how to buy yuan

User-friendly fintech apps like Revolut and Wise far and away offer superior rates when compared to banks and bureau de change kiosks. Since you can download the apps and use their virtual cards directly onto your smartphone, we also consider them to be more convenient. Compare a few services using the handy Exiap tools, including physical exchange locations and convenient digital alternatives, like Wise and Revolut, to find the best option for your needs. Currency exchange services offered by the bank might not offer the best Chinese yuan to US dollar rates but they are convenient, particularly if you are an existing customer. If you’re planning a trip to the United States, you may want to exchange some of your money into U.S. dollars, the country’s official currency.

The good news is that you have several different options to buy Chinese yuan in the US – which means that with a bit of research you’ll find the right one for your specific needs. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. In some cases, you can choose to receive your order in small, large or mixed denominations but it is subject to availability.

You’ll be able to choose from a Standard account which has no monthly fee to pay, or upgrade to an account with a monthly fee which also unlocks extra perks and benefits. All account tiers offer some no-fee currency conversion, and some no-fee international ATM withdrawals, with fair usage fees applied once your account plan allowances run out. With the Wise travel money card you’ll get the mid-market exchange rate whenever you need to switch from dollars to Chinese yuan. You can also withdraw euros from an ATM whenever you need them – giving you the safety of spending with a card, and the convenience of cash. Revolut lets you hold and exchange 25+ popular currencies – and you can pick the account tier which meets your needs, depending on how often you’ll transact and which features you’ll use.

Other currencies that are considered reserve currencies include the U.S. dollar, the euro, the British pound, and the Japanese yen. The elevation of the renminbi’s status allows it to be used more frequently in global trade and international financial transactions. Further bolstering the status of China, the International Monetary Fund (IMF) added the Chinese renminbi to its list of reserve currencies to be used, in part, for central bank transactions. The renminbi and yuan are often used interchangeably as the currencies for China, but the renminbi is considered the official currency of China. The yuan is used to facilitate global and financial transactions and is typically used offshore–outside China–while the renminbi is more frequently used in China–onshore.

how to buy yuan

Many banks offer foreign exchange services online, but you may need to be a client of the bank. Online, you can order foreign currency cash to collect or for delivery through a specialist service or your bank. Or you could open a multi-currency account with a specialist service like Wise or Revolut, and order a travel money card you can use to spend and make withdrawals in Chinese yuan and in many other supported currencies, too. However, this can be very expensive compared to buying your Chinese yuan online before you head off, simply because airport exchange services know you have no other options until you get to your destination. That can mean high commission fees and very poor foreign exchange rates.

Buy Chinese yuan online

Different services set their own rates which may vary based on the currency, the amount you want to exchange, how you want to pay, and whether you’re exchanging money in a digital account or for physical cash. EverBank (formerly TIAA Bank), through its WorldCurrency Access Deposit accounts, also offers the opportunity to establish a bank account denominated in yuan. As long as the yuan remains a non-deliverable currency, withdrawals can only be made in U.S. dollars. However, currency conversions will typically be charged a 1% spread, which is built into or added to the exchange rate conversion. However, the Chinese government still controls the value of the yuan and renminbi exchange rates and has capital controls in place, which prevent Chinese investors from moving money out of China.

how to buy yuan

You will need to be a bank customer already and can order Chinese yuan online easily. A limited number of forex brokers offer trading in the U.S. dollar-yuan currency pair (designated as USD/CNY). Since these types of investments are highly leveraged, they are only appropriate for investors who are willing to accept the higher level of risk that accompanies the substantially higher level of potential return.

The Case for Investing in the Chinese Yuan

There are a few different ways to get Chinese yuan in the US, so you can pick the method that suits you best. Select from more than 90 foreign currencies and receive it as soon as the next day. For added convenience, you can pay a delivery fee to have the money sent to your designated address on a set date and time.

  1. If you’re ordering cash in Chinese yuan you may be able to collect it instantly or on the same day, depending on the provider you pick.
  2. Depending on the provider you pick, you can order a linked international debit card to spend while you’re away, or you can convert to the currency you need to make online payments.
  3. We recommend getting Chinese Yuan in cash from ATMs with debit cards because credit cards with charge you cash advance fees and high APR on ATM withdrawals.
  4. Getting a travel money card from a service like Wise or Revolut allows you to add USD instantly, and then spend or make withdrawals in cash in Chinese yuan as soon as you arrive, so you can access Chinese yuan right away.
  5. These fees pile up when you travel and spend internationally, which is why you should always travel with a card that waives foreign transaction fees.

