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Maglev train question

Los Angeles
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118 posts
7 reviews
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Maglev train question

I was planning to take the maglev train in from Pudong Airport. My relative is going to pick us up there and take us to our hotel. I was planning to exchange dollars for RMB at the hotel since they are not going to charge me any fees( SPG Gold Member bonus). I was not going to exchange in the US because of the extra fees that everyone is charging.

But do I need RMB to take the maglev train at Pudong or do they take credit card? Do I need RMB at airport for anything else?

Edited: 27 July 2011, 20:14
Sherbrooke, Canada
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1. Re: Maglev train question

You do not need RMB at the airport. Not sure if Maglev accepts credit card.

Don't be fooled by the "no fee" concept on exchanging currency. what matters is the net rate. You should check the exchange rate at the airport so you can compare with the hotel. Usually you can get a very good rate using ATMs.

Los Angeles
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118 posts
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2. Re: Maglev train question

Thanks to US government with debt ceiling crisis, the dollar is falling..6.45rmb to dollar

Hangzhou, China
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3. Re: Maglev train question

U need RMB to take the maglev train at the airport, it cost 50RMB per person, but if have a intraday plane ticket, there will be 20% off for the price.

Shanghai, China
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4. Re: Maglev train question

The Maglev does not accept overseas credit cards.,so u need to pay Rmb,In the airport generally all credit cards r accepted by the merchants.Normal fees for the maglev one way is 50 Rmb unless u could produce evidence of yr flight details or tickets or pass,it would b 40 Rmb/person.Also its true n alarming that the USD is falling like humpty dumpty soon,n hopefully wont trigger another global crisis .

Los Angeles
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118 posts
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5. Re: Maglev train question

Thanks for info. Our friend, United flight attendant, told us that there is many ATM's in the airport once you get off the plane in Shanghai. The local exchange was going to charge me 7 % to get RMB here.

Melbourne
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6. Re: Maglev train question

umm tinman no, the yuan is pegged to the American peso. however the chinese gov't is and has been under a lot of pressure to revalue - which it does very slightly on vitually a daily basis. Not their fault - you put all the factories there and exported your own countries jobs.And you wonder why you're in trouble now - Doh!! Anyway, It had stopped during the gfc but had started again - gee was it a year ago?

Los Angeles
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118 posts
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7. Re: Maglev train question

Hehe, Im a Chinese American who can speak decent Mandarin. So when idiots destroy USA, I moving back to China.

Speaking running a country to the ground, that's what Calfornia is doing to itself also........We arent too smart. Maybe China is right, you can't have a democracy when the majority are fools....

Edited: 28 July 2011, 17:36
San Francisco
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for Guangzhou
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12,327 posts
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8. Re: Maglev train question

The best place to exchange money is in banks in China, official rate with no fee, just any banks on the street. Chinese banks in the past required copy of your passport, so we always have a few copies of our passports with us, easier than trying to get one in China. This requirement was dropped by most banks in the South last year. You can just get $40 of RMB in the airport, the fee or lower rate on such a small amount is really not relevant.

We were once caught at Guangzhou airport without any RMB at 11PM when all banks were closed, 1 hour of running around in the huge empty airport looking for RMB. No taxi and no money to take the bus. We were dirt poor, pennyless. It is not a position you want to be in.

The rate is set by the Chinese gov't, and it will steadily but slowly climb, it has nothing to do with current debt discussion. Higher RMB is not exactly good news to China, lower US$ is not completely bad news for USA, it is intentional and exactly as Obama wanted. Don't forget high JP yen in the '80s killed the Japanese economy, this is exactly what the West wants to see when they force China to raise the Yuan.

My country is doing just fine, so-called debt crisis is just part of how it should work, debate is needed, without the debate, we'd just keep on spending and spending like a drunken sailor. China is wonderful, but the air, the dust, the traffic, so many people everywhere, etc.. Do not bet against USA.

Edited: 29 July 2011, 02:39
Sherbrooke, Canada
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9. Re: Maglev train question

Banks always require your passport and it takes forever. Not a good option.

I don't know what you mean by "You can just get $40 of RMB in the airport". From ATM you can get 2500RMB and do multiple transactions if you want.

While the rate is set (mid-point) the actual rate varies depending on the place. But the rate is definitely better in China than overseas.

Los Angeles
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10. Re: Maglev train question

I called the local exchange place. they were going give me 5.5 RMB for 1 dollar and 9 dollar fee. Ouch. Looks like I am touching down with no RMB, just dollars. i have Citibank n they charge 3 % plus 2 dollars for their China ATM. There is one at the Pudong airport between T2 and T3. Any one know where that ATM is? Im arriving on United which is T2 I believe.

The Maglev train is between T1 and T2. I just open Capital One account with no ATM fees but I will not have access to that funds until 2 days after I arrive.

Are the banks at Pudong airport open on Sundays till 7 PM?

With my luck, congress will burn me on August 2nd n dollar will fall. Then 5.5 to 1 exchange won't look too bad.