< Back What is the local currency? What denominations does it come in? What is the best way to exchange currency? What are commonly-used forms of payment for everyday purchases (such as groceries)? Will I be able to use my credit card around town? If not, list when I’ll need cash. By what method are bills (such as rent and utilities) paid? What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? Will foreign residents be able to find banking services in their native languages? Are there any restrictions on services for those who are new to your country? What are typical banking hours? Are automatic teller machines (ATMs) available around the clock? Is there any other money information that might help me? What is the local currency? China's currency is the Renminbi (RMB) or the yuan. In spoken Chinese, the yuan is referred to as kuai. ↑ Top 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. ↑ Top What is the best way to exchange currency? After 2006 The Bank of China along with many international banks such as Citibank, HSBC and Standard Chartered can offer currency exchange. Currency is only exchanged freely from foreign currencies to RMB. However, freelance moneychangers outside banks are usually more economical and commonly used. Most ATM machines will accept foreign ATM cards. ↑ Top What are commonly-used forms of payment for everyday purchases (such as groceries)? Cash is the most commonly used although larger supermarket chains, hotels and upscale stores will accept local bank cards and international credit cards. ↑ Top Will I be able to use my credit card around town? If not, list when I’ll need cash. Hotels, some higher end restaurants and major shopping chains accept credit cards. Bank cards are more widely accepted but it is always recommended to carry cash for most payments. ↑ Top By what method are bills (such as rent and utilities) paid? Rent can either be paid via wire transfer or by cash depending on the landlord. Utilities are either paid by depositing money directly into the utility account at the bank or by cash to the management office. You can also pay bills through local inter-bank transfer. Wiring of money is another alternative which can be arranged from overseas for certain landlords. ↑ Top What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? For a local bank account you need your passport and a small amount of cash (bring at least 100 RMB). The staff may ask to see your resident permit as well. ↑ Top Will foreign residents be able to find banking services in their native languages? The international banks operating in Chengdu (for example HSBC, Citibank, Standard Chartered) have reliable English-speaking staff. However, they are generally not versed in other languages. ↑ Top 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. ↑ Top What are typical banking hours? Banks are open from 9am to 6pm Monday through Friday, and from 10am to 4pm on Saturdays. ↑ Top Are automatic teller machines (ATMs) available around the clock? Yes. ↑ Top Is there any other money information that might help me? Many of the Banks and Western Union accept international wire transfers. Personal checks are not widely used or accepted. Traveller’s checks are not widely accepted outside of high end hotels but can be cashed at any Bank. ↑ Top Useful Links Currency Converter http://www.xe.com Western Union - Money Transfer http://www.westernunion.com BEA http://eng.hkbea.com.cn/ Citibank http://www.citibank.com.cn/homepage/en/cn_homepage.htm HSBC http://www.hsbc.com.cn/1/2/home OCBC http://www.ocbc.com.cn/html_english/html/index.shtm Standard Chartered http://www.standardchartered.com.cn/en/ Bank of China www.bank-of-china.com/en/index.html ↑ Top IMPORTANT NOTE: Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.