Interesting question: Can I change ANY foreign currency in China for RMB?

[sujeto]

[fanglu]

You will need to ask the banks. The bigger the bank the more likely it will change more currencies.

Can't you bring a venezualan debit card and withdraw money from ATMs at the official rate? I thought if you were travelling overseas to study the venezualan government allowed you to withdraw a lot more than the normal limit while overseas.

[fanglu]

I did a quick search and it looks like you can't change bolivars to rmb in China. In fact, I don't think it is possible to exchange bolivars anywhere outside venezuala.

[sujeto]

fanglu certainly, due to your answer I'm guessing you must know something abour our limit of withdraw money from ATMs. It's a bit complex to explain but in short, nope, I can't freely go to ATMs and extract USD, RMB or any foreign currency at official rate with my Currency.

 

So I was wondering, what If I carry with some Venezuela Cash on my wallet, will this one be accepted in China anyhow???? 

[sujeto]

[Silent]

I wouldn't bet on being able to change Bolivars. I've no experience with Bolivars, but in my experience it can be notoriously hard to exchange 'smaller' currencies outside their originating countries, even in the neighbouring countries. If smaller currencies are exchanged it's often not at the standard exchange offices but by a major/national bank, so not at the airport. So I think Bolivars will at best be hard to change and at worse not accepted at all.

 

Even the big traditional reserve currencies are sometimes refused specially if you have old worn banknotes. I think you should bring one of the major currencies like USD, Euro, Yen, etc... These will give you the least hassle and best rates.

[sujeto]

[abcdefg]

Background: http://rt.com/business/venezuela-dual-rate-forex-065/

 

The exchange rate for essential goods such as food and medicine will remain at the regular 6.3 bolivars per dollar. However, Venezuelans traveling or buying airline tickets will be faced with an extremely unfavorable rate of 11.3 bolivars, known as the Ancillary Foreign Currency Administration System (Sicad) rate. The move aims to crack down on the black market rate which now stands at about 10 times higher the preferred rate, according to Oil Minister Rafael Ramirez.

 

As others have already said, I think it's *extremely* unlikely you will be able to swap Bolivars for Yuan in China through ordinary channels.

[sujeto]

abcdefg exactly, I understand this, my currency is a "fixed" number vs USD. Certainly I wasn't hoping that Chinese market use the "official" rate to exchange my currency. HOWEVER, I wanted to know wheter they will ever accept my currency under a different condition, under OTHER exchange rate less profitable for me of course.

 

Or it's only that they won't accept  my money at all under any circunstance.

[abcdefg]

Or it's only that they won't accept  my money at all under any circunstance.

 

I'm pretty sure official sources won't accept it.

 

You *may* find some black market money changer skulking around on the street near a large bank that will buy Bolivars for Yuan, but the rate will not be favorable and you run the risk of being given some counterfeit Chinese banknotes or cheated in some other way.

[anonymoose]

I doubt even black market traders will take bolivars. Firstly, I guess half of them haven't even heard of Venezuela, and apart from that, to make money, they rely on being able to exchange back their foreign currency, and I doubt anyone in their right mind would want to trade foreign currency into bolivars.

[Johnny20270]

all tradeable currencies used the USD as the routing point for foreign exchanges. The standard in the industry is to route through USD. Its up to the receiving bank and country if they want to accept the VEB, which I think its highly unlikely. Major currencies can just do a direct exchange but its still linked to USD exchange rate. 

 

For me based in London I can make a payment to a chinese bank and opt for my bank to send them USD or GBP (but never CNY) or I can elect to send them GBP and the receiving bank in China will do the exchange to CNY. 

 

In your case it would be unlikely that a Chinese bank would accept VEB (brokers probably) but you can just have your bank send them USD. This is most probably a better way because VEB -> USB will be common in your country and thus tighter exchange rates rather than a Chinese bank trying to convert VEB->USD->CNY. Also these rules are for commercial rates rarely retail

 

Often minor currencies are traded but almost always hedged straight back out to a major currency so the exchange rate is artificial in a way. That is a bank would not have a VEB account. There is virtually no chance you can physically use your own currency anywhere outside South America. (possibly the USA)

[liuzhou]

To cut a long story short, the answer is "no". The list of exchangeable currencies is short. 

[sujeto]

[anonymoose]

British Pounds, Japanese Yen, Korean Won, Australian Dollars, and probably several others, Singapore, Malaysia and so on.

[Johnny20270]

i worked for many years in banking. Very few African currencies can be directly traded outside their own country. Its never really a problem though, just route everything through USD and you are set.

 

Just for info: not relevant to you but in UK for example you can get about 60 currencies. Other countries people generally use USD and change it when there or more likely just use USD, or nearest neighboring major currency, such as Cambodia. It was harder to use Cambodian Rial than USD I found. Still have a pile sitting in my wallet

[liuzhou]

My local Bank of China only exchanges:

 

US Dollar
Hong Kong Dollar
Japanese Yen
Euro
Swiss Franc
English Pound
Canadian Dollar
Australian Dollar
New Zealand Dollar

[abcdefg]

Mine (local BOC) exchanges those on @Liuzhou's list plus Thai Baht and Malaysian Ringgit, although they aren't listed on the "Daily Rates" board.

 

I always divest other foreign currency (Vietnamese, Laotian, etc.) at the border on the way out (exchange them at whatever rate is available on the spot.) Go back home (to Kunming) with something major, usually CNY or USD.

 

BTW, welcome back Liuzhou. We have missed your knowledgeable contributions.

[liuzhou]

 

BTW, welcome back Liuzhou. We have missed your knowledgeable contributions.

 

Thank you!

[anonymoose]

The parole board approved your release, did they?