First, change your RMB into foreign currency in a domestic bank (such as Bank of China). Now you can handle it with your ID card, and no other formalities are needed. Domestic banks can only exchange several international currencies, and the US dollar is the most popular. In addition, there should be pounds, euros, Singapore dollars, Australian dollars, Japanese yen and so on. If you want to go to a destination other than the above countries, you should change US dollars first and then change them at the destination.
2. Take RMB abroad and change it into foreign currency that RMB can be exchanged. For example, many commercial streets in Hong Kong can find places to exchange foreign currency.
Third, take your credit card that supports foreign currency settlement, such as VISA card of China Merchants Bank (there are many kinds, please ask whether it can be used abroad when applying) to the merchants that support credit card consumption abroad.
4. After changing your money into foreign currency, remit it from China to an overseas account, and then take it out from the local bank. In this case, it is generally not necessary to travel at one time.
Take a traveler's check issued by the bank and change it into local currency abroad. Banks in this country don't seem to be very popular, which should be because RMB is not the international payment method like the US dollar.
After consulting relevant professionals, I have come to the following conclusions and experiences on foreign exchange for the reference of friends studying in the UK:
Experience 1: there must be a plan for foreign exchange. If you change too much at a time and finally change it back, it will waste the handling fee.
Experience 2: If you change money in China, it is most cost-effective to queue up at the bank, and no extra handling fee is required. At present, 50 yuan has to pay a handling fee for every transaction at the airport. When you exchange foreign exchange with floating exchange rates overseas, you have to shop around like you buy something.
Experience 3: If you exchange a currency that is not popular in the local area, the loss is greater than the popular currency.
Experience 4: The handling fees of domestic banks are much lower than those of foreign countries. The handling fee of the popular currency is only 1% to 2%, which is far lower than that of foreign exchange in Europe and America.
Experience 5: The handling fee for each credit card redemption is about 1.5%. Going to Europe and America may be more cost-effective than carrying it with you after cash exchange. In this case, you should use credit cards more.