How to convert foreign currency into RMB?

1. Select a bank. Although there is no handling fee for simply changing foreign exchange, banks have to earn the difference. Because of the fluctuation of exchange rate, the foreign exchange quotations of banks are also fluctuating, and their prices will be a little different.

2. You need to bring your ID card and account book when you exchange foreign exchange, but not all outlets undertake exchange business. Bank outlets that can exchange foreign exchange will have green currency exchange signs. If you are not sure, you can ask the staff.

At present, the domestic foreign exchange quota is at most 50,000 dollars per person per year or other forms of foreign currency. If it exceeds the quota, you need to go through some special application procedures. Of course, you can also exchange it with someone else's quota.

4. You can also exchange foreign exchange through online banking at home. Both China Merchants Bank and Bank of China have related businesses, but the premise is that online banking needs to be opened.

Extended data:

Exchange method

It is difficult for a novice in the foreign exchange market to understand the corresponding price of one currency relative to another. However, when we exchange money, it becomes easy to understand. Let's give a very simple example to illustrate. As you know, one pound can buy a bottle of Coca-Cola. How do traders know that 1 GBP equals 1.5 USD and 10 yuan RMB?

Generally speaking, the price of money represents the economic health of a city.

When the British economy is in good shape, the value of the pound will become higher relative to other currencies. Therefore, when the pound appreciates and every company, government and individual in Britain invests more and more pounds, everyone will want to get more pounds.

In other words, just like when the British economy is better, the value of the pound is higher. In this way, the pound is more valuable than other economies. On the other hand, if the growth rates of these two countries are the same, then their currency values may be the same, so their foreign exchange ratio may also remain unchanged.

Investors can predict the future trend by reading the news and invest in this currency through currency traders. If the facts are better than expected, the currency will appreciate and investors will make a profit.

References:

Baidu encyclopedia-foreign exchange