Money, Foreign Currency Exchange, Credit Cards, Banks

Money Matters

Currency

The currency in China is called Renminbi, and is issued by the national bank — the People's Bank of China. The units of Renminbi are Yuan, Jiao and Fen. Jiao and Fen is the fractional currency. The paper money comes in denominations of 1, 2, 5, 10, 50 and 100 Yuan. The Jiao's denomination can be 1, 2, 5; similarly with the Fen. Ten Fen is one Jiao and Ten Jiao is one Yuan. There is also coinage for One Yuan, Five Jiao as well as One, Two and Five Fen. But Fen is not commonly used in the coin form in daily life. The abbreviation of Renminbi is RMB or CNY with its symbol of ￥. Colloquially, Chinese, people often say Kuai and Mao instead of Yuan and Jiao.

Foreign Currency Exchange

Foreign currency and traveler's cheques are not to circulate in China, so you have to exchange them for Chinese Yuan only at Bank of China or the banks' cash centers at major airports and hotels.

Foreign credit cards available in China

Master Card
Visa Card
American Express Card
JCB Card
Diners Card

Actually China is still a cash-dominated country. But there are places like star-rated hotels, chain international shopping malls, etc, which do accept credit cards/ traveler's cheques. But most other places might have difficulty handling credit card/TC payment. ATM of Bank of China is so extensive that you can easily go and draw RMB with your credit cards whenever you need.

Banks

All Chinese Banks including BC (Bank of China), CCB (China Construction Bank), ICBC (Industrial and Commercial Bank of China) and ABC (Agricultural Bank of China) and their branches, plus some other banks will transact financial affairs for foreigners.

It is quite easy to open a Chinese RMB account with Bank of China that opens 7 days per week. You only need to show your passport (ID attached) with valid visa. You will get issued with a passbook and card on the spot for a small fee of about CNY10 then you can use any of the ATM to withdraw cash.

When you withdraw your $US currency over the counter, you can then easily exchange it into Chinese RMB before you leave the bank. It is safe to carry cash but of course you need to be discreet about it.

The following are some of the banks in Beijing.

Name	Address	Tel.
Beijing Branch of BC	No.8, Yabao Lu, Chaoyang District	010-65199988
Beijing Branch of CCB	No.28 Building, Xuanwumen Xijie, Xuanwu District	010-63603634
Beijing Xidan Branch of ICBC	No.176 Xidan Beidajie	010-66054180
Beijing Dongcheng Branch of ABC	Hua Li Mansion, No.58, Jinbao Jie, Dongcheng District	010-65286170
Bank of Beijing	No.156, Fuxingmennei Dajie, Xicheng District	96169
Beijing Branch of CITIC Industrial Bank	Investing Square, No. Jia 27, Jinrong Jie Jia, Xicheng District	010-66219988

Comments and Questions

hi, i need a credit card. am a foreign student in china. which of the banks can i get a credit card for foreign students. thanks.

Reply2/16/2010 8:58:00 AMmary , Nigeria

Linda :2/19/2010 8:09:00 PM

You may try Bank of China.

Hi Jermy
You can go to the following ancient money trading markets: Beijing Curios City, Liulichang, Liang Ma Lu, Panjiayuan, Baoguosi and Hongqiao Market.

Reply9/28/2009 8:53:00 PMbeijinger , China

hi i have 100 yuan dated from 1940 is there like antique money dealers or a place that i could go to get the real value of the people of china

Reply9/28/2009 1:45:00 PMjermy , China

I'm currenly in shenzhen and would like to exchange some Ringgit to RMB can where can I do it.

Reply9/5/2009 7:05:00 AMAlex , Malaysia

BeijingTrip.com :9/7/2009 10:02:00 PM

As we know, you cannot exchange Ringgit into RMB through any Chinese bank. You may try in some foreign banks.

I am a South African. I am currently in China, Beijing. I would like to exchange the South African Rands to Yuan. Where must I go?

Reply8/13/2009 11:54:00 AMSteven , China

BeijingTrip.com :8/13/2009 10:32:00 PM

You may make an inquiry from any agency of Bank of China (BOC) in Beijing.

I'd like to find as to how can I go about putting money in my South African bank account from China. Are the any banks that I can go to, seeing that I do not have a bank account in Beijing? Your help will be highly appreciated.

Reply7/23/2009 9:04:00 AMRenolda , China

BeijingTrip.com :7/24/2009 2:37:00 AM

Sorry, we are not sure about this question. As we know, you may send money to your South African bank account by wire transfer.

Thanks for supporting beijingtrip.com!

Are all the Banks in China accept Malaysian dollars to change into RMB yuan?

Reply7/22/2009 12:52:00 AMjane , Malaysia

BeijingTrip.com :7/22/2009 10:17:00 PM

As we know, no banks in China accept the exchange between Malaysian dollars and RMB yuan.

I have only U.S. dollar with me, where can I change them to have money currency in China?

Reply4/9/2009 5:23:00 PMsherryl , Norway

BeijingTrip.com :4/9/2009 9:24:00 PM

Hi,
You can change them at any banking office of the Bank of China (BOC). You may choose the nearest local one.

Thanks for supporting beijingtrip.com!

I have a question about the money currency in China. If I have U.S. Dollars, how much will the bank give me per dollar in RMB yuan?

Reply2/16/2009 12:37:00 PMPatricia , United States

BeijingTrip.com :2/16/2009 8:13:00 PM

That depends on the latest exchange rate between US dollar and RMB yuan. Currently, 1 USD=6.8 RMB.

can i get the student cradit card from any bank being a forigner student in china.i have bank of china from two years and ccb from one year.

Reply11/5/2008 3:23:00 PMhasan , Pakistan

BeijingTrip.com :11/5/2008 7:48:00 PM

Sorry, we are not sure about your question. You may go to any office of BOC or CCB and ask them directly.