If you’re on a longer stay in China (or if you overestimate the number of tea sets you’ll want to take home), you may end up with more RMB than you know what to do with. In any other country, this wouldn’t be a problem. You could just take your cash to a bank and change it for the currency of your next destination. But China is still trying to keep a close lid on currency leaving the country, so there are fairly strict rules for changing money into foreign currencies.
Before this week, I had understood the rule to be that foreigners could withdraw $500 per day, no questions asked. You just needed to have your passport. Since I had more than $500 to change, I knew I would need to space my withdrawals out over a few days. The saga began last Wednesday with my first trip to the Bank of China.*
- Last Wednesday at branch #1: I changed $850 without presenting my passport or any identification. I didn’t change more because $850 was all the U.S. cash they had.
- Saturday at branch #2: A bank employee told me that foreigners couldn’t change money, then recruited another employee to loan me his identity card to authorize the transaction. I withdrew another $500.
- Monday, at branch #3: The teller said that under a new rule, foreigners are not allowed to exchange RMB for foreign currency under any circumstances.
- Monday, back at branch #1: This time, I had a Chinese friend with me, identity card at the ready to withdraw money on my behalf. A bank employee told us that foreigners are allowed to withdraw money, but they have to fill out a couple of forms and provide photocopies of their passport. I exchanged $700 with hardly any more hassle than attempt #1.
There are any number of possible explanations for this contradictory series of events. The rules may actually have changed, with the news trickling rather slowly down to the different branches. That first teller (who gave me the money sans passport) might have decided that it was too much of a hassle to process paperwork that no one would ever look. The third teller might have decided, “Helping a foreigner change money is going to be a hassle, I’ll just tell her she can’t.” All in all, it was a classic Chinese mafan.
At the end of the day, I can’t tell you the real “rule” for exchanging money in China. And most travelers are not going to need to change large amounts of cash from RMB to a foreign currency, anyway.** But I think the takeaway lessons are applicable to most bureaucratic transactions in China, from getting a visa to sending a package:
- Be persistent.
- When that doesn’t work, bring a persistent Chinese friend to do the talking for you.
- Despite the matching signs on the door, all police stations/banks/post offices are not created equal, so you might be able to escape a supposed “rule” by going to another location.
- Knowing the “rules” in advance can be helpful, but there’s no guarantee that you and your adversary are working out of the same playbook.
*I chose Bank of China because 1) that’s where my bank account is located, and 2) they have an exceptionally good exchange rate and no fees. Buying $500 USD cost just 7 RMB more than the current exchange rate, as named by Google. As long as they’ll let you change money, I think it’s a good option — definitely better than waiting for the airport if you’ve got a lot of cash.
**There are money changers at the airports if you need to get rid of a small amount of RMB. I’ve heard that you need to present ATM receipts showing that you withdrew at least the amount of cash that you are exchanging. If you think you’ll need to change money, plan in advance to keep your ATM receipts in a safe place.
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