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.
Jun. 20,2009 10:33 Reply
Mrs.nita(indi) said:
hi this is nita
my boss is travelling to china for business purpose and would like to know the maximum U.S dollars he can carry in cash and also travellers cheque and if more then the required limit where can he apply for permit
Jun. 20,2009 22:22
Mr.great (china) replied:
5,000 US dollars and 20,000 RMB can be taken into China. If the money you take exceeds that limitation, You need to apply for permit. You can apply for a permit in Bank of China. There are no limitation toward travellerss cheque.
2.
Jun. 14,2009 10:20 Reply
Mr.Sachin(India) said:
Dear Sir/Madam,
I am travelling to China in next couple of weeks(on Student Visa). Since I need to pay my tution fees and other expenses, I have to carry required amount. Please let me know :
1. Maximum Dollars allowed.
2. Maximum Travellers Cheques that I can carry.
Do let me know if I need to declare amount at customs.
Thanks,
Sachin
Jun. 14,2009 20:56
Mr.yina(cn) replied:
Hi, the maximum dollars allowed is 5000. If you are going to take more than 5000 Dollars, you need to apply a permit for carrying foreign excahnges. When you enter China, you are required to declare it and show the permit to China customs. There is no limitation on travellers cheques. Besides, you can take credit card or transfer the money to your school in advance.
By the way, welcome to China
3.
May. 19,2009 14:55 Reply
Mr.Rodhann(france) said:
Can i open a non residential account in the bank of China from France ? And by Internet ? what are the documents necessary ? How much fee ? is it necessary to obtain a certificate or an authorisation from the government of China ? If yes how much that cost ?Thanks for your answer...
May. 20,2009 04:55
Ms.Yuan(CN) replied:
Yes, you can. But I found that the website of Bank of China Paris Branch only have Chinese version. That's to say, it's impossible for you to open account through the internet. The address of this branch is 23-25 Avenue de la Grande Arme 75116 Paris，France
You should hold your identity card to open it.
By the way, you can email to the branch.
Email:agparis@bank-of-china.com
Tel: 0033 1 45828710
4.
May. 4,2009 13:38 Reply
Ms.Li(USA) said:
What is the current exchange rate for US Dollar to Chinese Yuan if I exchange it in Bank of China in shanghai airport or any local bank office?
May. 4,2009 22:30
Ms.Yuan(CN) replied:
1 dollar = 6.82230621 Chinese yuan for today
5.
Apr. 28,2009 17:07 Reply
Mr.yang said:
can i open account in canada ,,with out doing this in China ..??? i would like to open the account for RMB ,,Bank of China
Apr. 29,2009 03:18
Ms.Yuan(China) replied:
I think you can do that in China, as Bank of China also operates the business in Canada. You may enter the website of Bank of China in Canada. Just do an online inquiry.
6.
Apr. 23,2009 14:34 Reply
Mr.Carlo Ponte(Canada) said:
Can we open a corporate or personal bank account with the Bank of China in RMBs but using the internet? Not having to travel in person to China for that purpose.
Apr. 26,2009 21:38
Ms.Yuan(China) replied:
This is the official website of Bank of China in Canada. It may help you:
http://www.boc.cn/cn/html/canada/en_s1.html
7.
Apr. 15,2009 10:51 Reply
Ms.Ferry(US) said:
can hong kong currency be used in Shanghai or be exchanged to yuan in Shanghai banks
Apr. 15,2009 20:24
Ms.Yuan(China) replied:
You should exchange them into Chinese yuan. Banks are reliable.
8.
Apr. 10,2009 15:55 Reply
Mr.Pete(US) said:
I have 323 yuan but the notes are of the old style. Still in circulation in China but I cannot get a Currency exchange to convert them to US Dollars - any ideas where I can get this Chinese currency converted ?
Thanks
pete
Apr. 11,2009 21:21
Mr.Tommy(China) replied:
1 dollar = about 6.84 Chinese yuan
If you are in China now, I think the Bank of China or China Merchants Bank can help you to exchange the currency.
Apr. 13,2009 21:39
Mr.Pete(US) replied:
Tommy
Thanks for your reply - I am in the US at the moment with no plans to visit China any time soon
Pete
9.
Mar. 19,2009 23:46 Reply
Mr.Mats(Canada) said:
Do Bank of China ATMs accept bank cards without chip technology?
Mar. 23,2009 10:02
Ms.Kaelyn(Canada) replied:
When I was in China in 2005, my card didn't have the chip technology and I was able to withdraw funds in RMB currency as long as the machine that I used displayed the same symbols as the back of my bank card (cirrus/maestro). You should still be able to do the same, but keep in mind that your financial institution will charge a hefty fee back home for international withdrawl. My bank charges $5.00 CDN each time.
10.
Mar. 16,2009 07:42 Reply
Mr.Tigg(England) said:
are Sterling travellers cheques widely accepted in China or is it better to take US Dollar ones?
Mar. 18,2009 04:35
Mr.Lin(China) replied:
No differences. They are the same.