Here is a helpful visual aid to assist you in understanding the conversion of American dollars to Chinese RMB dollars, when using a Chinese bank ATM.
Planning for expenses on trips to foreign countries can be confusing. Often, services and products are quoted in whatever the local currency happens to be. Our brains are so over taxed with details that we get tired of the mental gymnastics of during the conversion in our heads.
Rather than converting all the little costs one at a time, consider adding all the costs together, and then converting the larger total. The best time to do this is before you go to the ATM to get your cash for the next day or so. Plan your ATM withdrawals based on this larger amount. This way, you are aware of how much is being removed from your account back in the States (or where ever you are from), and you ensure you have enough to meet your anticipated case needs for the next day or two.
As we generally withdraw foreign currency bills of 20s and 100s size from a foreign ATM, I have created the (hopefully) useful graphic. This is an example of one of my ATM transactions in Beijing, China.
Please share this if you think it has any value. Also, leave your comments. 🙂
Visit +Kenny Edwards on Google+.