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Money Issues


Money Issues in China


Chinese currency is called Renminbi (people's money), often abbreviated as RMB.



Travelers Check


Travelers checks are the best way to carry money around in China, the exchange rate is fixed and it can be replaced if lost or stolen. Checks can be cashed at the major branches of the Bank of China.


The Bank of China offices or exchange counters accept traveler's checks issued by international commercial banks or traveler's check companies in more than 100 countries and regions, including USA, Canada, Hong Kong, Japan, UK, France, Switzerland and Germany, etc.


Credit Card


Major credit cards like Visa, Mastercard, Diners Club and American Express are useful in major tourist cities too. They can be used in most mid range to top range hotels, and some big department stores and restaurants. You can get cash advances in the head branches of the Bank of China. The Bank of China has an ATM network that will allow cash advances from major credit / debit cards and ATM cards.


Although the acceptance of major credit card is now more widespread in large hotels, restaurants and stores, it is unwise to rely on credit cards. Many stores and restaurants do not accept credit cards yet.



Money Changer


Money exchange facilities for both currency and travelers' checks are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests.



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 condition and are published daily by the State Exchange Control Administration.


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 visit to China. Cash rather than credit cards is essential in remote areas and you should ensure that you carry sufficient RMB and travelers' checks to cover your requirements.


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 it must be declared to the customs.


RMB should be converted back into foreign currency with the personal valid "foreign exchange certificate" before leaving China. Unused foreign exchange and RMB traveler's cheques can be taken out of the country. Each tourist is permitted to take with them less than 6000 RMB.



If you will do business in or with China, you are advised to hire a local assistant to help you learn more and do well for your business and travel in China.













Posted by on 2012-06-12

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Posted by : China Interpreter & Business Assistant


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