Starting from next month, overseas travelers in Shanghai can exchange foreign currency directly at banks without paying commission, according to the State Administration of Foreign Exchange.
Travel agencies previously helped tourists exchange foreign currency but from next month, tourists can handle the business directly at banks with the certificates issued by certain travel agencies, visa copies,personal passports and identity cards.
Three banks are authorized by the State Administration of Foreign Exchange to deal with Forex business, the Citic Industrial Bank, the Bank of China and the Industrial and Commercial Bank of China.
The authorized banks will not charge commission for foreign exchange business and exchange rates will based on daily quoted prices.
(eastday.com June 24, 2002)