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Money Matters
Answers to Frequently Asked Questions |
| Roofline of the Forbidden City |
Hall of Prayer for Good Harvest, Temple of Heaven
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Chinese Currency
Chinese currency is known as RMB. The basic unit is the Yuan, which is divided into 10 jiao, which is then divided into 10 fen, 100 fen equals 1 yuan. |
Exchanging Money
You can exchange money at your hotel, at the airport, and at a Bank of China. The official exchange rate is used at most places, making it unnecessary to shop around for a better rate. Keep your receipts because you will need them to convert RMB back into your home currency. All currency exchanges require your passport as a photo ID. |
Paper Currency
It is a good idea to bring paper currency from your home country. It is the easiest way to exchange your home currency for Yuan. To be able to exchange your currency to Chinese currency, all paper bills must be complete, not torn, in crisp condition, and free from any marks or writing. Foreign coins are not accepted in China. |
Personal Checks
Personal checks are not accepted in China. |
Travelers' Checks
Although traveler's checks are very safe way to carry your money, some Chinese hotels and banks do not cash them. We recommend that your traveler's checks be issued from either American Express or Visa. Cash is easier to exchange. Make sure you have spare cash on hand until you can find a bank that will cash your traveler's checks.
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Credit Cards
Major credit cards, such as Visa and Master Card, are only accepted at hotels, tourist stores, and upscale shops and a few restaurants. We recommend you use credit cards for your hotel bill and big purchases at tourist stores. Discover Cards are not accepted anywhere in China. It would be wise to contact your bank and credit card companies about your travel plans before you leave home. Many financial institutions have automatic cutoff systems when you make a purchase that does not follow your usual pattern. It is also a good idea to ask them if they charge a conversion fee outside of your home country. |
ATM Machines
ATM machines can be a good way to get a good exchange rate. It is a good idea to check with your bank at home to see how much your own bank will charge you for foreign withdrawals, and how much you can withdraw each day. Just be sure to use your debit or cash withdrawal card rather than your credit card to avoid high cash advance fees and interest rates. |
Carrying Money
As with all travel, it is wise to use good judgment when carrying money. You may feel more comfortable using a money belt for carrying large sums of cash and credit cards.
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