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Currency Exchange Guide

Everything about exchanging money and using RMB (Chinese Yuan) in China.

The Renminbi (RMB) is China's official currency, symbolized as ¥ or CNY. Bank of China offers the best exchange rates. Never use street money changers due to counterfeit risks. Binding a foreign card to Alipay or WeChat Pay is increasingly the best option for daily spending in China.

Features

RMB Basics

Bills: ¥100, ¥50, ¥20, ¥10, ¥5, ¥1. Coins: ¥1, ¥0.5, ¥0.1. 1 yuan = 10 jiao = 100 fen. Check for counterfeits: watermark, security thread, color-shifting ink.

Bank Exchange

Bank of China (BOC) is best for forex. Also ICBC, CCB, ABC at major branches. Bring your passport. Hours: 9:00-17:00 weekdays. Some branches open on weekends. Rates posted daily.

Airport Exchange

Available at all international airports. Convenient but rates are 2-5% worse than banks. Good for small amounts on arrival. Open during flight hours. Look for BOC or official exchange counters.

Hotel Exchange

Most 4-5 star hotels offer exchange. Rates worse than banks. Convenient for hotel guests. Passport required. May have daily limits.

ATM Withdrawal

Often the best rate (your bank's interbank rate). Look for UnionPay/Visa/Mastercard logos. Major bank ATMs: BOC, ICBC, CCB. Withdrawal limit: ¥2,500-5,000 per transaction. Fees: Chinese bank fee + your bank fee.

Digital Payment Options

Alipay: bind foreign Visa/Mastercard, ¥2,000/day unverified. WeChat Pay: link a foreign card. Apple Pay/Google Pay: limited acceptance. Best for daily purchases and transport.

Exchange Tips & Pitfalls

Never change money on the street. Keep exchange receipts (needed to convert back). Daily limit for foreigners: $500 equivalent without prior reservation. Best to exchange larger amounts at once to minimize fees. Consider rate trends before large exchanges.

Usage Guide

1

Step 1

Check current RMB exchange rates before departure

2

Step 2

Prepare your passport (required for all exchanges)

3

Step 3

Exchange a small amount at the airport BOC counter on arrival

4

Step 4

Download Alipay and bind your foreign card for daily spending

5

Step 5

Find nearby bank ATMs for better exchange rates

6

Step 6

Keep all exchange receipts (needed to convert back)

7

Step 7

Know the daily limit for foreigners ($500 equivalent without reservation)

8

Step 8

Convert remaining RMB back to your currency before departure

Pro Tips

  • RMB (Renminbi) is China's currency, symbolized as ¥ or CNY
  • Bank of China offers the best rates for foreign exchange
  • NEVER use street money changers - risk of counterfeit bills
  • Alipay/WeChat Pay with a foreign card is increasingly the best option
  • Keep exchange receipts (needed to convert back)
  • Best to exchange larger amounts at once to minimize fees
  • Consider rate trends before large exchanges

FAQ

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