FAQ - Change money in China
Category: others
Question: How can I change money in China?
The Chinese currency is Renminbi, issued by the state bank, the People Bank of China.
The standard unit of the Renminbi is Yuan, with jiao and fen as subsidiary units. One yuan equals 10 jiao, and 1 jiao equals 10 fen. Yuan, jiao and fen are issued both in bills and coins.
The Renminbi features the following denominations: 1,2, 5, 10, 20, 50, and 100 yuan; 1, 2 and 5 jiao; and 1,2 and 5 fen.
Foreign currency can be changed at the main branches of the Bank of China, most of the 4-5 star hotels, Friendship Stores and some department stores.
Hotels usually charge the official exchange rate. You will need your passport to change money and/or use travelers checks.
You also might want to keep your money exchange receipts if you plan on changing any of your remaining RMB back to U.S. dollars at the end of your trip. Or you can spend it on souvenirs and other gifts to bring home.
You may even want to hold onto some new, crisp Chinese bills to take home and keep with your pictures.
Question: Where is the best place to change money?
There is counterfeit money everywhere, so no matter what anyone tells you always change money at a bank. The bank of China offers the best exchange rate. Most of the 4 and 5 star hotels also have money exchange counter, the exchange rate is OK.
It is better if you remember to carry small change with you, especially if you are taking a taxi. Before you leave your hotel, get 200 or 300rmb in small notes (5s, 10s, 20s and 50s) to pay for the taxis and small purchases on the streets.
The driver will not have to give you back change larger than a 5rmb note. Many counterfeit bills will be 10s, 20s and 50s.
If you happen to give the driver a 100rmb note, watch him like a hawk, as he will find a way to return a fake bill because they get them all the time. Of course not everyone is like this, and it varies from place to place, but you must always keep this in mind. One day you will give the cashier a 100rmb note to buy some cookies at 7-11 and you will be told that your bill is counterfeit, and you''ll wonder for hours how you got a fake note! Now you know. And if you try to check its authenticity at a Bank of China branch, it will be confiscated and will not be replaced.
Question: Can I use credit card in China?
The following foreign credit cards are acceptable in hotels, department stores, restaurants and many shops:
(1) Master Card; (2) Visa Card; (3) American Express Card; (4) JCB Card; and (5) Diners Card.
Credit cards can be used in most mid- to top-range hotels, Friendship Stores and department stores.
ATM card and credit cards can be used quite often in Guangzhou. Make sure that your credit cards are programmed and your PIN is verified by your credit card company so that you can use it at an ATM machine for cash withdrawals. Do not wait until you travel to try the cash withdrawal card.
Try taking out $20 at home before traveling abroad. If you do not have a credit card with a PIN, you can go to a Bank of China branch and get a cash advance using your credit card.
You can even get a lot of RMB depending on the type of card you have but remember the credit card Companies will charge you quite high interest if not paid in full upon your return.
For the convenience of travelers in China, the Bank of China cashes travel cheques sold by international commercial banks and travel cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. The Bank of China also sells travel cheques issued by American Express, National Bank of New York, Thomas Cook, Sumitomo Bank, and Swiss Bank.
Question: Can I use travelers checks in China?
Travelers checks can be changed at the main branches of the Bank of China, most of the 4-5 star hotels, Friendship Stores aslo accept travelers checks. You will be asked to display your passport when you use the travelers checks.
Important note: Write down your traveler''s check numbers on a piece of paper and keep this paper inside your luggage or back at home, separate from your traveler''s checks. If you lose your traveler''s checks, you can easily replace them using the numbers!
Question: What is cable transfer or wire transfer? How can I do it?
All the banks in the countries deal with this kind of business. Please find our bank information if you decide to pay in this way. You only need to ask for an application form of the wire transfer and complete it accurately according to the requirement. If you have any questions, you can ask a favor from the bank clerk.
More questions: Can I bargain in shopping?
