Content
Chinese Currency
Money Exchanging
Bank Account
Credit Card & ATM
Traveler's Cheque/Check
Cost of Traveling in China
What is the legal tender of China?
Answer: The legal tender of the People's Republic of China, issued by the People's Bank of China, is the Renminbi, literally people's currency.
• Short official name: CNY (China Yuan)
• Abbreviation: RMB
• Chinese: Ren Min Bi (人民币)
• Symbol: ￥
• Monetary unit: Yuan (元)
• Fractional units: Jiao (角) and Fen (分)
How many sets of RMB have been issued?
Answer: With the establishment of the People's Bank of China on December 1st 1948, the first edition of Chinese currency was issued. To date, China has already published five sets of currencies, circulating the last edition from October 1st 1999.
Is the currency used in Hong Kong the same as that of the mainland?
Answer: The currency used in Hong Kong, Macau and Taiwan is different
• Hong Kong: Hong Kong Dollar
• Abbreviation: HKD＄
• Macau: Pataca
• Abbreviation: MOP＄
• Taiwan: New Taiwan Dollar
• Abbreviation: NT＄
I often hear people say "kuai"; does it refer to RMB?
Answer: Yes. Colloquially in Chinese, the Yuan is called kuai, and the Jiao is called mao.
What is the conversion among Yuan, Jiao and Fen?
Answer: 1Yuan = 10 Jiao = 100 Fen
What are the main notes used now?
Answer: Currently, the paper money used is 1 Jiao, 5 Jiao, 1 Yuan, 5 Yuan, 10 Yuan, 20 Yuan, 50 Yuan, and 100 Yuan. The coin used is 1 Yuan and 5 Jiao. Do not easily accept the money of other denominations.
Herein are pictures of China paper money and coins. You can click each picture to see the money in its original size.
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Is it possible to receive counterfeit money in China and if yes, how to identify the them?
Answer: Like many countries in the world, China is also suffers from counterfeiters.
You should be much more careful when you receive a big note (100 Yuan or 50 Yuan); make sure that the note is not a fake.
Hereafter we provide some easy ways to identify them:
1. The fifth edition of Chinese currency has a watermark on the left of the front side. You can see it clearly in the authentic paper money against the light.
2. There is a security line in the middle of RMB100, RMB50, RMB20, RMB10 and RMB5 (the fifth set).
3. The Denomination ID in bottom-left of the front side color change hologram effect: seen from different angles, the denomination ID of ￥100 changes from green to blue, and that of ￥50 changes from golden to green.
4. Because of its special material, the authentic RMB will make a ringing sound when being snapped.
I am an American, and the exchange rate in my country is very bad. Can I exchange money in China? Is it easier to exchange money in China?
Answer: It is quite easy to exchange money in China and the rates will be more favorable, but it is advisable to exchange a small amount of money in your country before leaving.
Where can I exchange money in China?
Answer: Usually, four-star and five-star hotels offer exchange service, but only for their guest. Mostly people will go to banks for exchange. Remember to take your passport, which need to be presented when converting currency in China. However, for remote areas, it is difficulty to exchange currency or use a credit card, so it is advisable to take enough money when you are going to travel in the remote area.
When getting Chinese currency, I was given many 100 Yuan notes, the lowest value was 50 Yuan. If I had been traveling on my own I would have faced difficulties as taxis and buses. The drivers sometimes find it impossible to give change. So if possible try to get some low value notes too to help with paying for transport, postage etc?
For the sake of easy carriage, the bank staff will always give you some big notes. However, you can ask them to give you a 100 Yuan of small change. It strongly advised to take some small change with you.
Can I exchange the unused Renminbi back in US dollars?
Answer: Of course you can. Please keep all your currency exchange receipts, which you must present. However, such exchange can be quite unfavorable in rates, you'd better use all your RMB before you left.
Is there anything else worthy of note when exchanging money?
Answer: Yes. The following things merit attention:
1. Choose a bank which is the nearest to your hotel if you are going to exchange a large amount of money or you can exchange in your hotel directly if it offers this service.
2. Do not exchange money in the street or the small shops which is mostly illegal and sometimes forgeries may be given.
Can I use RMB in Macau and Hong Kong?
Answer: Of course you can. 100 Yuan is widely accepted in Hong Kong, however, the small domination such as 10 Yuan and 20 Yuan are not so popular. Usually, you pay them in RMB; they will give you changes in Hong Kong Dollar. Note that the exchange rate is not as satisfying as in mainland.
Can you give the latest exchange rate?
Answer: The exchange rate is changing all the time; please refer to Currency Conversion for the latest exchange rate.
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Travelers' Voices on Chinese Currency
1.
