Exchanging Aussie Dollars for RMB

[kzel81]

Hi all,

Now that I'm pretty much sorted with my contract, I need to turn my mind to finances. Does anyone know whether I would get a better exchange rate if I exchange some money here in Aus for RMB, or if I'm better off doing my exchange once I get to China?

Thanks

[Newbs]

Well, as someone who has travelled between China and Hoganland lots of times, the answer is I don't know!! I haven't ever paid too much attention to exchange rates 'cos I reckon they are all gonna rip you off to about the same extent, and there's not a huge amount you can do about it.

kzel, you're a Melbourne girl, right? I've always exchanged a few hundred South Pacific Pesos Australian dollars for RMB in Melbourne. Wander down Collins St and check out Amex and Travellex to see if they have any. They may, or they may have some in a few days time. Although I've never used them, the ANZ on the corner of Swanston and Little Bourke, (ie. at the entrance to Chinatown) should be worth a try. I think I've seen the RMB exchange rate advertised in their window, and that just about makes them unique amongst banks in Melbourne. I've also phoned Travellex at Tullamarine and ordered some RMB for pick up on the day of departure.

Strewth, does any of this help? PM me if you want more info.

[Lotus Eater]

You can also pull money out of your Australian account using your Oz cards at most Bank of China banks (and they are in all the major airports), and an increasing number of other ATMs here. I wouldn't bring a huge amount with me, depending on where you will be going. I'd leave as much in the Oz bank as I could until you really need it. You will end up paying a $5 fee each time you pull money out, but I figure that is better than carrying too much money and running the risk of losing it one way or another.

With any luck your insitution will pick you up, feed you the first night and then you can figure out what you need after that to tide you over until pay day - quite likely to be a month down the track. Chack on what they plan to do in the first couple of days.

I don't change money anymore in whatever country I am in - I wait until I get to the next country airport, then use the Oz card to pull out enough for a couple of days.

[Non-Dave]

I like to have a stash of local cash on me for the unexpected situations - especially your first time in a new country. I'd definitely change a bit before I left - regardless of the rate - just for emergencies. Things have been known to go pear shaped here!

[Dr. Gonzo]

Are you coming via Singapore or HK, or in directly? You can buy RMB easily in either of those airports.
Its useful to land with some local cash. Luggage trolley hire in Guangdong for eg only take RMB. And you can't access ATMs until you've collected your bags and cleared immigration! Watch out for that one.

[mich]

I took about 1,000 RMB with me to china in cash, about 500US in travellers cheques, and everything else was in my Australian Bank account.

I'd avoid carrying a lot of cash with me. 1000 RMB is MORE than enough if you need to pay for accomodation, and toiletries etc.