Saturday, July 07, 2012

RMB to USD

As I was leaving China I encountered a dilemma. I had saved a substantial portion of my earnings in RMB intending to convert it to USD before I left for the US. Because RMB is a controlled currency it is not as easy to convert
as in some countries. I met a few roadblocks, but more than anything I thought it ridiculous that I could not easily find an answer on the net so I am writing this and tagging it in the hopes that if someone does a simple search like I did they may find this information. First, if you are exchanging less than 500 you can go to any bank yourself with just your passport. You need no other documents to my knowledge. If you are exchanging more than 500 here are some ways in which you can do that. 1.Find a Chinese citizen. They may use only their ID card, or their passport, to convert any amount of RMB to USD. However, fair warning that not all banks carry a lot of USD. Call ahead or be prepared to hop around to different banks until you find one with enough. 2. Get from your employer a letter of resignation, basically it is a letter saying that your contract is ending. Take this along with your employment verification book (its a little red book that looks like a Chinese passport), your tax documents, your original employment contract, and your passport to a bank at which you have an account. 3. Exchange the money at the airport. They will do any amount for anyone, but their rates are not very good.

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