Beijing

๐Ÿ’ฑ

Currency Exchange

Sections

1. Currency Basics in China

  • Official Currency: The official currency of China is the Renminbi (RMB), often referred to as the Yuan (CNY). The symbol is ยฅ, and the most common denominations are:
    • Banknotes: ยฅ1, ยฅ5, ยฅ10, ยฅ20, ยฅ50, ยฅ100
    • Coins: ยฅ1, 1 Jiao (0.1 Yuan), and 5 Jiao (0.5 Yuan)
  • Exchange Rate: The exchange rate fluctuates daily. As of late 2023, 1 USD is approximately 7.3 CNY, but you should check the current rate before exchanging.

2. Where to Exchange Money in Beijing

Beijing offers several safe and reliable options for currency exchange. Here are the most common ones:

a. Banks

  • Recommended Banks:
    • Bank of China (ไธญๅ›ฝ้“ถ่กŒ)
    • Industrial and Commercial Bank of China (ICBC) (ไธญๅ›ฝๅทฅๅ•†้“ถ่กŒ)
    • China Construction Bank (CCB) (ไธญๅ›ฝๅปบ่ฎพ้“ถ่กŒ)
    • Agricultural Bank of China (ABC) (ไธญๅ›ฝๅ†œไธš้“ถ่กŒ)
  • Why Choose Banks?
    • Banks offer the most reliable and transparent exchange rates.
    • They are regulated by the government, ensuring fair practices.
  • Procedure:
    1. Bring your passport (mandatory for foreigners).
    2. Fill out a currency exchange form (staff will assist if needed).
    3. Hand over the foreign currency and receive the equivalent in RMB.
  • Operating Hours: Typically 9:00 AM to 5:00 PM, Monday to Friday. Some branches may open on weekends.
  • Fees: Banks generally charge a small service fee (around 0.5%-1% of the amount exchanged), but this varies by bank.

b. Currency Exchange Counters at Airports

  • Location: Beijing Capital International Airport (PEK) and Beijing Daxing International Airport (PKX) have currency exchange counters in the arrival and departure halls.
  • Pros:
    • Convenient for immediate cash needs upon arrival.
    • Open 24/7.
  • Cons:
    • Exchange rates are less favorable compared to banks.
    • Higher service fees (up to 3%-5%).
  • Tip: Only exchange a small amount at the airport for immediate expenses (e.g., transportation to your hotel).

c. Hotels

  • Many mid-range and high-end hotels in Beijing offer currency exchange services at their front desks.
  • Pros:
    • Convenient if youโ€™re staying at the hotel.
    • No need to visit a bank or exchange office.
  • Cons:
    • Exchange rates are typically less favorable.
    • Limited to smaller amounts.
  • Tip: Use this option only if banks or other services are unavailable.

d. ATMs

  • Many ATMs in Beijing accept foreign debit/credit cards (Visa, Mastercard, UnionPay) and allow you to withdraw RMB directly.
  • Pros:
    • Convenient and widely available.
    • Exchange rates are usually competitive.
  • Cons:
    • Your home bank and the Chinese ATM operator may charge withdrawal fees (typically $3-$5 per transaction).
    • Daily withdrawal limits may apply.
  • Tip: Notify your bank before traveling to avoid your card being blocked for suspicious activity.

e. Currency Exchange Offices

  • There are a few licensed currency exchange offices in Beijing, but they are less common than in other major cities.
  • Examples:
    • Travelex (located in airports and some shopping malls).
  • Cons:
    • Higher fees and less favorable rates compared to banks.

3. Costs and Fees

  • Exchange Rate Margins: Banks and ATMs generally offer better rates than hotels or airport counters.
  • Service Fees: Banks charge minimal fees, while airport counters and hotels may charge higher fees (up to 5%).
  • Hidden Costs: Be cautious of dynamic currency conversion (DCC) at ATMs, which may offer to charge your home currency instead of RMB. Always choose to be charged in RMB to avoid unfavorable conversion rates.

4. Tips for Currency Exchange in Beijing

a. Plan Ahead

  • Exchange a small amount of RMB before arriving in Beijing for immediate expenses like transportation or food.
  • Use banks or ATMs for larger amounts once in the city.

b. Carry Your Passport

  • Chinese regulations require foreigners to present their passport for any currency exchange transaction.

c. Avoid Black Market Exchanges

  • Never exchange money with unauthorized individuals or street vendors. This is illegal and risky, as counterfeit currency is a common issue.

d. Inspect Your Cash

  • Counterfeit money is a known problem in China. When receiving RMB:
    • Check the watermark and texture of the bills.
    • Avoid accepting torn or heavily damaged notes, as they may not be accepted elsewhere.

e. Use Mobile Payment Apps

  • Mobile payment platforms like WeChat Pay and Alipay are widely used in Beijing. While these apps are primarily linked to Chinese bank accounts, some now allow foreign cards to be linked. This can reduce your need for cash.

f. Keep Small Denominations

  • Many small businesses, street vendors, and taxis may not accept large bills (e.g., ยฅ100). Always carry smaller denominations for convenience.

g. Monitor Exchange Rates

  • Use apps like XE Currency or OANDA to track real-time exchange rates and ensure youโ€™re getting a fair deal.

5. Safety Considerations

  • ATMs: Use ATMs located inside banks or well-lit, secure areas to avoid skimming or theft.
  • Pickpocketing: While Beijing is generally safe, be cautious in crowded areas like markets or tourist attractions. Keep your cash and wallet secure.
  • Scams: Be wary of anyone offering to exchange money outside of official channels.

6. Cultural Considerations

  • Cash vs. Digital Payments: While cash is still accepted, Beijing is increasingly cashless. Locals prefer mobile payments, so consider setting up WeChat Pay or Alipay if youโ€™ll be in China for an extended period.
  • Politeness: When handing over or receiving money, itโ€™s customary to use both hands as a sign of respect.

7. Emergency Tips

  • If you run out of cash and cannot find a currency exchange service:
    • Use your credit card for larger purchases (most major establishments accept Visa and Mastercard).
    • Withdraw cash from an ATM using your foreign debit/credit card.
    • Contact your hotel concierge for assistance.

By following this guide, youโ€™ll be well-prepared to handle currency exchange in Beijing efficiently and safely. If you have any further questions or need additional assistance, feel free to ask!