Money

Money in China: Currency, Payments & Banking

Handle money in China — RMB basics, mobile payments, ATM usage, exchange rates, and budgeting tips.

6 min read

Chinese Currency (RMB/CNY)

Official name: Renminbi (RMB). Unit: Yuan (CNY). Symbol: ¥. Denominations: Notes — ¥1, ¥5, ¥10, ¥20, ¥50, ¥100. Coins — ¥1, ¥0.5, ¥0.1. ¥100 note is most common for larger purchases. Counterfeit detection: Check watermark, security thread, color-shifting ink. Banks verify authenticity.

Exchange Rates

Current rate (approximate): $1 USD = ¥7.2 CNY, €1 = ¥7.8 CNY, £1 = ¥9.2 CNY. Rates fluctuate daily. Exchange at banks (best rates), airports (convenient but worse rates), or hotels (worst rates). Avoid street exchangers. ATMs give competitive rates. Notify your bank before traveling to prevent card blocks.

Mobile Payments

WeChat Pay and Alipay are dominant. Link international cards (Visa/MasterCard) to both apps. Scan QR codes to pay. Works everywhere — restaurants, shops, taxis, vending machines. Set up before arrival. Carry cash as backup. Some small vendors only accept mobile payments. Your guide can help with setup.

ATM Usage

ATMs widely available in cities. Major banks: ICBC, Bank of China, Construction Bank, Agricultural Bank. International cards (Visa/MasterCard) accepted. Withdrawal limit: Usually ¥2,000-5,000 per transaction. Fees: Your bank + Chinese bank (¥10-20). Use ATMs inside banks for safety. Avoid standalone ATMs in remote areas.

Credit Cards

Accepted at hotels, upscale restaurants, and large stores. Visa and MasterCard work. American Express less common. UnionPay (Chinese network) is ubiquitous but requires Chinese bank account. Inform your bank of travel dates. Carry multiple cards. Keep card numbers separate from wallets. Some places add 3-5% surcharge for foreign cards.

Budgeting Tips

Daily budget: Budget $50-80, Mid-range $150-300, Luxury $500+. Track expenses via WeChat/Alipay history. Keep small change for tips and small purchases. Bargain at markets (start at 30-40% of asking price). Avoid exchanging money at hotels (poor rates). Use ATMs for best rates. Keep receipts for tax refunds.

Frequently Asked Questions

Can I use US dollars in China?

No, only RMB is accepted for daily transactions. Some hotels may quote prices in USD but charge in RMB. Exchange currency before or upon arrival. ATMs and banks offer best rates.

What if my card gets blocked?

Contact your bank immediately via international phone number. Have backup cards. Carry enough cash for emergencies. Your tour operator can help with urgent financial needs. Register your travel plans with your bank before departure.

Is it safe to carry cash?

Generally yes, but use common sense. Carry only what you need for the day. Use hotel safes for excess cash. Keep money in different places. Use mobile payments when possible. Avoid displaying large amounts of cash publicly.