Understanding how to make payments and exchange currency in China is essential for a smooth travel experience. Here’s a concise guide to help you navigate the payment landscape in China for 2024.
Payment Methods in China
While cash is still widely accepted, especially for smaller transactions, China has largely embraced digital payments. Major cities like Beijing, Shanghai, and Xi’an have stores that accept foreign cards, and the use of POS machines is becoming more common. However, it’s advisable to carry some cash for smaller purchases or in case digital options are not available.
Digital payments are the norm, with Alipay and WeChat Pay leading the way. Since July 2023, both platforms have started accepting international cards, making it easier for visitors to use their cards within the apps. This development is part of China’s move towards a more convenient and efficient payment market.
Chinese Currency
The official currency of China is the Renminbi (RMB), also known as the yuan (¥). The basic unit is the yuan, and its subordinate units are the jiao (10 jiao in 1 yuan) and the fen (10 fen in 1 jiao). However, fen are rarely used in transactions due to their low value. The circulating banknotes are in denominations of 1, 5, 10, 20, 50, and 100 yuan, and coins are available in 1 jiao, 5 jiao, and 1 yuan. Since the fifth series of RMB, the 2 yuan banknote has ceased to be issued and is rarely seen in circulation.
Currency Exchange
For currency exchange, Foreign Guest Payment Service Centers can be found in major airports such as Beijing, Xi’an, Chengdu, and Zhangjiajie, where you can consult, experience digital mobile payments, exchange currency, and withdraw cash. These centers provide a convenient stop for travelers to prepare for their stay in China.
Notice:
(1)Chinese people often call yuan as “kuai”, both of the two pronunciations are used among China. For example, 1 yuan can also be called as 1 kuai.
(2)Renminbi is the legal tender in mainland China, however, Hong Kong, Macau and Taiwan has different currencies. Hong Kong is Hong Kong Dollar (HKD $), Macau is Pataca (MOP $) and Taiwan is New Taiwan Dollar (NT $). Some stores in Hong Kong and Macau also accept Renminbi, and it’s easy to exchange Renminbi in those places to local currencies.
