Q & A: Money and Currency
- May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency?
- What credit cards are accepted in China?
- Is it easy to find an ATM in china?
- Which traveler's cheques are handled by the Bank of China?
- What effect does the revaluation of the Chinese currency (Renminbi) have on the cost of my trip?
- How about the money stuff?
1.May I take Chinese currency to China for my convenience? Is it illegal to import or export Chinese currency? - Top
General you need not take Chinese currency to China since you can easily exchange you US$ into Chinese Rmb in hotels and banks. However if you would like to have local currency upon your arrival in China, it is okay that you may take a volume of Chinese currency less than 20,000 Rmb without declaration at the customs. You are required to declare your import of Chinese currency exceeding 20,000 Rmb.
2.What credit cards are accepted in China? - Top
Most of the internationally accepted credit cards are usable in China. They include: Visa, MasterCard, American Express, Diner's club, and the JCB card of Japan.
Credit cards are accepted only in large shopping malls and stores. Credit card symbols are displayed in the visible place in shops and hotels indicating credit cards are accepted
3.Is it easy to find an ATM in china? - Top
You won't have any problems finding an ATM in the bigger cities in China, although you probably won't be able to find one in remote areas or the smaller towns. However, this situation is changing, and ATMs are gradually spreading out across the country.
4.Which traveler's cheques are handled by the Bank of China? - Top
Issued by Currencies
Thomas Cook USD HKD DEM FRF CAD
AUD JPY CHF GBP
International Payment Co. USD GBP CAD
American Express Co. USD DEM FRF
Citibank USD
Nanyang Commercial Bank USD HKD
Swiss Bank CHF
Bank of Tokyo JPY
Mitsui Bank JPY
Sumitomo Bank JPY
Fuji Bank JPY
If you have any problems, please contact the Bank of China, Beijing Branch (Tel: 63035128).
5.What effect does the revaluation of the Chinese currency (Renminbi) have on the cost of my trip? - Top
<p>The Renminbi was revalued against the US Dollar and other currencies by about 2%. This means that these currencies are now worth approximately about 2% less when converted to the Chinese currency. The simple way to explain the effect is that the cost of your trip will be increased by about 2% and you will receive less money when you exchange foreign currencies for the Renminbi. </P>
6.How about the money stuff? - Top
China's legal tender is Renminbi (RMB). Foreign currencies can not be used directly in China, though some shops illegally accept foreign currencies.
The basic unit of RMB is yuan. 1 yuan (or kuai) =10 jiao (or mao). RMB is available in both paper notes and coins. The denominations of paper notes are 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao. The denominations of coins are 1 yuan; 5 and 1 jiao. Hong Kong uses HK dollars.
Foreign currencies may be converted into RMB at all banks, bank branches or hotels at the exchange rate quoted on the foreign exchange marker on the day.
Black market in foreign currency is forbidden in China. People may approach you in front of hotels, at tourist spots or at banks for a black market exchange. You should be extremely careful. The exchange rate may be attractive--higher than the bank rate--but it is illegal and you risk being cheated. Sometimes these peopldon't give you the right amount, since you don't have time to count the money or, even worse, they may give you fake notes or a bundle of plain paper with a few notes on the top.
When you exchange money at the banks, you should ask for a certificate, with which you can change RMB back to foreign currency when you leave the country.
The Bank of China is the bank which specializes in handing credit cards issued in foreign countries. They include Visa, MasterCard, Diner's Card, American Express, JCB, Million Card and Federal Card.
These cards can be used at major hotels and shopping centres where the Bank of China has branches. In the event that you lose your card, you should report to one of the branches of the Bank of China and apply for a replacement.
The Bank of China has an agreement with foreign financial organizations on selling, cashing in and compensating for travelers' cheques.
The official exchange rate at this time is 6.8 yuan to 1 U.S dollar. Keep the receipt of the transaction as you might need when you leave China to change your US dollars back in Bank of China at the airport.
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