However, currency conversions are charged a spread of up to 1%, which is built into or added to the exchange rate conversion. We collect fees and rates from the most popular money transfer providers — so you don’t have to. We calculate the full price you’ll pay when sending USD to CNY with each provider — including the hidden markup in the exchange rate. However, the Chinese government still controls and closely manages the value of the yuan and has capital controls in place. These controls prevent Chinese citizens from moving money out of China, and also cause problems for the businesses of foreign companies and investors. Nevertheless, it’s fair to say that the Chinese currency is on the path to becoming a larger player in international transactions.
Capital Controls
Other currencies that are considered reserve currencies include the U.S. dollar, the euro, the British pound, and the Japanese yen. The elevation of the renminbi’s status allows it to be used more frequently in global trade and international financial transactions. These are the average exchange rates of these two currencies for the last 30 and 90 days. Your budget for a trip to China can vary enormously depending on what you’re planning to do, where you’ll stay and how long you’re going to be there. It’s worth setting yourself a budget in Chinese Yuan Renminbi well in advance so you can plan around that. You’ll then be free to spend your Chinese Yuan Renminbi when you have enough balance with no extra fees once you arrive at your destination – you can also make ATM withdrawals whenever you need some cash.
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As a managed float, the Renminbi’s value is determined by a basket of foreign currencies. To compare your options it helps to understand a bit about the mid-market exchange rate. That’s the rate you’ll see for USD to CNY exchange if you use an online currency converter tool or a Google search. The mid-market rate is commonly used as a benchmark as it’s the one quoted on wholesale markets. However, banks and exchange services don’t usually pass this rate on directly.
Or, set your budget to cover about $17 per day to make sure you can get the most from your trip. If you’ve left your planning a little late you still have the option to buy Chinese Yuan Renminbi at the airport in many cases. Get your travel money instantly in a branch of CXI, or order in advance for collection in person at a bank like Wells Fargo. It may take time for your payment to clear and for your currency to be available. Our currency rankings show that the most popular Chinese Yuan Renminbi exchange rate is the CNY to USD rate.
Business
Buy a travel money card from a provider like Wise, top up in US Dollars, spend and make withdrawals conveniently on your trip. The Wise card has a one time 9 USD fee, and can be used with mid-market rates and low, transparent fees, in 150+ countries. We do not compare all available providers in the market. Our results are sorted by default from the lowest USD cost to you to the highest USD cost to you and you may choose to sort results according to other criteria. We may receive a referral fee if you choose one of these providers, but that won’t affect the ranking of the provider, the exchange rates or any fees you are charged. When travelling abroad for business or pleasure, you might need Chinese yuan to spend in restaurants, shops and bars.
Order 70 currencies online or in a branch, for collection or delivery in days. Sell back unused foreign notes to the bank after your trip. This calculation is based on spending 1,000 GBP to compare travel money with the Wise card vs exchanging cash for a holiday. Average hotel costs in China do vary a lot but can start from around $68. On top of that you’ll need to budget for food, at around $23 per meal. If you’re looking for an easy life you could also choose to take an organized tour which means there’s no need to plan all your activities individually.
How to get the best Chinese yuan exchange rate
You can buy Chinese Yuan Renminbi before you travel, or on arrival if you’d prefer. Which works best will come down to the fees and exchange rates you can find both locally and when you get to your destination. One disadvantage of buying Chinese Yuan Renminbi when you arrive is that you’ll waste time looking for exchange offices – while taking all your cash with you isn’t necessarily a smart choice for safety.
Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. There’s no single best provider when it comes to exchange rates. Some banks allow you to exchange money in a branch location. The processes and eligibility rules here do vary quite a lot. In some cases you’ll need to already hold an account with the bank you pick, for example.
- While the Chinese economy continues to grow, as of 2024 its growth rate is slowing.
- We do our very best to give you the most accurate journalistic information, but we can’t guarantee to be perfect.
- They create their own exchange rates to make their customers pay a hidden markup.
- However, it’s useful to know that a lack of local competition can mean that prices are high at the airport, with exchange rate markups adding to the overall cost significantly.
- However, currency conversions are charged a spread of up to 1%, which is built into or added to the exchange rate conversion.
In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. As long as we get your money within a day, you’ll never lose out on a great price. The lower the cost of converting your money to CNY, the more money for you. That’s why it’s important to see the full cost of an international transfer before you send it. Another way to invest in the yuan is through exchange traded funds (ETFs) designed to perform in accordance with the value of the Chinese currency.
Best Chinese yuan exchange rate
All investment services are provided by the respective Wise Assets entity in your location. And if the rate isn’t right, we free money flow can let you know when it gets better. Sign up for rate alerts, and you’ll get live updates straight to your inbox. Unfortunately many ETFs and ETNs offering exposure to the Chinese yuan have been liquidated and delisted over the past few years. Options may still exist, but as of 2024 investors will have a harder time going down this route.
These currency charts use live mid-market rates, are easy to use, and are very reliable. Live tracking and notifications + flexible delivery and payment options. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. You should always look for the best possible exchange rate, regardless of the conversion method you’re using. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods.
Further bolstering the status of China, the International Monetary Fund (IMF) added the Chinese renminbi to its list of reserve currencies to be used, in part, for central bank transactions. Renminbi and yuan are often used interchangeably as the name of China’s currency. Technically, the name of the currency is renminbi and the unit of denomination is yuan. Because Chinese Yuan Renminbi are a commonly traded currency you might find your bank has them in stock if they offer travel money services. Call in advance to ask if they have Chinese Yuan Renminbi on hand to avoid a wasted trip. If you have an overseas trip or vacation coming up, planning your travel money in advance can save you time and money.
There are additional locations in Chicago and Los Angeles, but they are only for corporate clients. Account holders can withdraw in renminbi and in dollars. As long as they hold money in these accounts, investors benefit from any appreciation in value in the Chinese currency. Many major airports have currency exchange desks which stock major currencies for instant conversion. You may also be able to order money in advance for collection. However, it’s useful to know that a lack of local competition can mean that prices are high at the airport, with exchange rate markups adding to the overall cost significantly.
With the Wise debit card, you can send and spend money at the real exchange rate, and convert it instantly. Withdraw money from ATMs abroad — with no fees on your first £200 every 30 days — or pay in shops and restaurants around the world. Wise always gives you the real exchange rate, just like the one you’ll see on Google. So when you make an international money transfer, you’ll know exactly what you’re getting. No nasty surprises — just the best Chinese yuan rate, with a fair, transparent fee upfront.