What are the current rules for converting Chinese currency to US?
Many sites give advice on how to purchase Chinese RMB with dollars, but none that I have found discuss what restrictions there are on individuals converting RMB to dollars in China. A few years ago there was a sharp limit on how many you could convert at one bank in one day. Can anyone tell me what the rules are now, or better, tell me a reliable source so I can keep track for myself in the future?
I expect go to a bank to do it. Or would it be better to buy a money transfer at Western Union?
Best Answer
Chinese citizens have an yearly limitation on the foreign currencies they can acquire (50,000 USD) but looks like that foreigners are not allowed to acquire foreign currency.
Banks are instructed by the State Administration of Foreign Exchange (http://www.safe.gov.cn/) to don't permit tourists to convert from RMB to their foreign currency (but they allow tourist to convert their foreign currency to RMB).
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Can you exchange yuan outside China?
As travelers, we are only allowed to carry the equivalent of US$5,000 or 20,000 RMB into or out of China. Anything more than this will need to be declared and in some cases will require a legal warrant. I never recommend that people carry this much cash on their person while traveling.Where can I exchange Chinese money for American?
Swap RMB for USD at a bank within the U.S. Chinese banks within the U.S., such as the Bank of China or Industrial And Commercial Bank Of China (ICBC) U.S. Banks partnering with a Chinese bank, such as the Bank of America. Banks in major international metropolitan centers like New York and Los Angeles.How much is $100 China in US?
Are you overpaying your bank?Conversion rates Chinese Yuan RMB / US Dollar10 CNY1.50421 USD20 CNY3.00842 USD50 CNY7.52105 USD100 CNY15.04210 USD8 more rowsCan the Chinese Yuan Replace the US Dollar?
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Answer 2
Bank of China just let me convert Renminbi to $500 US. They did not ask where I got the Renminbi, and in particular did not ask me to show withdrawal receipts for it.
They set a $500 limit. I did not ask if I could convert more tomorrow. But in 2007 you could even go to another bank the same day and convert another $500. I did that in 2007.
Answer 3
I know this is a very old thread but just to clarify. There is a daily exchange limit of 500US$. This is limited to 50,000US$/year however I do not believe that this is possible to control. Exchanging in either direction. If you live and work in China you can provide your tax certificates to the bank to show how much you earn. In this case you can transfer as much as you earn.
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