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Is it illegal to exchange dollars in Macao?
It's not illegal to only go to a regular bank.

China government opened foreign exchange control in 2007. Individuals can freely exchange 17 kinds of bank-listed foreign currencies with the equivalent of less than $50,000 in domestic large, medium and small banks with their valid identity documents (the annual limit per person is less than $50,000).

This kind of situation can't be communicated in private. There are also a large number of counterfeit foreign currency. If you must use it overseas, it is recommended to get a dual-currency bank card. There are many foreign shopping cards, and basically foreigners use them to do business.

The types that can be purchased are: US Dollar Federal Reserve, Japanese Banknote, British Pound Banknote, EU Dollar, Canadian Dollar, Australian Dollar, Korean Dollar, China Dollar, China MOP, etc. China Bank, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank all have them (for example, Bank of China Hebei Head Office-Shijiazhuang Branch-Shijiazhuang Sub-branch), and even medium-sized banks such as Minsheng Bank, China Everbright Bank, Bank of Communications, China Merchants Bank and Postal Savings Bank also have them.

Private exchange of dollars is not allowed at present. In addition, private exchange of foreign currency is easy to be converted into fake foreign currency. Due to the poor discrimination ability of foreign currency banknotes, it is not recommended for individuals to exchange US dollars privately.