Banks charge a certain exchange fee for the exchange between foreign currency and local currency and between foreign currency and foreign currency. Moreover, banks charge according to the "cash buying price" rather than the "foreign exchange selling price". The price of the former is much lower than the price of the latter, and depositors will suffer certain losses, and sometimes exchange losses will even exceed the difference income of interest.

Since RMB is not freely convertible under capital account at present, it should not be easily convertible when the income from RMB exchange is less than that from direct foreign currency deposit.

It is not worth the loss to convert RMB into foreign currency and deposit it in the bank on the black market. Some foreign currencies do not have the interest rate and strong exchange rate of RMB at all; Black market foreign exchange prices are high, and counterfeit money is risky.

Converting RMB into foreign currency (individual purchase of foreign exchange): With the original and photocopy of the ID card, each resident in China can exchange the equivalent foreign currency of no more than 2 US dollars per year. On the same day, you can directly withdraw the foreign currency equivalent to 2000 US dollars, and after depositing it in your personal account, you can withdraw the equivalent foreign currency not exceeding 1W US dollars.

Foreign currency exchange for RMB (foreign currency exchange): I carry my ID card, and each person can exchange foreign currency not exceeding the equivalent of 1W every day, and handle it at branches and above without handling fee.