When traveling in China, it is advisable to carry some cash. While many places, especially in urban areas, accept mobile payments via apps like Alipay and WeChat Pay, cash is still widely used, particularly in smaller shops, markets, and rural areas. It’s essential to have cash on hand for transportation, small purchases, and in case electronic payment options are unavailable.

Best Places to Exchange Money

Recommended Banks for Currency Exchange

They typically offer better rates than airports or hotels, but expect longer wait times and possible language barriers. Ensure you bring your passport as it is required for transactions.

Bank of China (BOC):

One of the largest and most foreigner-friendly banks in China, BOC has an extensive network across the country. It provides competitive exchange rates and English-speaking staff, making it a popular choice for tourists.

Industrial and Commercial Bank of China (ICBC):

ICBC is another major bank that offers reliable currency exchange services. It is known for its widespread presence and generally favorable rates.

China Construction Bank (CCB):

CCB is also a good option for currency exchange, with many branches available in urban areas. They cater well to foreign customers and provide competitive rates.

Agricultural Bank of China:

This bank is well-regarded for its services and is commonly found in both urban and rural areas, offering good exchange rates.

Citibank:

Although not as widespread as the Chinese banks, Citibank has branches in major cities like Beijing and Shanghai and accepts a wide range of international cards, providing good exchange rates.

Airports: Currency exchange kiosks at airports are convenient but usually offer less favorable rates. It’s recommended to exchange a small amount (around $100) upon arrival for immediate expenses like transportation.

Hotels: Many larger hotels provide currency exchange services, although the rates may not be as competitive as those offered by banks. This option is convenient if you’re staying at a hotel that offers this service.

ATMs:Using ATMs to withdraw cash in Chinese yuan is often the best option for tourists. Most ATMs in urban areas accept international debit and credit cards, dispensing local currency at competitive rates. However, be aware of potential fees from both the local bank and your home bank.

Exchanging Back to Your Currency

You can exchange Chinese yuan (CNY) back to your home currency when leaving China. However, it is crucial to keep receipts from your currency exchanges, as banks will require them for converting yuan back into foreign currency. Note that there are limits on the amount of foreign currency you can take out of China, which is typically capped at $50,000 per year for foreigners, and you must declare any amount over $5,000 when exiting.