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Changing A Large Amount Of Rmb To Pesos


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Terrance

I will be arriving in Cebu during the first week of February carring a large amount (somewhat less the $10,000 to avoid customs issues) in Chinese currency. I will be flying through Incheon in Korea to get to Cebu. Does anyone have any advice on where to change this money to pesos? In Korea at the airport? or in Cebu? Thanks

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hookedtothenet

I believe that the rules are that you aren't allowed to bring into the Philippines that sort of amount in Pesos. So maybe it would be better changing the Chinese currency in the Philippines, just declare the foreign currency as you enter.

Edited by hookedtothenet
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Monsoon

If it were me, I would buy dollars before departure. Easy to do if your on a Z visa. Almost as easy on any visa if you show exchange receipts. I even showed ATM receipts once to change the pile of RMB before leaving. They looked puzzled, I looked angry and they ended up changing it.

 

There is a black market bank in CHinatown in Manila , but I doubt you'd want togo there.

 

Don't get caught taking more than 20k RMB out of CHina.

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Scottiev

you are only allowed to bring 10k peso per person into the Philippines without prior permission , you can bring $10k US dollars or the equvilent foriegn currency before you have to declare it on your customs form.

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The exchange rate for changing RMB into another currency in most countries is very bad.

Probably your best bet is to change your RMB to $US while you are still in China, and then you can change your

dollars into Pesos almost anywhere in the Phils.

 

 

 

In some cities in China it can be very difficult for foreigners to change RMB to dollars.

In my city in China the bank will not change money for me, but they will invite in the black

market money changer into the bank to change money for me. All of the RMB and dollars

are inspected by the bank employees so that I have never had a problem with fakes.

 

You can also ask a Chinese friend to go with you to a bank to change money.

Chinese are allowed to change $20,000 worth of RMB to dollars annually.

Edited by donb2222
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David_LivinginTalisay

I now have my China Foreigner Residence Permit (valid to 31 August 2013), after doing a Z Visa Run from China to Hong Kong, back in December 2012, (some weeks before my 'F' Visa expired on 25 Dec).

 

I should now be able to change RMB to Foreign Currency, but have not yet tried to.

 

It is quicker, and easier, using the CCB Account ATM Card, in UnionPay Banks in Cebu to get Peso (Php200/tranaction)

 

When I was in Hong Kong, I used my CCB (China) ATM Card to withdraw from CCB (Hong Kong) and it offered withdrawal in RMB or HK$ which I needed to pay the China Visa Fees as only HK$ cash accepted.

 

There is a 24.4% difference between them currently!

CNYHKD=1.244 currently, but was 1.2392 on Dec13).

 

So if you changed CNY/RMB 10,000 on Dec 13 2012 you might have only got HK$12,392.00 (or less)

Today that same CNY/RMB 10,000 might give HK$12,440,00 ie HK$448 more!

Edited by David_LivinginTalisay
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Monsoon

 

It is quicker, and easier, using the CCB Account ATM Card, in UnionPay Banks in Cebu to get Peso (Php200/tranaction)

 

 

Your right David, everyone I worked with there used to do the same (in HK not Cebu) every chance we got. Although now I wish I would have let some of those RMB sit in the bank there.

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When I came here from China, I was changing RMB to pesos at the money exchange in Ayala...the rate was quite good...regarding exchanging RMB in other countries, it has become quite common in SE Asia and commonly the exchange is

better than first changing to US $... :Yay:

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