Living in China

If you’ve acquired large piles of lovely red RMB during your stay in China, you’ll need to convert them to US dollars - or your other currency of choice - before you fly back home. But just how easy is it to change those RMB to USD?

If you’ve been working legally, complete with a working visa, and have been paying tax, you’re entitled to change a certain percentage of your salary - 70% - into foreign currency at the bank. You’ll need to turn up at a particular branch of the Bank of China, show your contract, proof of tax paid, and any other random documentation they feel like asking for. You’ll then likely need to wait a few hours while they do long division on abacuses.

Another option is to ask a trusted Chinese friend to handle it for you - Chinese citizens are now allowed to convert RMB into USD and other currencies, no questions asked. However there are limits to how much you can change, and there is a certain amount of hassle involved.

Black market money changers used to appear regularly around banks. Since the restrictions on converting currency for Chinese citizens has been relaxed they’re less common, and we wouldn’t recommend their use any. Fake notes are always a risk.