Money Issues | ChinaTourServices.com

Money Issues

The official currency of China’s is Ren Min Bi that can be called RMB or CNY for short. Ren Min Bi in Chinese means “the people’s currency”. The basic money unit of the RMB is Yuan (in some area it is also called “Kuai”). There are several paper notes of Yuan in China, including the paper notes of CNY 1, 5, 10, 20, 50 and 100. Besides, there are also 1 Jiao (10 Jiao=1Yuan), 5 Jiao and 1 Yuan coins

The places of exchanging money
Tourists can exchange money in most of the large banks in China, passport is needed. Besides, the banks only accept undamaged foreign bank notes and reject notes that are even slightly torn. Meanwhile, you can exchange the money in most of the hotels. They offer foreign exchange service, though the exchange rate of the hotels is not the same as the official bank rate.

The places of cash withdrawals
Tourists can withdraw money from credit/debit cards at the main branches of the Bank of China in every city with a small transfer fee. Besides, the ATM machines of Bank of China with the Visa and MasterCard symbols can also be available for cash withdrawals. You can operate according to the English menu of the AMT machines.

Credit Cards
Major credit cards, such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores and high-grade tourist shops, but not available in most restaurants or small convenience stores. So you’d better check on the acceptance of your credit card before purchase

Wire Transfers
Tourists can choose Money Transfer from china major post office to transfer money for Money Transfer is a joint venture between the China EMS(former name is China Courier Service Corporation) and the West Union. This service allows instant money wiring to and from 100 countries.

Counterfeit Money
Although the Government is trying to eradicate this problem, it’s a pity it is still a big problem in China. So we do suggest you purchase or consume in big or fixed shop, stall, so when something happens, it will be convenient and helpful to solve the problem.

Now let's check the Chinese currency as below: