Converting RMB into foreign currency at China Bank:
If you want to exchange cash for money, you must go to the bank counter to exchange it. You need to bring your valid ID card to the counter to fill out the application for purchasing foreign exchange. Most branches of China Bank can support foreign currency exchange. Generally, the business hours of outlets are from 9: 00 a.m. to 5: 00 p.m. In some areas, such as northwest China, due to the time difference, the processing time will be delayed as a whole.
If the money is in the card, you can exchange it at the ATM first and then withdraw it directly from the bank counter.
Purchase of foreign exchange through online banking: log in to online banking, select investment and wealth management, click settlement and sale of foreign exchange, select RMB to purchase foreign exchange, and then withdraw cash from the bank. The business hours of online channel foreign currency exchange are from 7: 00 to 23: 00 every day, which is not limited by weekends or holidays.
However, we must pay attention to the following matters:
The annual foreign exchange quota of China residents is equivalent to $50,000. When you exchange foreign exchange within the personal exchange limit of 50 thousand US dollars, you can go to the bank with your true identity certificate.
When it exceeds 50,000 USD, it is necessary to provide corresponding certification materials and exchange them for foreign exchange after approval by the foreign exchange bureau.
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Domestic convertible foreign currencies mainly include: British pound, Hong Kong dollar, US dollar, Swiss franc, Singapore dollar, Swedish krona, Danish krona, Norwegian krona, Japanese yen, Canadian dollar, Australian dollar, euro, Macao dollar, Philippine peso, Thai baht, New Zealand dollar and Korean won. Other foreign currencies are not convertible in our country.
Therefore, we should be especially wary of some lawless elements selling some old foreign currencies that cannot be used in the market. For example, don't buy old coins from Latin American countries such as Peru and Chile in the 1950s and 1960s to avoid being cheated.
Foreign exchange quotation
The foreign exchange quotations of China banking institutions are generally divided into four categories: foreign exchange purchase (that is, cash purchase, the same below), foreign exchange sale, banknote purchase and banknote sale, all of which have different values. The buying price of foreign exchange (paper money) is the price that the bank buys foreign exchange (paper money) from you, and the selling price of foreign exchange (paper money) is the price that the bank sells foreign exchange (paper money) to you.
Less RMB is exchanged in cash than in cash. Mainly because the operating costs of banks are different. When you sell cash (a foreign exchange payment bill, equivalent to foreign exchange deposit) to a bank, you sell your foreign exchange deposit in a foreign bank to a bank.
This foreign exchange deposit is transferred from your name to the bank's name from the moment you sell it to the bank, and the bank can charge interest immediately. When you sell the cash to the bank, you need to transport the cash abroad because the foreign currency cash can't circulate in the local area of the transaction. Banks not only can't get deposits and interest immediately, but also have to pay cash.
References:
Baidu encyclopedia-foreign exchange
Baidu encyclopedia-yen