China changing money · Changing money in China
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Changing money in China
Changing money in China
Although still restricted, yuan is readily convertible in many countries, especially in Asia. The Hong Kong dollar, U.S. dollar, Canadian dollar, Euro, British pound, Australian dollar, Japanese yen and South Korean won can be easily changed in China. Southeast Asian currencies are generally not accepted, the exception being Singapore dollars, which can be changed at all major banks and licensed money changers.
Black market does exist especially on the border but you are highly advised to avoid it unless you are confident at telling the difference between legitimate and counterfeit notes - even local people are not confident sometimes. Sellers operating within bank lobbies can generally be trusted, however, and almost always offer a better rate than the bank.
Foreign exchange is under tight control in China. Private money exchangers, widely seen in many tourist spots or shopping malls around the globe, is still uncommon in China. In a bank, it usually takes 5 minutes to 60 minutes to process the exchange, sometimes a little faster in an hotel, depending on their experience. You need to fill a form and show your passport. Keep the exchange receipt if you plan to leave the country with larger sum of money. Note that not all banks with the "Exchange" logo will exchange money for non-customers or for all currencies in cash; Standard Chartered will only exchange cash for its customers and will only do US$ and HK$ in cash (but opening an account is quick and doable even on a tourist visa, and they offer a better cash exchange rate than most local banks).
Exchanging U.S. currency for RMB can be simple, but expect the bills to be heavily scrutinized before the exchange is processed. Opportunities to buy RMB before entering China, for example when coming overland from Hong Kong or Vietnam, should be taken, as the rates are better. The same is true going the other way - selling just across the border will often net a more favourable rate. Also, most banks will allow you to get a cash advance via a debit or credit card. It's useful to carry an international currency such as British Pounds, US Dollars, or Japanese Yen to fall back on should you not have access to a cash machine.
As Counterfeiting is a major issue when exchanging money in China, beware the private money changers found in markets and hanging around large banks. While their exchange rates may look attractive, unless you have a local friend to help you out, do not exchange money with them. It is not uncommon to exchange a large amount of cash only to find that most of what you got is fake. Stick with the Bank of China or one of the other large banks as even though you get slightly worse rates, the risk of getting counterfeit bills from them is close to zero.
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China Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.