CNY To USD: Convert Chinese Yuan to United States Dollar - Forbes Advisor (2024)

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 international symbol for the currency is USD.

USD is also the official currency of several other countries, including Ecuador and El Salvador. Wherever you’re headed, travelers should note you’ll have to complete a customs declaration form if you leave China with more than $5,000 in USD.

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

How to Convert Yuan to Dollars

Calculating the conversion of yuan to dollars is fairly simple. You can either make the conversion using a calculator or by hand.

1. 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, banks and ATM networks may charge a conversion fee of 1% or more 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.

2. Calculate it Manually

The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. At the time of writing, ¥1 CNY is worth $0.14 USD.

Once you know that information, multiply the amount you have in yuan by the current exchange rate. The resulting number will show you the amount of USD that you have to spend on your trip.

Manual Currency Conversion Example

Let’s say you have $1,500 CNY and would like to figure out how much USD you have for a trip to China. Using the current exchange rate, the formula for your conversion would look like this:

¥1,500 CNY x 0.14 = $210 USD

How to Buy USD

When you’re ready to buy USD, 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. Just be prepared for long wait times or other delays receiving service, as well as additional costs like fees for shipping or a minimum exchange amount. run
• Use your bank’s ATM abroad: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, the Industrial and Commercial Bank of China (ICBC) has ATMs in New York, San Francisco and the Los Angeles area. Some 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.

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 U.S. cities offer exchange kiosks that look like ATMs. These locations are convenient, often located near hotels or in tourist areas, but you’ll likely pay a premium to use a street kiosk.
• Black market money exchangers. Before leaving China you may be tempted to buy USD from someone who sells currency on the streets. Even if the seller offers a good exchange rate, it’s not worth the risk since there’s a high likelihood that the currency is counterfeit.

Next Up:

• Best Travel Credit Cards 2024
• Best Credit Cards 2024
• Best Travel Insurance