Money Issue

What's the currency used in China? What's the exchange rate between your currency and US dollar?

The official currency in mainland China is the Renminbi (RMB) or "People's currency." The basic unit is the yuan (also known as 'Kuai'), which equals 10 jiao (or'mao'), which is then divided into 10 fen. Paper currency comes in 1, 2, 5, 10, 20, 50 and 100 yuan notes, paper jiao comes in denominations of 1, 2 and 5. There are also 1 and 2 fen notes, but these are rarely used as their purchasing power is almost zero. As for coins, there are 1 yuan, 1 and 5 jiao, and 1, 2 and 5 fen (again, the fen coins are basically useless).

You can visit this website and calculate how much you can exchange: http://www.x-rates.com/calculator.html

Where can I change my money into your currency?

You can exchange traveler's checks or cash at most banks, and most hotels in the cities, the exchange rate in the hotels is the same as that in the banks. To change money, you have to have your passport at hand. If you want to change money in a hotel, you usually have to be a guest there. Sometimes if you are not a guest in a hotel but need to change money there, you can just say a random room number, but this doesn't always work.

Can I use credit cards in China?

Major credit cards such as Master Card, Visa, Diner's Card, American Express and JCB can be used to purchase goods in large shopping malls and stores in the big and medium cities, to pay for hotel rooms and for meals in some of the fancier restaurants, and to buy plane tickets with them.

Note: If you are to travel to those small cities or even remote rural areas, only cash in RMB can be used.

Is there any ATM service available in China?

There won't be any problems finding an ATM in most big cities in CHina. However, ATM might not be available in some remote cities. So it is suggested that you bring some cash with you when traveling in remote cities or towns.

Can I withdraw money with my credit cards in hotels?

Only in very few hotels can you withdraw money with your credit cards. Most of the time, if you want to withdraw money with your credit cards, you need to go to the main offices of the Bank of China.

Can I use US dollars or other foreign currencies in China?

It depends, you can use US dollars / Euros/ English pounds/ in the hotels to pay for the bill, in the friendship stores, to buy things from those vendors outside the scenic spots, to pay for any optional tours and to tip porters of the hotels, tour guides and drivers or whomever you want to tip. While you can not use US dollars or some other foreign currencies in department stores or small convenience stores, local restaurants, or if you try to buy things from street vendors.

Can I keep some local money as souvenirs?

For taking out less than 6000 RMB, you don't have to declare at the customs, if the amount is over 6000 RMB, then you have to declare at the customs.

What should I do if I still have some Chinese money left buy my tour in China is already ended?

Upon leaving China, if you still have some local money, you can change them back to foreign currency with your passport and the exchange memos given by the banks or money exchange counters. So please keep those exchange memos well whenever you change money.