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If you’re making plans to travel to China in the near future, you may need to exchange some of your money into renminbi, the country’s official currency.
“Renminbi” and “yuan”, which is the main unit of the renminbi, are used interchangeably. The foreign currency symbol is CNY.
This article covers everything you want to know about converting USD to CNY, and adds where to get the most productive exchange rates and how to pay the highest fees on your conversion.
Fortunately, converting dollars to renminbi is simple.
Using a currency conversion calculator is the simplest way to get an estimate when converting currencies. Since exchange rates vary daily, using a calculator can ensure that your calculations are correct.
Keep in mind that currency exchange comes with additional payments that a conversion calculator may not be able to predict. For example, credit card companies and ATM networks generally rate a 1% conversion payment on all foreign transactions. Individual merchants would also likely qualify for more payments if you ask them to convert the value of an item to their local currency at checkout.
When you’re in a position to buy renminbi, it’s a smart idea to plan ahead to make sure you pay the minimum fee. Here are 3 tactics to get the currency you want and minimize the fees you’ll be charged:
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