1. How do individuals convert RMB into US dollars?
1, converted into US dollars in cash
Cash refers to foreign currency cash, and the official channel for exchanging US dollar cash is the bank. No one can exchange $50,000 (or foreign currency) in cash every year. Investors can exchange US dollars in cash at bank outlets with valid documents such as personal ID cards, and generally do not need to charge handling fees.
However, it should be noted that not all banks support foreign currency exchange business, and only banks with a "foreign currency exchange institution" license can handle it, such as the central branches and above business departments of the four major banks.
2. Convert dollars into cash.
Cash transfer refers to transferring money to a personal bank account by means of transfer. Cash is generally used to leave the country after exchange, and banks are also the official exchange channels. After RMB is converted into foreign currency, it will be remitted to the designated external account. No one can exchange $50,000 (or foreign currency) in cash every year.
The quotation of cash and cash is different, and there is also a handling fee for mutual conversion. The operation of foreign exchange cash is more troublesome than foreign exchange transfer. If it is not necessary to use US dollars in cash, it is recommended to change it into cash.
Two. Matters needing attention in converting RMB into US dollars
There are two kinds of bank foreign exchange quotations: bank buying price and bank selling price. The conversion of RMB into dollars refers to the selling price, and vice versa. The selling price is usually higher than the buying price, and the difference in the middle is the risk reward charged by the bank.
The bid price and the pricing of the bid price are based on the benchmark exchange rate of RMB against the US dollar announced by the central bank. Different banks have different bid prices, and the price of the same bank will be different on different days.
The above contents about how individuals can convert RMB into dollars, I hope to help you. Warm reminder, financial management is risky and investment needs to be cautious.