Currencies

USD To CNY: Convert United States Dollar to Chinese Yuan


If you’re planning a trip to China in the near future, you may want to exchange some of your money into renminbi, the country’s official currency.

“Renminbi” and “yuan,” which is the primary unit of renminbi, are often used interchangeably. The international symbol for the currency is CNY.

This post has everything you need to know about converting USD to CNY, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.

How to Convert US Dollars to Renminbi (Yuan)

Fortunately, converting dollars to renminbi is fairly simple.

Use a Currency Calculator

Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.

Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.

How to Buy Renminbi

When you’re ready to buy renminbi, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:

  • Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Bank of America doesn’t charge its account holders an exchange fee. However, it does charge a shipping fee of $7.50 USD on orders worth less than $1,000.
  • Use your bank’s ATM abroad for withdrawals where possible: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, Citibank and HSBC have ATMs in China. Most banking apps have an “ATM locator” feature to help you find the closest option, and using an ATM affiliated with your bank can help you avoid excess fees.
  • Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of inflated costs with some of these vendors. Currency Exchange International (CXI), for instance, advertises that it does not charge an exchange fee. However, you’ll pay up to $30 for the privilege of overnight shipping.

What to Avoid When Exchanging Currency

  • Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
  • Exchanging currency in a street kiosk: Many Chinese cities offer exchange kiosks that look like ATMs that allow you to exchange currency while on the go. Still, you’ll likely pay a premium to use one of these convenient locations.

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