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Money Matter in China

  Topic » Tour and Travel Tips For World » Travel Tips For China
Post By : Rainrays At 2011-07-07 09:50:00


Official currency of China :  Official currency of China is Ren Min Bi that can be called RMB or CNY for short, (meaning in Chinese: "people's currency"). The main money unit of the RMB is yuan. Chinese people it is also called the kuai, which has the same function with dollars and pounds (the monetary units of USA and UK). Paper notes of yuan in China, including the paper notes of 1, 5, 10, 20, 50 and 100 yuan.

Denominations of paper notes include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.
Denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.

Important Point :
->
RMB is not easily convertible on the international market so it is only usable in China. Our advice is to change only the money that you need for you trip as it may be difficult to change back to you preferred currency.
-> You can use US dollars / Euros/ English pounds/ in the hotels to pay for the bill, in the friendship stores, to pay for any optional tours and to tip porters of the hotels, tour guides and drivers or whomever you want to tip.
-> 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.

Currency Conversion and Exchange Rates

-> Exchange rates is vary from minute to minute depending on world markets.
-> When exchanging cash or travellers cheques it’s best to check the rate and commission before making the exchange.
-> Although many retail outlets, restaurants and other venues may accept American money, visitors are advised to exchange their travellers checks or cash for China currency.
-> To change money, you have to have your passport at hand.
-> 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.

Credit Cards :
In China Credit Cards are mostly used in Hotels and some high-grade tourist shops and department stores. However, customers are expected to pay in cash. 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.

Losing Credit Card :  If You lose you Credit Card then please report the loss to your credit card issuer as quickly as possible, and follow your bank’s instructions.

Travelers Cheques :
In China, large bank of China accept travelers Cheques and the exchange rate is slightly higher than cash.

ATM'S :
In China,  ATM services available in most of the tourist cities.  Some of the five-star hotels may also have ATM available. In China you can only withdraw RMB from ATM'S, there is a maximum daily withdrawal limit.





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