Foreign currency cash is tight and requires advance booking. During peak travel seasons, residents may encounter difficulties in exchanging currency. Stock | branches | foreign currency
"I went to three bank branches and only managed to get 3000 Hong Kong dollars in cash. I can't choose the denomination yet," Mr. Wu, who lives in Shanghai, told a reporter from First Financial.
Recently, many residents have found that the experience of changing foreign currency is not very comfortable. During the summer vacation, the number of residents choosing to travel abroad has increased, and the demand for cash in exchange for foreign currency has also increased. However, many bank outlets have not been able to keep up with the changes in resident demand.
A bank insider said that it is the peak period for exchanging foreign currency, and residents need to make an appointment in advance.
"Difficulty in changing foreign currency"
Early that morning, as the bank had just started operating, Mr. Wu went to the Shanghai Siping Road branch of a state-owned large bank to prepare for currency exchange business, but was blocked by the staff on the grounds of "needing to make an appointment one day in advance". Later, Mr. Wu came to the Shanghai Siping Road branch of a certain joint-stock bank, but unexpectedly blocked the door with the excuse of "insufficient Hong Kong banknote quota at the branch and the need to make an appointment in advance". In the scorching summer weather, Mr. Wu, who was sweating profusely, came to another branch of a joint-stock company located in Hongkou District to exchange for HKD 3000 in cash. However, most of the denominations were above HKD 100 and he could not choose on his own.
"I was planning to exchange Hong Kong dollars for cash at the bank, which would be convenient for outbound travel. However, I didn't expect it to be so troublesome. If there is an urgent need on the same day or the next day, wouldn't it be even more delaying?" Mr. Wu told reporters.
Many residents have reported that they have encountered a lot of "trouble" in recent times when they want to go abroad to exchange for foreign currency. The reporter visited several state-owned and joint-stock branches in Shanghai and proposed to exchange for HKD 5000 in cash. The responses received were mostly "advance appointment required" and "there are currently no small denomination HKD cash available". Only some branches claimed that they still have the quota applied for the previous day or have reserved funds for exchange.
"Regardless of the amount, the normal process for receiving foreign currency cash is: the customer initiates an application before 2:30 pm on the same day, the branch reports it to the branch, and the corresponding amount of foreign currency cash will be received in the morning of the second working day." A staff member from a state-owned large bank's Xinzhuang branch told reporters.
Apart from requiring advance booking, residents are also unable to choose the denomination size of the foreign currency on their own. Multiple bank branch staff told reporters that most of the cash is mainly in large denominations. Taking Hong Kong dollar cash as an example, it is basically a banknote with a face value of 1000 Hong Kong dollars. If residents need a small face value of less than 100 Hong Kong dollars, banks may not be able to meet it.
"Advance appointment"
The poor physical feeling of exchanging foreign currency at bank branches is related to the general lack of foreign currency reserves at bank branches.
Industry insiders say that the insufficient reserves of banknotes outside bank branches are partly due to the unstable amount of cash allocated by higher-level banks, and partly due to the peak season of demand for banknotes, inventory levels cannot meet the needs of residents.
"In the peak season of tourism, going abroad, and leaving the country, the demand for foreign currency will be relatively tight." Another state-owned bank staff told reporters that bank branches generally have a serious shortage of foreign currency. No matter how much amount of money is needed, branches need to report to higher-level banks to initiate applications, and distribute it from the treasury of Bank of China to various local bank branches. The amount of money that can be obtained is also a "blind box". Therefore, some bank branches often have sufficient foreign currency inventory the day before, but are also tight the next day. ".
"However, it is rare for the branch to have no cash as soon as it opens the door, indicating that the preparation in advance was not in place and residents were 'turned off'," the staff member told reporters.
As for denomination, "the banknotes issued by higher-level banks are mainly of the largest denomination, and the small banknotes currently in existence at bank branches are mainly deposited by residents. If residents need small denomination cash, they still need to go to the bank counter at the airport to inquire and exchange it," said a state-owned bank employee to reporters.
How can residents who are about to leave the country in the near future ensure that they can exchange the desired foreign currency cash on time and in quantity? Several banking professionals have stated that the summer vacation period is a high demand period for foreign currency exchange, and bank branches often face a shortage of foreign currency inventory. If new banknotes are used up in the warehouse, they need to apply again. "So it is recommended that residents make a phone call in advance to confirm when going to bank branches to handle cash exchange services, so as not to make a trip in vain," reminded a staff member at a certain stock bank branch.
