Chionggirl in Shanghai

So, I had this massage, and then realised that I am running short on cash before my paycheck. I had some Singapore dollars with me, and thought it would be good that I could change them for some RMB.

So after the massage, i researched through the night for money changing service so that I can do it today (Saturday). Yeah, so much for a sleepy massage, haha! :)

So while doing my research, I came across these articles:

http://shanghai.asiaxpat.com/forums/living-in-shanghai/threads/85665/money-changer/
http://www.shanghaiguide.com/faq/index.php?page=index_v2&id=61&c=2
http://www.shanghaiguide.com/faq/index.php?page=index_v2&id=61&c=2

The last one is absolutely a very enticing suggestion. I am without my passport currently, as it is being sent for work permit application, so I need to get money with little hassle. I decided to try my luck.

I will try the legal means first, of course. I woke up today to to go to Huaihai Lu Bank of China (BOC) branch to see if I could change the currency without my passport. The security guard told me, no way, not possible. I was disappointed, so I went to my next bank to try again. Took the subway to People's Square 人民广场 station and went to look for the Bank of China branch there (at Park Hotel).

I can't find the BOC bank Chinese Merchant Bank nor Park Hotel, but I spotted a Chinese Merchant Bank with an money exchange sign. Ah! Finally some help, I thought. Yeah, i thought.

Went in to enquire with the information counter, and again, no passport, no money exchange, and even worse, they don't take Singapore dollars (and you think they like us so much...). I was about to leave when a very interesting thing happened.

A Chinese man in his 40s came to me and ask if I would like to change money, and that he can do the changing for me. Well, of course I am prepared for these situations after reading the articles, so I was interested to find out more. Yes, as they wrote, this actually can happen within the premises of the bank!

He said he will give me RMB for my SGD in accordance to the current rate. He brought me to the bank's machine that shows the current Forex rate and showed me the current bank buying rate, and motioned me to the ATM within the bank. Before I know it, he was putting in his atm card and cashing in the amount for my SGD! Well, he seems to trust me alot, I must say... You would think we are the ones who would have trust issues, but what do you know? They are more eager to do us a service than for us to trust our cash with them...

So, the transaction was completed. I had a thought and wondered if the cash are fake or real, but I guess I could trust money that comes out of an ATM machine right? And so far, I haven't had any issues using the notes I have, which really hasn't been much. But I am pretty sure that I will not have much or any problems at all using the remaining notes.

I am glad that I decided to go ahead with my decision to check the legal means first before I do the illegal ones. But it wasn't that bad, and the money changer was not trying to make me part more money for less. Would you dare try it?

If you are keen to have some safety precautions in case you are in a similiar situatio like myself (no cash, no passport) and is interested to do the above process, take note of the following:

1) Even though at the station, it says it will bring you to the BOC branch at Park Hotel 国际饭店, Exit 8 actually takes you to the abovementioned bank. The bank is just diagonally opposite this exit， below the  sign of the Pacific Hote 金门大酒店. The currency exchange sign is very prominently displayed outside the bank. Unless you want to go to the BOC branch at Park Hotel, which you shall come out from exit 9, do take this exit.

2) The money changers carry a slingback bag with them. They will not walk too close to you to give you a nasty shock, but will approach you and ask you politely if you would like to change your cash with them. Do note that they speak in Mandarin. And I guess speaking in Mandarin puts me at a friendlier position.

3) Getting them to withdraw the money from the atm is the safest way to ensure that you do not get fake notes. Do insist that you want the same rate that the bank offers, I did not do so cos I guess the rate I got based on the machine is trustworthy and I need not pay any admin fee.

4) If you really feel safer doing the currency exchange through the legal means, please note that BOC assures you of changing SGD to RMB, the other banks do not offer that. These banks are opened till  5pm everyday.

5) Remember to bring your passport. Only oiginal passports are allowed, no photocopies.

6) If you don't mind paying administration fee, there are visa/mastercard atms machinese littered all over town, so you will have no problems withdrawing cash from your credit card.

7) Don't ask me about travellers cheques; I don't think Singaporeans carry that with us when we go overseas.

Now you will be more equipped to do your shopping in Shanghai! :)