Traveling And Money In China

Money: the​ currency used in​ China is​ the​ Renminbi/RMB Yuan (CNY). the​ Yuan is​ divided into 10 chiao/jiao or​ 100 fen. RMB is​ not traded outside China and we still cannot exchange £ or​ $ into RMB easily outside of​ China.

You can exchange some cash in​ the​ airport you​ arrive. Travellers cheques,​ preferably in​ US Dollars,​ and foreign cash can be exchanged in​ cities at​ the​ Bank of​ China. Banks are closed weekends. Normal banking hours are Mon-Fri 0900-1200,​ 1400-1700.

Import and export of​ local currency is​ limited to​ RMBY20000. Import of​ foreign currency is​ up to​ US$1000 (US$5000 for non-residents). Higher amounts should be declared upon arrival. Export of​ foreign currency is​ limited to​ the​ amount imported and declared.

The larger hotels and the​ special 'Stores' designed for foreigners will accept most western currencies for purchases. Major credit cards (e.g. visa and master cards) are accepted in​ the​ main cities at​ various establishments,​ but outside the​ major cities acceptance is​ limited. ATMs are scarce outside the​ main cities. So please do carry extra cash when you​ are traveling outside of​ major cities.

Although tipping is​ not required,​ gratuities may improve service. For the​ porters or​ waiters,​ 1 - 5 US dollars may be appropriate as​ the​ tip. However,​ local people rarely tip in​ restaurants as​ a​ 10% service charge is​ always included in​ the​ bill. My rule is​ not to​ give beggars any changes as​ a​ lot of​ them a​ professional network; more beggars will appear in​ front of​ you​ once you​ start giving.

Keep money safe. Always bargain at​ no price listed shops,​ local people always quote foreigners 3-4 times more expensively.

If you​ are staying China for a​ relatively long period of​ time,​ you​ can open a​ local bank account.

Foreigners can open accounts in​ China and the​ process is​ fairly straight forward. Initially,​ it​ is​ essential that the​ bank account is​ opened with the​ Bank of​ China,​ and in​ most of​ larger city branches,​ there will be an​ English-speaking member of​ staff who can assist. a​ passport is​ required together with a​ small deposit. a​ bank book will be issued with a​ bank card. Deposits can be made in​ several currencies such as​ RMB,​ US Dollars and UK Pounds,​ while withdrawals must be in​ the​ same currency as​ the​ deposit.

Make sure you​ exchange your leftover Yuan before returning home because this currency can be exchanged only within China's borders. www.58cai.com offers more advices on​ Money issues in​ China.
Traveling And Money In China Traveling And Money In China Reviewed by Henda Yesti on September 03, 2018 Rating: 5

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