Nov. 11,2009 08:53 Reply
Mr.Steve Ow(Singapore) said:
Hi, i m going Shanghai next mth for shopping. I want to open an account so that i can buy things at taobao. Is it easy to set up an bank internet banking account for travellers? i am on holiday, not working. I want to remit money into this china account when next time in singapore, so that i can buy things easier in china in future. Also anyone or agent in china can help me to link my bank account to Zhifubao for future fund transfer? It is very confusing for me to understand the china procedures. Thanks!
Nov. 11,2009 21:05
Mr.rita(cn) replied:
In my opnion, you'd better give up this thought as the procedure is rather complicated.
Nov. 16,2009 20:08
Mr.DuBois(USA) replied:
I have traveled to China many times. For me the easiest way to exchange money is to go an ATM and withdraw from my USA account. The fee from my bank for the exchange is minimal. I then have Chinese cash which is much easier to bargain with when shopping.
2.
Oct. 28,2009 17:04 Reply
Mrs.Jin(US) said:
I am going to visit China in a couple of days. and want to know where do I get the best exchange rate for dollar.
at US or China? through a bank, make the change at the airport / hotel? or use my credit card as much as possible ?
Thank you for your advice in advance.
Oct. 29,2009 05:04
Mr.rita(cn) replied:
The best way is to go to Bank of China when you arrive China.
3.
Oct. 26,2009 06:47 Reply
Ms.Saron said:
hello, how much is the dolar exchage?
Oct. 26,2009 20:42
Mr.cindy(cn) replied:
It varies everyday. Would you mind to check it from this page: http://www.travelchinaguide.com/tour/currency-converter.htm
4.
Oct. 26,2009 06:56 Reply
Ms.Mercy said:
i was beijing last year and i had account bank of china so, can i use it again when i came?
Oct. 26,2009 20:41
Mr.rita(cn) replied:
If you take all your money out and have not used the bank account any more, the bank will close your account aotunatically. If you have some money in all the time, it can be used now!
5.
Oct. 19,2009 10:23 Reply
Mr.LEe(USA) said:
I will be traveling to Hong Kong and was wondering about exchange fee from US currency to Hong Kong. I heard Bank of China gives a good rate, do I need to have an account or can anyone go and exchange cash?
Oct. 20,2009 20:30
Mr.rita(cn) replied:
You do not need an account to exchange the money. Just bring your ID or passport is ok!
6.
Oct. 16,2009 21:16 Reply
Mr.Brown(USA) said:
My passport is currently in the Beijing PSB office for a visa conversion. I've already had bank account in BOC, thus, I've got my BOC passbook and UnionPay ATM card. Do you know if it is possible to exchange USD into RMB in your account if you don't have a passport?
Oct. 18,2009 00:55
Mr.gloria(cn) replied:
Hi, I think you can exchange money directly. Actually, there are service number on your bank card or account, you can call bank of china for sure!
7.
Oct. 13,2009 16:59 Reply
Ms.NONA_LAMONDE(Saudi Arabia) said:
Hi,i live in saudi arabia(arryad)and i have to visit China (Gungzhou) and stay there about one week.how can i go there by the plane and how much the trip will coast?
thank you
Oct. 13,2009 20:18
Mr.ella(cn) replied:
There are flights from riyard to guangzhou. The cost is about 4200 yuan for a single journey and 5700 yuan for a return trip.
8.
Sep. 26,2009 02:54 Reply
Mr.Whitehead(UK) said:
Thanks Rita. what if I really lost both the bank card & bank account? But I have a photocopy of my bank account.Can it be done just with it & my ID? Do I need to report to the bank one week before & how long it takes to unfroze my account? Because I do not have much time in China.Thanks again.
Sep. 26,2009 20:25
Mr.jill(cn) replied:
I am not quite sure whether it is ok with your bank account and ID. Cna you tell me what bank did you open a bank account. I can help you find the telephone number of the company and then you can consult then for sure
Sep. 27,2009 09:22
Mr.whitehead(UK) replied:
Thanks Mr.jill, my bank is Bank of China.
9.
Sep. 23,2009 00:58 Reply
Mr.whitehead(UK) said:
what if my bank account & bank card were lost?will I get them replaced instantly on the same day at the bank? what procedure do i need to do in order to get my new bank a/c & card replaced?cause I need money urgently while here.Thanks.
Sep. 23,2009 04:44
Mr.rita(cn) replied:
Hi, firstly, you need to report the lost to the bank, then the bank will frozen your ccount that no one can take money from your account. Then you need to take you ID card and bank card & bank account (you are not supposed to lost both of the two) to have a new one. But it may take about a week to have a new one.
10.
Sep. 21,2009 12:42 Reply
Mr.Wilson(USA) said:
can I withdraw money over the counter at the bank (Bank Of China) by just present my account number with my picture ID or passport?? Hope someone will answer my doubt.Thanks a lot!
Sep. 21,2009 20:11
Mr.cindy(cn) replied:
No, you need to take your bak account or bank card.