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Hi,
I need to buy about 1k in USD, i have the red notes right here … any ballers out there with wads of greens just chilling? The rmb will appreciate ….
I probably have around $200 here and doing nothing with it. I know it’s not enough, but let me know if you’re interested.
Jerry you broke troll!
I would like to do it once off, but I will let you know Vincent, by this weekend, thnx!
You should see my debts that’s killin my credit rating 😛
The last time i got USD, 2K, was 8 months ago. I paid 12700 RMB for 20 crisps bengi’s! Then had to deposit it into the bank to transfer it.
I got it off this bank of china. Here’s the address if googlemaps does not work:
58号 Kehua North Road, Wuhou, Chengdu, Sichuan, China, 610041
Just look for a dude sitting around carrying a briefcase. He will have notes ready. I might need HKD when i go to HK pretty soon, he could be the guy.
Note: This is just a dude, probably black market stuff, but the rates are good (i think), without paperwork to fill out and hopefully one wont get ripped off. I went once and havent been ripped off, and my former boss would go to him too multi times with great results.
Quote:Note: This is just a dude, probably black market stuff, but the rates are good (i think), without paperwork to fill out and hopefully one wont get ripped off. I went once and havent been ripped off, and my former boss would go to him too multi times with great results.Unfortunately that is just the nature of the situation here. If you need dollars and you need them now, the black market might be the only option that you have. A lot of us have used “guys with a briefcase” like you describe, including myself, and I haven’t heard of anyone actually getting handed counterfeit bills or anything like that.
Another option, if you can wait a few days, is to use a pair of Paypal accounts to move money overseas. This is how it works basically: you create a Chinese Paypal account and link it to your Chinese bank account, and then send money from your bank to Paypal. Then you send money from the Chinese Paypal account to your US Paypal account, and then move it to your US bank account from there. Convoluted, but it works and once you have everything set up it’s pretty fast and you only pay Paypal fees.
The best place is outside the old bank of China on Zhong Fu Lu. Opposite Crown Plaza. We had to get 500 pounds the other week easy and cheaper rate.
This might be a slight pain in the arse, but if you go to Bank of China you can exchange $500 US with just your passport. I’ve just done this literally 2 hours ago because one of my other banks insisted on having my tax cert and employment contract. If you have a BoC account you can deposit the dollars into it and make transfers online. Otherwise they will hand you the bills, provided they have $1000 in the branch. Obviously if you need $1000 you’re going to have to do this twice (exchange), but that’s no biggie.
As a side note, there’s no exchange fee at the bank, they just do a live rate swap. I transferred $400 this afternoon for $25 all told.
PayPal is great once it’s set up (which based on my personal experience can take weeks!), but the downside is at the moment only 3 banks in China can be verified, which limits some transactions. A number of overseas merchants will also not accept Union Pay, which again limits transactions from an RMB/China account without VISA.
A Chinese can do this very easily for you! Sascha…can’t your wife go to just about any bank? If it is over a few thousand you have to make an appointment the day before to make sure thay have the right amount. Very easy. We just did this. Good luck!
No risk for fake notes using random guys with briefcases? Sounds to me like the perfect scam to go and stand there with a briefcase full of fake cash.
Just throwing this out here:
If anyone needs RMB and has EUR, I know someone that is leaving China in about 2 months and has about 70k RMB sitting in the bank that he needs to get rid off, preferably by bank transfers.
BUMP!
I just exchanged 4050 rmb for 5000 hkd. Which is good, because google’s rates are:
5000 Hong Kong Dollar equals
4011.66 Chinese Yuan
I also got 500 USD for about 3150 rmb, which rates are about:
500 US Dollar equals
3110.15 Chinese Yuan
So yea, i paid 80 rmb for service charge. I am not sure if banks gives a said quoted ratio in exchange rates, does anyone have experience with banks and their rates? So far when i exchange money its either the black market vender i go to or paypal. The service charge on paypal sux. Recently i transferred 320 usd to my bank, but paid 10 usd for service fees.. Black market dude is better heh.
My experience with exchanging to foreign currencies so far has been that the banks are exchanging at a rate that’s as good as on par with the live Forex rates. Of all the banks I’ve exchanged at, Standard Chartered has been the closest to this rate, and believe it or not has been the rate on one occasion when exchanging to HKD.
Another thing I discovered recently was the benefit of using a bank draft for exchange. I went to Bank of China’s ‘International Transfer’ section of their head (Luomashi) branch, and exchanged RMB to an HKD bank draft at a dead on live rate. The fee for bank drafts is a 50 RMB minimum, or 1% of balance. Not bad at all. A bank draft sent by courier might often turn out to be faster than some direct banking transfers.
If it’s live fx rates with 1% surcharge fee.. Then that is definitely worth it. I might check that place out one of these days, the one you mentioned Brendan.
Always looking for great rates. Paypal’s 5% per 1000 USD isnt good at all. The great thing about the little dude in the bank is that there are no paperwork required. Yet if exchanging large notes, then live rates are essential.
From different people, they have said to never get live rates when exchanging at the bank. Ill try that at least once to see how if it’s legit, hopefully i can get the same experience like you.
Also, a Chinese citizen can exchange 5000 USD per day with no paperwork. So when exchanging, bring a friend, little or less paperwork required! Oww, not only that, with ICBC, a Chinese citizen is able to exchange it via online, unlike foreigners like me. Huge bummer, would love to do it in the comfort of my own desk.
i have a couple k of dollars in hand left from this past xmas if you need……
Quote:The great thing about the little dude in the bank is that there are no paperwork required.Forgot to mention… I did not need anything but my passport for the draft, as opposed to needing my employment contract and tax certificate every time I transfer via bank.
Loophole uncovered!!
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