How to exchange foreign currency is cost-effective

For traveling abroad, we all know that we have to exchange some foreign currencies, so there are some problems at this time. How can I exchange foreign currency more cost-effectively? After all, when traveling abroad, we must pay attention to saving money as much as possible, because we don't know when we will need money very much.

Therefore, for everyone's consideration, next, Bian Xiao will give you a good arrangement. How to exchange foreign currency for this trip abroad is more cost-effective!

The first principle of foreign currency exchange is that if it can be exchanged in a domestic bank, it can be exchanged in advance. Because the exchange rate is the most cost-effective for domestic banks! There will be exchange rate differences at airports, exchange points or ATM machines at home and abroad to exchange foreign currency. So if you have enough time, change it at the bank in advance.

It is not appropriate to exchange too much foreign currency for cash. Travel shopping is mainly based on credit cards, and cash is mainly used to pay for transportation, snacks and other expenses. Therefore, it is recommended to exchange less foreign currency. If you go to Southeast Asian countries, you can exchange the equivalent foreign currency of 5000 yuan.

And if the foreign currency is not used up, it will be converted back to RMB after returning home. Take the US dollar as an example, it will cause a loss of about 1.2%.

It is worth mentioning that, according to the regulations of China Customs, each person can take the equivalent foreign currency of no more than RMB 20,000 or US$ 5,000 out of the country. If it exceeds the quota, it must be declared to China Customs before leaving the country. Usually, the amount of $5,000 can meet most of the needs when traveling, and the rest can be spent by credit card.

The most suitable and reasonable exchange time one or two weeks before the trip is mainly based on the exchange rate fluctuation trend of the converted foreign currency. Take the exchange rate of RMB against the US dollar as an example. In the long run, the RMB is in the appreciation channel, so don't exchange it too long in advance. It is most appropriate to change one or two weeks before going out.

The most taboo is to exchange money one or two days in advance, because many banks need to make an appointment in advance to exchange foreign currency, which may not be available on the same day.

The dollar can be used as a transit currency for petty money. If you want to change small currencies, such as Vietnamese dong, Myanmar dollar and other Southeast Asian currencies, what should I do if domestic banks cannot exchange them directly?

At this time, you can change RMB into dollars first, and then go to the local area to change it into local currency. Because the US dollar is recognized as the currency in circulation in all countries and the exchange rate of the US dollar is relatively stable, it is more favorable to exchange the US dollar at home than abroad.

Credit card spending can reduce the handling fee. Before you exchange foreign exchange, you should not only pay attention to the exchange rate, but also find out whether there is a handling fee. If yes, choose to spend by credit card, which can reduce the formalities fee.

At present, many banks have launched dual-currency credit cards in RMB and USD for outbound travel. When a non-US dollar settlement country is selected, the credit card will be settled in local currency, and the credit card repayment slip will be displayed in US dollars. After returning home, you can use US dollars or go to the bank to exchange RMB for repayment.

However, it should be noted that it is best to use your own credit card abroad and sign it on the back, because in most cases, the store will recognize my signature more than the credit card password.

Which domestic banks can exchange foreign currency? At present, the four major banks in China: China, agriculture, industry and construction can exchange foreign currency.

Among them, China Bank has the most convertible currencies, including: British pound, Hong Kong dollar, US dollar, Swiss franc, Singapore dollar, Swedish krona, Danish krona, Norwegian krona, Japanese yen, Canadian dollar, Australian dollar, Euro, Macau pataca, Philippine peso, Thai baht, New Zealand dollar and Korean won.

China Merchants Bank, Bank of Communications and other banks can also handle it.

In addition, not all banks can handle foreign currency exchange business. In some cities, only some business halls can exchange foreign currency, so you need to call in advance for consultation. The procedure of foreign currency exchange is not complicated. After making an appointment, you can apply with your valid ID card, fill in relevant documents and pay cash.

Where can I exchange foreign currency abroad? If it is too late to change in advance in China, you can only choose to change abroad. Foreign airports, hotels, foreign currency exchange points, banks and some ATMs can exchange or withdraw local currency, but the exchange rate is very different.

① foreign currency exchange point

These exchange points are all over the streets, shopping malls and busy areas in the city center. Their business hours are very long, and some of them are still 24 hours, which is very convenient for communication. But the exchange rates of different stores are not the same. If time and energy permit, it is recommended to shop around.

②ATM

The handling fee for foreign ATMs to withdraw cash is ok, but not too high. Banks are generally controlled within a reasonable range. So if the exchange rate at the exchange point is too low, go to the ATM to get it.

③ Airports and hotels

The exchange rate of airports and hotels is very low, and high handling fees may be charged. If you really want to make an emergency exchange here, try to transfer to the airport, and often the exchange window that is not so conspicuous and easy to find in the corner will be more favorable.

Foreign exchange tips of various countries 1, Thailand

In Thailand, ATMs or affiliated banks with UnionPay logo can use bank cards to directly withdraw Thai baht. Other ATMs without these two logos can also try. It should be noted that the deposit balance of ATM shows the amount of Thai baht calculated according to the foreign exchange quotation of China UnionPay at that time, not the balance of RMB.

2. Japan

In Japan, the local exchange fee is usually high, so it is best to exchange it at home. In Japan, banks or post offices marked "_ for business" can exchange money. Before trading, confirm the exchange rate and whether there is a handling fee.

Moreover, coins with large denominations, such as Japanese yen and Korean won, will not be exchanged if they are not used up when they return to China.

3. Southeast Asia

Generally speaking, RMB can be directly exchanged in Southeast Asia, but there may be more places to exchange dollars. In Southeast Asian countries, there are usually banks, hotels and change shops, and some tour guides also provide currency exchange. The exchange rate is different in different places.

4. Europe &; Australia

RMB is not directly convertible in Europe and Australia. Why don't you change it into dollars and then go to the bank or foreign currency point to exchange it?

Ok, let's master these methods. When you need to handle foreign currency exchange when traveling abroad, remember to learn from Bian Xiao's advice and wish you a pleasant journey!