Currency Exchange
Even though China has quickly adopted mobile payment systems like WeChat and Alipay, they are not available for every foreign tourist. Credit cards aren’t readily accepted especially in small stores, local markets, etc. Cash is still king for international tourists. It’s advisable to plan your currency exchange needs in advance to ensure you have the necessary funds during your stay in China. You can exchange some Chinese cash in your home country, as your “emergency fund”. But please note, as Chinese Customs regulations, each traveler is advised to ensure they carry no more than RMB 20,000 in cash when entering the country.
After arriving in China, you can find many places to exchange Chinese currency, such as the exchange vendors in the major international airports, hotels, offices of local banks, and ATMs across the region. Exchanging major international cash, such as U.S. Dollars, Euros, Pounds, etc. into Chinese Yuan is not difficult in China. The exchange rates are regulated; however, the commission fees are varied from different banks, hotels and airports.
The Banks – the most reliable way to exchange money in China. Banks will offer the most reliable exchange rate with the least amount of risk, but you may have to wait in long lines.
Exchange vendors – can usually be found in the airport and hotels. The exchange rate is not as good as banks but the convenience is sometimes worth it.
ATMs – the quickest and easiest way to get money in China is to use the China bank ATMs which can be found easily in bigger cities. Most Chinese ATMs will show a sign above that indicates whether or not they accept Visa, MasterCard and Diner’s Club. The exchange rate will be good, but you’ll likely be charged a fee, both from the Chinese bank and from your bank at home. All ATM machines in China have instructions in English and you can follow the instructions to cash the money. ATMs in China will dispense cash first, and then return your card. This may be opposite to some countries where return card first and then dispense money. So remember to pick up your card after you cash the money.
