For a few months now, I’ve been trying to figure out the best way to bring money back to America. For some stupid reason, I’ve been googling some variation of “how to bring money back to America from China.” I even went so far as to search TEFL forums in hopes that someone else teaching English in China would have solved this problem.
Today, I came to the realization that foreign teachers are definitely not the only people who would ever want to bring money back from China, and I learned that using the proper terms makes google work better. Since I want to exchange currency, searching for “currency exchange in America” gave me infinitely more useful results. They did not actually help that much though, they unfortunately just told me what I already knew from Chase’s experience bringing money back to the US from China last year. The best place to exchange currency is likely Bank of America because I have an account with them. However, they’re still going to take a nice percentage from me for the pleasure of exchanging my money. The exchange rate according to google, the source of all wisdom provided you use appropriate verbs, is 1 RMB = 0.159 USD. The exchange rate according to Bank of America, the source of all evil according to a number of people, is 1 RMB = 0.1405 USD.
Here’s why: “We set our exchange rates for foreign currency based on fluctuating market conditions. Exchange rates shown in the newspaper and on some currency conversion sites are generally wholesale rates available only to banks for transactions of $1 million U.S. dollars or more. These rates are generally not available to retail customers who are obtaining foreign currency for international travel. In addition, exchange rates offered by other dealers, or shown at other sources (including online sources) may be different from Bank of America’s rates.1 Bank of America’s rates are competitive with other retail foreign exchange institutions.”
I’m considering trying to live off the pathetic amount of money left in my US bank account while waiting for the day when the RMB that is held at an artificially low value (from newspapers and economists who know much more than I do, especially since the last econ class I took was in high school) stops being held at that artificially low value. Whether I can do this or not will depend on how quickly I can find a job and how much I like driving places. Are there downsides to this plan? If the dollar gets stronger as the economy recovers, will I end up losing out?




