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How to Exchange Currency in China

时间:2015/4/26 10:41:55 作者:learnmorechina 来源: 查看:109 评论:0
How can we exchange currency when visit China? How can we get RMB when in China? How to change USD to RMB when we go to China. Where can we exchange Chinese currency? Learn More China share some tips for how to exchange currencty in China with you. Welcome to share your idea for exchange currency in China. 

Exchanging currency in China is a very straightforward transaction. The Yuan, or Renminbi, is the currency for China. Renminbi translates as "The People's Currency." Exchange rates for Renminbi are established each day in China and should be displayed wherever currency is exchanged. The rate fluctuates from day to day so do not be surprised.

How to Exchange Currency in ChinaThe Chinese currency is called Renminbi (People's money), often abbreviated as RMB. Issued by the People's Bank of China, it is the sole legal tender for both the Chinese nationals and foreign tourists. The unit of Renminbi is yuan and the smaller, jiao and fen. The conversion among the three is: 1 yuan = 10 jiao =100 fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued both in notes and coins. The 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. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. 

Although foreign currency cannot be circulated within the People's Republic of China or used to determine the price and settle accounts, it can be exchanged in China through traveler's cheques, currency conversion at banks and hotels. Besides, many credit cards can also be used in China. What follows is a more detailed explanation. 

If you want to exchange Chinese currency, here are some tips for you: 

1. Go directly to the bank at the international airport before departure. This may allow visitors to leave the airport in China quicker, but the exchange rates may not be as favorable as it would be in China.

2. Convert to Renminbi after arriving. The four banks with currency exchanges at major international airports in China are Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Construction Bank of China. These national banks all have branches in the major international arrival airports in Beijing, Shanghai, Guangzhou and Hong Kong.

3. Have passport in hand when converting currency in China. The official currency exchange form in China requires the teller to see visitor's passports and record the identification number. Some banks may make a photo copy of the passport as well. Fill in the currency exchange sheet, place it, the passport and dollars in the teller window and wait.

4. Wait until arriving at the hotel to convert large sums. Most three star or better hotels have a currency exchange counter. The taxi driver from the airport will expect payment, and the counter may not be open all day, so ask upon arrival.

5. Go to a bank. There are banks all over China open seven days a week, except for major holidays. Some are very small branch offices with limited services and others are impressive edifices. Many banks have a system for taking a number, and display the numbers above the teller windows. There are different windows for different functions, but visitors will be directed to the correct window.

There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but the amount must be declared to the customs. 

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