Money Affairs

Please be reminded that the China’s schools normally quote tuition fees in RMB（the abbreviation of Chinese Currency，Ren Min Bi）, which often confuses international students. ( At present, the exchange rate between RMB and US Dollar is ONE US$=6.84 RMB)

How to change money?

It is possible to exchange traveler's checks or cash at most banks, and hotels always have a money exchange counter. Cash advances are available on most common credit/debit cards e.g. American Express/Visa/MasterCard, but this facility is available only from the main branch of the Bank of China in most Chinese cities. A fee of 3%-4% will apply. The Bank of China has an ATM network that will allow cash advances from major credit / debit cards and ATM cards. Check you credit card provider for this information before leaving your home country. You are required to present your passport to change money/travelers checks etc. Hotels will usually only allow you to change money if you are guest at the hotel. The RMB is not easily convertible on the international market so it is only usable in China. It is advisable to change only the money that you need for you trip as it may be difficult to change back to you preferred currency. RMB is now readily convertible in Hong Kong. You can convert unused RMB to another currency in China by producing the receipts for your original purchase of RMB in China. This exchange is done at the airport as you leave China. There is a foreign exchange black market but it is illegal.

Credit cards
Major credit cards such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores. Check on the acceptance of your credit card before you purchase. Credit cards cannot be used in most restaurants or small convenience stores. Credit cards can be used to get a cash advance in the main offices of the Bank of China.

Money Wire Transfer
Wire Transfer using a service called Money Transfer is available and is a joint venture between the China Courier Service Corporation and Western Union. This service allows instant money wiring to and from 100 countries.

Counterfeit Money
It seems that counterfeit money is not the only problem of US dollar. Since early 1990?s, China has seen fake money in the market. Government has been trying to eliminate this phenomenon; there are still some problems. In China it is very common practice for those who are receiving money to check its authenticity. So when you are making a deal with a local Chinese, do not be offended by this behavior. It is not a reflection on your character.

Currency Fluctuation
The Chinese currency is currently fixed to the value of the US Dollar, so as the value of US Dollar changes on international currency market, the relationship between the Chinese Renminbi and the US Dollar remain the same. Some countries say that this does not give a true indication of the strength of the Chinese currency internationally and there is pressure on China to change the current relationship to the US Dollar. Chinese currency is getting stronger and stronger due to the reasons, therefore, the traveling cost to China is also getting more expensive.
What Is Renminbi (RMB) and How to Change Foreign Currency for RMB in China?

The 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.

Traveler's Cheques

Traveler's cheques provide a fairly secure way of carrying money. The Bank of China can cash travelers' cheques sold by international commercial banks and travelers' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. Also the Bank of China sells travelers' cheques for such banks as American Express, Citibank, Tongjilong Travelers' Cheque Co., the Sumitomo Bank of Japan, the Swiss Banking Corporation and others.

Currency Conversion

Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests. The US dollar, British pound, French franc, German mark, Japanese yen, Australian dollar, Austrian schilling, Belgian franc, Canadian dollar, HK dollar, Swiss franc, Danish Krone, Singapore dollar, Malaysian ringgit, Italian lira, Macao dollar, Finnish markka, and Taiwan dollar are all exchangeable. Exchange rates fluctuate in line with international financial market conditions and are published daily by the State Exchange Control Administration.

Keep your currency exchange receipts, because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Currency rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements.

How to use credit cards in China?

At present, the following credit cards are accepted in China: Master Card, Federal Card, Visa, American Express, JCB and Diners Card. Holders can draw cash from the Bank of China and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants. However, this applies only in major cities. Credit cards are not always accepted for the purchase of rail and air tickets. ATMs that accept foreign cards are few and far between. Do not rely on them as a way of obtaining cash in Mainland China.

Consult with your bank before departing to make sure that your brand of cheque or credit card will be accepted.
Currency Regulations

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.