i'm going to china in juneplan to backpackstay in hostels.

Question

I'm going to china in June and plan to backpack and stay in hostels. I was just going to exchange a little money here in Canada and then bring Canadian travelers cheques for the rest of my money. I was just going to cash the cheques as needed like in main branches of the Bank of China or I read that hotels give good rates on money exchange. Now I'm told by a friend that the hotel won't exchange the money if I'm not a guest, and the Bank of China won't cash the travelers cheques because I don't have an account. I have a canadian passport and appropriate visa documents. Is this true? Should I just exchange my money in Canada and accept the bad rate of exchange or will I have an easy time exchanging money in China?

Mr.paula · Answer

It is wise to exchange a little money in canada, because the exchange rate is not favourable. You can exchange money in China. It ls ture that the hotels only exchange money for their guests. However, the Bank of China do cash the travelers cheques whether you have a bank account or not. In the big cities, travlers cheque is sometimes accepted in the big department store. So do not worry! And do not change too much money in your country, i heard that the rate is really bad.

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