I am traveling to China in July and was wondering what the best way to do currency exchange is. I've heard that you can just bring your debit card with you and use the ATMs but I've also heard that the ATMs give you bad exchange rates. Is it best to exchange cash before you leave? If so where can you get the best exchange rates that is also a secure merchant?|||Foreign currency exchange fees are unavoidable. You will pay a 2% to 3% foreign exchange fee in China regardless of whether you exchange currency via ATM, credit card use, or in cash.
Do NOT exchange foreign currency in the United States. Banks and exchange services in the USA charge outlandish rates of 15% to 30%.|||Well in Mainland China there is a fixed exchange rate, which means it doesn't matter where you change you money.
ATM cards are great for emergencies, as are credit cards. I would avoid credit cards because in any tourist location they are sure to try and find some way to cheat you when using a credit card.
If you exchange before you leave America, remember there is no regulation. In most countries banks are the best place to exchange (avoid the airport). But some banks in America will add on high fees for processing. You can try specialist money exchange businesses (Tomas Cooke?).
Generally you should arrive with some local currency already exchanged. Even if it is more expensive, because imagine your plane arrives late, local exchanges are closed, you don't speak the language and you need to get a taxi.
Also carry some US dollars. You can exchange these in many places and often the exchange rate on cash is the best.
Travellers cheques are also possible and safe, but they are inconvenient to change. I don't know anyone who used them any more.
As you don't want to carry to much cash, use the ATM card to get addition money, pay for good hotels with credit cards.
Keep your credit card for emergencies.|||ATM bad idea. Travelers checks. Cash at banks. Crafty chinese steal money.
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