cash or travellers cheques

Replies: 15 - Last Post: 10-May-2007 02:59 Last Post By: phbriggs

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aquastar

04-May-2007 01:06
Posts: 9

cash or travellers cheques

Hi everyone,

In terms of cash in China what is best?

To take US dollars, or travellers cheques?

If travellers cheques are there many places to cash them in?

Also unsure how much money to take. I am backpacking around for three weeks. I want to see all the sights, and probably travel by train if that's what people suggest.

Thanks everyone.

Hefner

04-May-2007 01:09
Posts: 295

I used travellers cheques in the past but found them to be a bit of a hassle to exchange (you can do it in large banks and in hotels). I'd use a combination of cash and bank/credit cards if I were you.

besi

04-May-2007 02:42
Posts: 303

Use Cash.. Unless you want to spend you time meandering about the city searching for the main branch of Bank of China everytime you go to a new place and need to cash the traveller cheques.. If staying a week, why not open a bank account in China? All you need is your passport.. I usually have a dollar account and a RMB account, they issue a ATM card that you can use across China (ATM Machines have English)

Don't setup a dollar account though unless you plan to return to the same city before you leave.. Cause you can only withdraw dollars from your home branch.. Otherwise, convert to RMB and shop away!

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889

04-May-2007 02:46
Posts: 1,365

As above, fewer places will change TCs, so they become a hassle.

If you open a Chinese ATM account you'll usually pay a fee -- one percent, I recall -- for withdrawals outside the home area of your branch, even if it's the same bank.

rmdavis82

04-May-2007 03:00
Posts: 2,368

cash! it's so much easier. you should also be able to withdraw RMB from an ATM using your foreign card (at least in larger cities). I've done this a lot in Beijing and I get charged $2 by my bank for the transaction, but that fee can vary a lot depending on your bank and the atm you are using.

happysurfer

04-May-2007 04:23
Posts: 49

I have mainly travellers cheques and on 3 seperate occassions have been stuck without money. The banks here suck. Even changing cash can be a hassle. I've been travelling for over 5 years and have never seen such abismal foreign excange facilities as in china.
Good luck.....

Oh yeah, one of the times I got stuck with no money, none of the ATM's in town would accept either my UK or australian bank cards or my visa card despite the big visa logo on the screen!

The practical tip is to take tcs and convert loads at a time when you can. In Guangzhou you will need the original purchase reciept for the cheques.

happysurfer

pedrosf

04-May-2007 09:10
Posts: 408

Cash and an ATM card.

guvner

04-May-2007 15:21
Posts: 336

when you say cash, does that mean exchanging at your bank before you go, or through ATM when you arrive?

Harry_Mudd

04-May-2007 16:09
Posts: 4,084

forget about #5.

Take cash and card. As for type of cash, your own home country will do. (which is?)

"A person without a sense of humor is like a wagon without springs. It's jolted by every pebble on the road" - Henry Ward Beecher

WalterInAdelaide

04-May-2007 20:17
Posts: 7

Cash, and an ATM card connected to our debit account at home. Works fine. I have never bothered with travellers' cheques.

aquastar

05-May-2007 20:22
Posts: 9

Hi everyone,

Thanks for you replies. I live in New Zealand and I don't think NZ dollars will be recognised over there, so perhaps I should take a whole lot of US dollars and hide them somewhere safe?

Thanks

phbriggs

05-May-2007 21:16
Posts: 572

New Zealand dollars are recognised in China. Possibly in remote areas well and truly off the tourist trail you may problems changing them, but everywhere else no problems.

Don't take USDs as you will be it with two exchange commissions and the exchanges will mean you lose out even more.

If there is no food, isn't that food for thought?
And if you are bored and want to know more about our Chinese teaching experience, there is our website to read.

gingerpimpernel

07-May-2007 08:15
Posts: 92

Definitely a mixture of cash (any western hard currency) and an ATM card.

I found travellers cheques to be more hindrance than help in China as only the Bank of China or one of the large ie expensive hotels if you're a guest there will accept them.

nenv

08-May-2007 14:41
Posts: 67

So the conclusion is - Cash and an ATM card. And I'm assuming that Canadian dollars won't be a problem either? Or would USD be better?

Harry_Mudd

08-May-2007 15:30
Posts: 4,084

Canadian dollars are fine. why pay for two currency transactions?

"A person without a sense of humor is like a wagon without springs. It's jolted by every pebble on the road" - Henry Ward Beecher

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