Banking In Nanjing
Jun 6th, 2006 under Banking
I had problems when I first arrived. I didn’t know which bank to choose, how to open a bank account, or how much money I could draw from the ATM machine?
After that, it took me some time to find out how to exchange a foreign currency into renminbi. It’s all covered here, including a primer on getting interest on foreign currencies at the bank. And about money in the fixed deposit.
if you wanted to exchange USD for RMB on 25 March 2007, you’d had see on the screen:
钞票 7.65%
买 7.71%
卖 7.74%
This means that:
- the bank will give you 765rmb for each 100usd you give it (cash).
- the bank will give you 771rmb for each 100usd you give it (if the money had been tt’d over).
- the bank will buy your rmb from you and give you usd at the following rate: 774rmb will give you 100 usd.
so if you had 100 usd and wanted to buy rmb from a friend who wants usd, which numbers above will you use so that it’s fair for both of you?
recent rates:
live period (i.e. savings account): 0.72%
all banks’ rates on fixed deposits 定期 are decided across the board by the central bank authority.
as of late march 07:
fixed deposit rate in RMB were
3mth 1.98%
6mth 2.43%
1 yr 2.79%
2 yr 3.33%
fixed deposit rate in USD were
1mth 2.25
3mth 2.75
6mth 2.875
1 yr 3.00
2 yr 3.25
Don’t know how helpful this is, but just open a bank account on your own, put the RMB into your account, and tell them you want to convert at the rack rates.
How can I convert RMB to dollars legally without going through my employer?
one place to draw alot of money at one go is at the China Merchant Bank at Xin Jie Kou (in the Dong Fang Shopping Center Building).
You can draw 3000rmb worth of cash at one go.
the yuan is set to rise, so be wise about putting your money in fixed deposits although the interest rates are attractive. might want to consider keeping your yuan and seeing it appreciate.