Chinese RMB rates..

[FeiGohGoh]

Originally Posted by SEAJ

Do you guys in Singapore worry about Fake RMB notes? Are they a problem in Singapore?

I usually just withdraw RMB's from ATM machines in Hong Kong - which automatically gets DR converted in my account.

SEAJ

Bro SEAJ, the exchange rate for S$ to rmb not very good in CP among the local money changers....ATM can only get 2-3k rmb at a time, might not be enough for some heavy weights.......

[TonyCheong]

Originally Posted by FeiGohGoh

ATM can only get 2-3k rmb at a time, might not be enough for some heavy weights.......

This is what some of the regular CP heavy weights solve their RMB woes.

Open a China bank account in CP.
Before each trip to China remit or TT money to the China bank account.

When in China just withdraw RMB from ATM or withdraw from bank for larger amounts.

[Vertu]

Originally Posted by FeiGohGoh

Bro SEAJ, the exchange rate for S$ to rmb not very good in CP among the local money changers....ATM can only get 2-3k rmb at a time, might not be enough for some heavy weights.......

I can draw 15k rmb each day with sg bank issue ATM card ..... only diff is the exchange rate are like 4.8 with a $5 service charge.

Is better to open a china account like what Bro Tony had said .

[kenny3004]

Originally Posted by FeiGohGoh

Bro SEAJ, the exchange rate for S$ to rmb not very good in CP among the local money changers....ATM can only get 2-3k rmb at a time, might not be enough for some heavy weights.......

Bro. If you pass by zhuhai, the rates at the underground shopping there are quite similar to S'pore. Very small difference.

Originally Posted by TonyCheong

This is what some of the regular CP heavy weights solve their RMB woes.

Open a China bank account in CP.
Before each trip to China remit or TT money to their China bank account.

When in China just withdraw RMB from ATM or withdraw from bank for larger amounts.

Bro. Is there any restriction to open a china bank account? Need to be a work permit holder?

Please note the maximum amount you can bring into China is only RMB20,000.

I nearly had my money confiscated last trip to zhuhai via Macau. I carry in RMB200,000. Got checked that day. Pleaded ignorance as there was no sign displaying amount that can be taken in or out. Custom let me off with a warning but I cannot take the money in. Left it at their custodian till I come back to claim after stay. Each day pay RMB200 for safe keeping.

Then I walk walk near the underground shopping and I was surprised rate was not far from singapore.

[kenny3004]

Originally Posted by Vertu

19/07/2012 11am

Saw a new money changer at CK today with big panel showing $100 - 503rmb

People park indian changer outside MRT station - $100 - RMB504 now.

[prcsytlover]

Originally Posted by kenny3004

Bro. If you pass by zhuhai, the rates at the underground shopping there are quite similar to S'pore. Very small difference.



Bro. Is there any restriction to open a china bank account? Need to be a work permit holder?

Please note the maximum amount you can bring into China is only RMB20,000.

I nearly had my money confiscated last trip to zhuhai via Macau. I carry in RMB200,000. Got checked that day. Pleaded ignorance as there was no sign displaying amount that can be taken in or out. Custom let me off with a warning but I cannot take the money in. Left it at their custodian till I come back to claim after stay. Each day pay RMB200 for safe keeping.

Then I walk walk near the underground shopping and I was surprised rate was not far from singapore.

What u need is just a passport and 1rmb to open a account.

But u will need to pay for dongle for use of Internet banking if u apply for one. They dun give it free. But still less than 100rmb for the dongle.

[Vertu]

Originally Posted by kenny3004

Bro. If you pass by zhuhai, the rates at the underground shopping there are quite similar to S'pore. Very small difference.



Bro. Is there any restriction to open a china bank account? Need to be a work permit holder?

Please note the maximum amount you can bring into China is only RMB20,000.

I nearly had my money confiscated last trip to zhuhai via Macau. I carry in RMB200,000. Got checked that day. Pleaded ignorance as there was no sign displaying amount that can be taken in or out. Custom let me off with a warning but I cannot take the money in. Left it at their custodian till I come back to claim after stay. Each day pay RMB200 for safe keeping.

Then I walk walk near the underground shopping and I was surprised rate was not far from singapore.

Just walk in any bank with your passport will do ..... some charges if you apply for internet banking ......

Card can be use as debit card also .......

[kenny3004]

Originally Posted by prcsytlover

What u need is just a passport and 1rmb to open a account.

But u will need to pay for dongle for use of Internet banking if u apply for one. They dun give it free. But still less than 100rmb for the dongle.

Thanks bro. Never thought its so simple. Always thought need to be a work permit holder to be able to open account.

Sinkapore and Bolehland need to have work permit before allowing you to open bank account.

Which bank in china are you referring to bro? Wish to open asap.

[TonyCheong]

Originally Posted by kenny3004

Bro. Is there any restriction to open a china bank account? Need to be a work permit holder?

No restriction and no working permit required to open bank account in China.

Originally Posted by kenny3004

I nearly had my money confiscated last trip to zhuhai via Macau. I carry in RMB200,000. Got checked that day. Pleaded ignorance as there was no sign displaying amount that can be taken in or out. Custom let me off with a warning but I cannot take the money in. Left it at their custodian till I come back to claim after stay. Each day pay RMB200 for safe keeping.

This is strange as I think there's no limit on how much you can bring into China.
However you can only bring ¥20,000 or US$5000 out of China.
Any amount more than that must declare.

Originally Posted by kenny3004

Sinkapore and Bolehland need to have work permit before allowing you to open bank account.

Some banks in Thailand also require you to have a work permit before they allow you to open a bank account.
However Thailand bank policies differ from branch to branch.
Some allow you to open bank account without work permit.

[FeiGohGoh]

Originally Posted by TonyCheong

This is what some of the regular CP heavy weights solve their RMB woes.

Open a China bank account in CP.
Before each trip to China remit or TT money to the China bank account.

When in China just withdraw RMB from ATM or withdraw from bank for larger amounts.

I do have a BOC account but seldom use....illegal money changer on 中元街 have excellent exchange rate on US$ but not on Canadian and S$....

Originally Posted by Vertu

I can draw 15k rmb each day with sg bank issue ATM card ..... only diff is the exchange rate are like 4.8 with a $5 service charge.

Is better to open a china account like what Bro Tony had said .

Nowadays I just got my rmb from my local buddy and he gets US$ from me when he visits LA few times a year.

Originally Posted by kenny3004

Please note the maximum amount you can bring into China is only RMB20,000.

I nearly had my money confiscated last trip to zhuhai via Macau. I carry in RMB200,000.

considered yourself very lucky that day........just declare whatever you have lah....

[zuer]

Originally Posted by Vertu

19/07/2012 11am

Saw a new money changer at CK today with big panel showing $100 - 503rmb

Thanks bro, seems SGD going strong hehe.

My 1st 2power pts to you hehe

[kenny3004]

[QUOTE]

Originally Posted by TonyCheong

No restriction and no working permit required to open bank account in China.

Bro. This account in Sing dollar or in RMB ?

This is strange as I think there's no limit on how much you can bring into China.
However you can only bring ¥20,000 or US$5000 out of China.
Any amount more than that must declare.

Limit is for RMB. Only allow in or out china RMB20,000.
No limit on foreign currency going into China.
Going out amount I never ask cause left with empty pockets

[genius]

Today 1.30pm, best rate at Raffles Place, Change Alley is 5.045

[kenny3004]

Originally Posted by FeiGohGoh

considered yourself very lucky that day........just declare whatever you have lah....

Yes bro. I very worry as they bring me into the room and took all the cash out.
Officer took my passport and screen. Came back say I have no records and let me off. Told me no more next time. Cannot say do not know the rule. Must check if not display. Wasted half a day at the check point. Reason being money counting machine cannot function well as money was damp. They deploy 4 pax to count and seal the money.

[prcsytlover]

Originally Posted by kenny3004

Thanks bro. Never thought its so simple. Always thought need to be a work permit holder to be able to open account.

Sinkapore and Bolehland need to have work permit before allowing you to open bank account.

Which bank in china are you referring to bro? Wish to open asap.

Any bank also can.