China Tour Money and Exchange

How to exchange your moeny into RMB In China

There are 16 foreign currencies can be exchange RMB in the Bank of China. These hard currencies are US dollar, Hongkong dollar, British pound, European Eura, Japanese Yan and Korean Yan ect..

You can bring cash and change it at the Bank of China for RMB. Foreign money can be exchanged in China through traveler's cheques, currency conversion at banks and hotels. Credit cards can also be used. You can also exchange your money at other Chinese banks, like the Industrial and Commercial Bank of China, the Construction Bank of China and the Agricultural Bank of China in major cities in China.

Traveler's Cheques

Traveler's cheques is widely used and cashable in major tourist cities in China. Also, the bank of China is the frist choice to cash your check into RMB, though some other banks also provide this service. The Bank of China can cash traveler's cheques sold by international commercial banks and traveler's cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. Also the Bank of China sells traveler's cheques for such banks as American Express, Citibank, Tongjilong Travelers Cheque Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation and others.

Currency Conversion and exachange rates

Money exchange facilities for both currency and traveler's cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests and the exchange rates are sometimes lower than the offical exchange rates at the banks. The US dollar, British pound, French franc, German mark, Japanese yen, Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish markka, and Taiwan dollar are all exchangeable. Exchange rates fluctuate in line with international financial market conditions and are published daily by the State Exchange Control Administration.

It is important to keep your currency exchange receipts. Because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Cash usually rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and traveler's cheques to cover your requirements.

Credit Cards

Credit cards are accepted in major tourist cities in China: Master Card, Federal Card, Visa, American Express, JCB and Diners Card. Holders can draw cash from the Bank of China and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants. However, this applies only in major cities. Credit cards are not always accepted for the purchase of train tickets and air tickets. ATMs that accept foreign cards are few and far between. Do not rely on them as a way of obtaining cash in China.

Consult with your bank or travel services in China before departing to make sure that your brand of cheque or credit card will be accepted.

Currency Regulations

There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but the amount must be declared to the customs.

About RMB

Chinese currency is called Renminbi (peoples money), often abbreviated as RMB. Issued by the Peoples Bank of China it is the sole legal tender for both the Chinese nationals and foreign tourists. The unit of Renminbi is yuan and the smaller, jiao and fen. The conversion among the three is: 1 yuan = 10 jiao =100 fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued both in notes and coins. The denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.,

Author/Editor By : HCT