| What is the local currency? |
China's currency is the renminbi (RMB) or the yuan, which means "people's currency."
In spoken Chinese, the yuan is referred to as kuai. |
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| What denominations does it come in? |
The currency has three units: yuan, jiao and fen. One yuan equals ten jiao, and one jiao equals ten fen. The following denominations are available:
Notes: 100, 50, 20, 10, 5, 2, 1 yuan; 5, 2 and 1 jiao; and 1 fen
Coins: 1 yuan; 5 and 1 jiao; 5, 2 and 1 fen
Do note: due to the very low value, fen notes and coins are almost useless. |
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| What is the best way to exchange currency? |
The Bank of China is the only domestic bank that exchanges money. In comparison with international banks such as Citibank, HSBC and Standard Chartered, the rates are competitive but the bank fees are higher.
Currency is only exchanged freely from foreign currencies to RMB. However, freelance moneychangers outside banks are usually more economical and commonly used.
Bank of China ATM machines will accept foreign ATM cards. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| Cash is the most commonly used although larger supermarket chains and upscale stores will accept local bank cards. Hotels catering to foreigners will accept international credit cards. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| Hotels, restaurants and major shopping chains accept credit cards. It is still advisable to keep cash on you at all times. |
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| By what method are bills (such as rent and utilities) paid? |
| You can pay bills either through local inter-bank transfer or cash. Wiring of money can also be arranged from overseas for certain landlords. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
| You can open a bank account with your passport and a nominal deposit. It is recommended that you open it as soon as possible after arrival. |
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| Will foreign residents be able to find banking services in their native languages? |
| Foreign retail banks in Beijing provide service in English and bank tellers are generally more friendly. However, the luxury comes with hefty fees when compared to local banks. All banks vary, but you can expect to pay around US$20 for wire transfers. There are also hefty surcharges for deposits, withdrawals and buying/cashing traveller's checks. |
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| Are there any restrictions on services for those who are new to your country? |
| The yuan is not a freely converted currency. While it is easy to change foreign currency into yuan, it is often more difficult to exchange yuan into a foreign currency without additional paperwork required, such as proof of income tax payment. Additionally, transferring RMB out of China is not permitted nor is transferring foreign currency that has originated in mainland China. Changing RMB to a foreign currency is not permitted unless it is changing money back that was cashed using traveller's checks. |
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| What are typical banking hours? |
| Most banks are open from 9 a.m. to 5 p.m. |
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| Are automatic teller machines (ATMs) available around the clock? |
| Yes, ATMs are available around the clock. |
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| Is there any other money information that might help me? |
| Do not bring large sums of foreign currency into Beijing, as it is difficult to transfer foreign currency out of Beijing due to currency controls. |
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| Useful Links |
Bank of China: www.bank-of-china.com/en/static/index.html
Western Union - Money Transfer: www.westernunion.com |