FAQ on Money & Currency
Money & Currency FAQs
- What credit cards are accepted in China?
- Is it easy to find an ATM in china?
- May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?
- When entering China, should I fill out a declaration form at the customs? What should be declared? Can I bring RMB or Chinese yuan to China? If I still have some Chinese yuan left when I leave China, can I bring them with me?
- How about the money stuff?
- What effect does the revaluation of the Chinese currency (Renminbi) have on the cost of my trip?
- Which traveler's cheques are handled by the Bank of China?
Most of the internationally accepted credit cards are usable in China. They include: Visa, MasterCard, American Express, Diner's club, and the JCB card of Japan.
Credit cards are accepted only in large shopping malls and stores. Credit card symbols are displayed in the visible place in shops and hotels indicating credit cards are accepted.
ATMs are widely available all over China. The Bank Of China has ATM’s that display an English menu. Visa, MasterCard and those credit cards and ATM cards displaying the Cirrus and Maestro symbols are always accepted.
May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?
General you need not take Chinese currency to China since you can easily exchange you US$ into Chinese RMB in hotels and banks. However if you would like to have local currency upon your arrival in China, it is okay that you may take a volume of Chinese currency less than 20,000 RMB without declaration at the customs. You are required to declare your import of Chinese currency exceeding 20,000 RMB.
When entering China, should I fill out a declaration form at the customs? What should be declared? Can I bring RMB or Chinese yuan to China? If I still have some Chinese yuan left when I leave China, can I bring them with me?
China's legal tender is Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops illegally accept foreign currencies.The basic unit of RMB is yuan. 1 yuan (or kuai) =10 jiao (or mao). RMB is available in both paper notes and coins. The denominations of paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao. The denominations of coins are 1 yuan; 5 and 1 jiao. Hong Kong uses HK dollars. Foreign currencies may be converted into RMB at all banks, bank branches or hotels at the exchange rate quoted on the foreign exchange rate on the day. Black market in foreign currency is forbidden in China. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be extremely careful. The exchange rate may be attractive--higher than the bank rate--but it is illegal and you risk being cheated. Sometimes these people don't give you the right amount, since you don't have time to count the money or, even worse, they may give you fake notes or a bundle of plain paper with a few notes on the top.When you exchange money at the banks, you should ask for a certificate, with which you can change RMB back to foreign currency when you leave the country. The Bank of China is the bank which specializes in handing credit cards issued in foreign countries. They include Visa, MasterCard, Diner's Card, American Express, JCB, Million Card and Federal Card.These cards can be used at major hotels and shopping centres where the Bank of China has branches. In the event that you lose your card, you should report to one of the branches of the Bank of China and apply for a replacement.The Bank of China has an agreement with foreign financial organizations on selling, cashing in and compensating for travelers' cheques.The official exchange rate at this time is 6.25 yuan to 1 U.S dollar. Keep the receipt of the transaction as you might need when you leave China to change your US dollars back in Bank of China at the airport. Note: The Exchange Rates of RMB against the US Dollar and other currencies is floated by the Chinese Government.
The Renminbi was floated by the Chinese Government and has revalued against the US Dollar and other currencies. As the Chinese Yuan is stronger, this means that other currencies are now worth less when converted to Chinese currency. That means that the cost of your trip will increase and you will receive less money when you exchange foreign currency to Renminbi.
If you have any problems, please contact the Bank of China, Beijing Branch: 0086-10-63035128.
Q & A about Money & Currency by Our Customers
Hi,I''m planning to go to Shenzhen as a business trip and plan to visit some factories in TianRui Industrial Zone,Fuyong Town,Baon and in Jiabao Bluesky technology Park, Shenzhen..so what is the nearest budget hotel should I stay..I also plan to have a 2 days trip to Hong kong.Can U advice me which are the nearest budget hotel to the Hong Kong Disneyland & how much the Disneyland ticket price.Tq very much for your assist.