are almost always smaller notes so try not to break up your larger notes all the time. Consider using a Pre-paid Travel Card if you are concerned about using your regular credit card in China.
Travel Money for China - Chinese Yuan (CNY)
Save money and time by Ordering your Chinese Yuan Online from Travelex, you get better rates and can pick up the CNY cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Chinese Yuan otherwise you may get much worst exchange rates.
Chinese Yuan (CNY) - Currency Market News
The Chinese yuan ran from hot to cold in September.
After USD/CNY’s fall to ¥6.436 on September 8th – a twenty-one-month high in yuan buying power – China’s currency remarkably gave back 43% of its entire year’s gains before the month was out. USD/CNY ended September at a six-week high (a yuan low) of ¥6.653. Against the dollar, the yuan remains 4.4% stronger on the year.
September’s volatility in the yuan is unusual because the People’s Bank of China normally keeps a firm hand of control on the currency via a daily ‘fix’ against the dollar. It is, however, an interesting development ahead of October’s National Congress. The Congress is China’s most important political event and it had been expected that the PBOC would work to strengthen the yuan ahead of it. Judging from September’s roller coaster, that’s not the PBOC’s plan.
Against the euro, the yuan was virtually unchanged in September at rates close to ¥7.86, which keeps the yuan's year-to-date loss against the single currency at 7%.
Sending Money to China
When sending money to China it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or Chinese Yuan amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted CNY amount will be transfered to the recipient account you specify in China.
You can save around 5% and maybe more - end result is more Chinese Yuan deposited into the recipient bank account in China and less margins and fees kept by the banks!Compare Transfer Exchange Rates to China