FAQ - Chinese Currency & Payment Methods

For first-time visitors to China, having a basic understanding of China's currency, knowing how to exchange money, and being aware of whether your bank cards are usable are crucial matters. Also, you might be curious about whether you can use US dollars or other foreign currencies in China. This article will address some frequently asked questions about Chinese currency, with the hope of being helpful to you.

About Chinese Currency:

The renminbi (RMB), also known as the Chinese Yuan (CNY), is the official currency of mainland China. The yuan is the basic unit of renminbi. One yuan equals 10 jiao, and furthermore, 100 fen. Banknotes are available in denominations of 1, 5, 10, 20, 50, and 100 yuan, while coins come in denominations of 1 yuan, 1 jiao, and 5 jiao. You might hear folks saying kuai or mao, the nicknames for the yuan and the jiao. The following picture shows different denominations of renminbi.

RenminbiRenminbi

No, it's not. Hong Kong, Taiwan, and Macau have different currencies. The picture below displays currency differences for the mainland and three administrative regions in China.

Four Different CurrenciesFour Different Currencies

For information only, one US dollar is equivalent to approximately 7.22 yuan.
To learn more about the exchange rate:
RMB Exchange Rate & Currency Converter

Many hotels and vendors outside scenic spots accept major international currencies, like US dollars, euros, and pounds. You can tip the hotel porters, drivers, and guides in international currencies. Some businesses in smaller cities, like convenience stores and local restaurants, only accept renminbi (Chinese yuan). However, we suggest you use renminbi, as it's the most convenient option.

About Money Exchanging in China:

You can exchange currency into Chinese yuan at airports, banks, ATMs, and most star-rated hotels. ATMs are available 24 hours a day, and most of them support English. Before you use it, check if the brand logo of your credit card is on the ATM. When you choose to exchange currencies at airports, banks, or hotels, it is wise to make reservations one day in advance if you plan to exchange a large amount of money.

The best option is to exchange money before departure. Because when you exchange money in China, the Chinese bank will usually charge you a foreign exchange fee in addition to a fee from your own bank. When you're packing for China, keep your cash in your backpack but not in your suitcase. Also, keep your cash and other valuables in sight during your trip.

You can totally bring it back to your country. And you can convert it into the currency of your country if it is an excessive amount. If you need further help dealing with the local money, your tour guide is a good source to ask.

Only high-end hotels support withdrawing money. You may need to wait about an hour or even a business day for the money to come because it takes time for the bank to authorize it. The best way to withdraw money in China is by going to the bank or simply using an ATM.

About Payment Methods:

Major credit cards, such as Master Card, Visa, American Express, Diners Card and JCB card from Japan, are widely accepted in China. This applies to large-scale stores, hotels, and restaurants. Being that many Since some smaller businesses may not accept overseas credit cards, we suggest bringing some cash just in case.

Mainly, there are two mobile payment apps in China: WeChat Pay and Alipay. Both of them are frequently used and accepted by most businesses. You can use them after linking your credit cards.

  • WeChat Pay: A payment method of WeChat, the most widely used instant messaging app in China.
  • Alipay: The biggest digital payment platform in China. And it's called Chinese Paypal.
For your convenience, you can pay us by following payment methods:
  • All major credit cards - both faxed authorization form and by Paypal payment gateway.
  • Wire Transfer (bank transfer, TT transfer).
  • PayPal.

Write to Us

If you have other questions about money that are not mentioned in this article, feel free to let us know. Contact us or write to trip@odynovotours.com, and our experts will reply within 24 hours.

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