Until China can freely float its currency and allow the free movement of capital investment in and out the country, it’s unlikely that the yuan or renminbi will replace the U.S. dollar as the world’s reserve currency. Reserve currencies are used to price commodities, such as gold and crude oil, as well as facilitate global trade transactions in developing countries that have less stable currency regimes and financial systems. Nevertheless, it’s fair to say that the Chinese currency is on the path to becoming a larger player in international transactions. Generally, looking for a service which has transparent exchange rates which are the same as – or close to – the mid-market exchange rates is a good idea. You can compare a few live exchange rates for popular providers using the Exiap tools, to see which works best based on the specific transaction you want to make.

Getting your travel money in advance means you’ll save time once you’re on your trip, but you’ll need to shop around to get a good deal. Take a look at options like Wise and Revolut which offer convenient and flexible digital accounts you can use to hold and spend in Chinese yuan conveniently. If you’d prefer to use a travel money card, you can also get that set up online. Open a digital multi-currency account with a provider like Wise or Revolut, get your card, and simply make an ATM withdrawal once you arrive in China to get your Chinese yuan in cash. That means you don’t need to collect your travel money in advance, making the process fast and easy. While it’s convenient, it’s also often very expensive, which can mean that you receive less Chinese yuan for your USD at the airport.

All accounts offer some currency exchange which uses the mid-market exchange rate, and some no-fee ATM withdrawals, with fair usage fees once you exhaust your specific plan limits. If you’d rather set up your travel money in person you can do so by visiting a currency exchange store or bank and paying for your Chinese yuan in cash or with a card. You can also exchange money at the airport before you leave the US – but this often costs more overall, so do check the exchange rates available before you get started. Depending on the provider you pick, you can order a linked international debit card to spend while you’re away, or you can convert to the currency you need to make online payments. Some providers can issue you a virtual card instantly for online spending, and once you have your physical card you can withdraw cash as you travel for convenience.

The information supplied on this site does not constitute financial advice. We do our very best to give you the most accurate journalistic information, but we can’t guarantee to be perfect. You use the information at your own risk, for more details read how our site works. If you’re keen to have travel money in your pocket before you leave the US, you can also choose to order cash in Chinese yuan online and either collect it or have it delivered to your home address. That can be a convenient option, and gives you the reassurance that you’ll have access to Chinese yuan even before you travel.

Ordering your Chinese yuan online and picking it up at the airport can be cheaper than buying Chinese yuan on the spot when you arrive for your flight. If you have a trip to China planned, you’ll need to work out the best way to get Chinese yuan (CNY) to pay for things while you’re there. While carrying Chinese yuan cash is a popular option, you might find using a travel card is cheaper and more convenient – and more secure than carrying a lot of cash too.

Airport Bureau de Change Kiosks

We recommend getting Chinese Yuan in cash from ATMs with debit cards because credit cards with charge you cash advance fees and high APR on ATM withdrawals. Plus, debit cards will use exchange rates set by your card network (like Visa and Mastercard), which are near the mid-market rate. Travel money cards and international prepaid debit cards are a safe and convenient way to spend in Chinese yuan (CNY) – and if you pick the right one they could help you save on currency conversion, too. Top up your card balance in dollars and convert those dollars to Chinese yuan to spend in stores and restaurants, or withdraw cash from ATMs when you need it. You’ll need to shop around to get the best exchange rate for Chinese yuan, including physical locations and banks, and digital and online services like Wise and Revolut. The good news is that Exiap has lots of handy comparison tools to let you see live exchange rates, fees and more.

What is the cheapest way to buy Chinese yuan in the US?

There is also the Market Vectors Chinese Renminbi/USD ETN, which looks to reflect the overall performance of the yuan in relation to the U.S. dollar by tracking the S&P Chinese Renminbi Total Return Index. An ETN is similar to an ETF except ETNs typically invest in other assets besides stocks. The underlying index for the Market Vectors ETN is composed of rolling three-month non-deliverable currency forward contracts on the yuan/U.S. Another way to invest in the yuan is through exchange traded funds (ETFs) designed to perform in accordance with the value of the Chinese currency. This ETF is invested in a portfolio of dim sum bonds, which are issued outside of mainland China but are nonetheless denominated in the yuan. The fund offers capital appreciation in accordance with the yuan, a generous dividend yield that can range from 3.50% to 4.00% per year.

Usually if you plan to get foreign currency cash through a bank or a specialist travel money service, you’ll need to visit a branch or agent location, and take along your USD in cash, or a card to pay for your Chinese yuan. Assuming the bank or currency exchange office you visit has enough Chinese yuan in stock, you’ll be able to take away your travel money instantly. Often the exchange rates are on a board facing the front of the shop, so finding the USD to Chinese yuan rate is easy. It’s free to open a Wise account, with a one time fee of 9 USD for the Wise debit card. Switching from one currency to another costs from 0.43% with Wise – with the mid-market exchange rate, so you can see exactly what you’re spending, and how much your travel money is costing you. Despite commonly heard advice, banks and credit unions are outdated currency exchange providers.

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