Money & Payment

Money and Payment in China - Currency Guide

Complete guide to money, currency, and payment methods in China. Learn about Chinese Yuan, payment apps, ATMs, and budgeting for your trip.

Money and Payment in China

Understanding China’s currency and payment systems is essential for a smooth trip. This guide covers everything about money in China.

Currency

Chinese Yuan (CNY/RMB)

  • Official name: Renminbi (RMB) - “People’s Currency”
  • Unit: Yuan (¥)
  • Subunits: Jiao (10 jiao = 1 yuan), Fen (10 fen = 1 jiao)
  • Symbol: ¥ or CNY

Exchange Rate

  • Check current rates before traveling
  • Generally: 1 USD ≈ 7 CNY (varies)
  • Rates fluctuate, check regularly

Banknotes

  • Denominations: 1, 5, 10, 20, 50, 100 yuan
  • All have Mao Zedong on front
  • Different colors for each denomination
  • Check for counterfeits (feel texture, check watermark)

Coins

  • 1 yuan, 5 jiao, 1 jiao coins
  • Less commonly used than banknotes

Payment Methods

Cash

Still accepted: Yes, but decreasing
Where:

  • Small shops, markets
  • Street vendors
  • Some restaurants
  • Taxis (though many prefer mobile payment)

Tips:

  • Always carry some cash
  • Keep small bills (vendors may not have change)
  • Check bills for authenticity
  • Carry cash in secure wallet

Mobile Payments (Most Common)

WeChat Pay:

  • Most popular payment method
  • Requires WeChat app
  • Links to Chinese bank account or credit card
  • Used everywhere

Alipay:

  • Second most popular
  • Owned by Alibaba
  • Similar to WeChat Pay
  • Also widely accepted

For Tourists:

  • Can link international credit cards (limited)
  • TourPass (Alipay) for tourists
  • May have transaction limits
  • Setup can be complex

Recommendation: Carry cash as backup

Credit/Debit Cards

Acceptance:

  • Major hotels: Yes
  • International restaurants: Usually
  • Large stores: Often
  • Small shops: Rarely
  • Street vendors: No

Accepted Cards:

  • Visa, Mastercard (most common)
  • American Express (less common)
  • UnionPay (Chinese card, widely accepted)

Tips:

  • Inform your bank before traveling
  • Check foreign transaction fees
  • Have backup payment methods
  • Keep card secure

Getting Money

ATMs

Availability: Very common in cities
Cards accepted:

  • International cards (Visa, Mastercard)
  • Check with your bank about fees

Finding ATMs:

  • Banks (ICBC, Bank of China, etc.)
  • Shopping malls
  • Metro stations
  • Hotels

Tips:

  • Use ATMs at banks (more secure)
  • Check for skimming devices
  • Withdraw larger amounts to reduce fees
  • Keep receipts

Currency Exchange

Where to exchange:

  • Banks: Best rates, official
  • Airports: Convenient but worse rates
  • Hotels: Convenient but poor rates
  • Exchange counters: Varies

Required documents:

  • Passport
  • May need to fill forms

Best practices:

  • Exchange at banks for best rates
  • Compare rates
  • Keep exchange receipts
  • Don’t exchange too much (hard to change back)

Bringing Money

Cash limits:

  • Entering: Up to 20,000 CNY or equivalent
  • Declare if over 5,000 USD equivalent
  • Check current regulations

Traveler’s checks: Rarely accepted, not recommended

Budgeting

Daily Budget Estimates

Budget Traveler:

  • Accommodation: 100-200 RMB
  • Food: 50-100 RMB
  • Transportation: 20-50 RMB
  • Attractions: 50-150 RMB
  • Total: 220-500 RMB/day

Mid-Range Traveler:

  • Accommodation: 200-500 RMB
  • Food: 100-200 RMB
  • Transportation: 50-100 RMB
  • Attractions: 100-300 RMB
  • Total: 450-1,100 RMB/day

Luxury Traveler:

  • Accommodation: 500+ RMB
  • Food: 200+ RMB
  • Transportation: 100+ RMB
  • Attractions: 200+ RMB
  • Total: 1,000+ RMB/day

Cost Breakdown by Category

Accommodation:

  • Hostels: 50-150 RMB/night
  • Budget hotels: 150-300 RMB/night
  • Mid-range: 300-600 RMB/night
  • Luxury: 600+ RMB/night

Food:

  • Street food: 10-30 RMB/meal
  • Local restaurants: 30-80 RMB/meal
  • Mid-range: 80-200 RMB/meal
  • Fine dining: 200+ RMB/meal

Transportation:

  • Metro: 2-7 RMB/trip
  • Bus: 1-3 RMB/trip
  • Taxi: 10-50 RMB (short trips)
  • High-speed train: 150-1,500 RMB (varies by distance)

Attractions:

  • Museums: 20-60 RMB
  • Major sites: 50-200 RMB
  • Theme parks: 200-500 RMB

Tipping

General Rule

Tipping is NOT customary in China, unlike many Western countries.

Exceptions:

  • Tour guides: 50-200 RMB/day (appreciated)
  • Drivers: 20-50 RMB/day (optional)
  • High-end restaurants: Sometimes expected (check bill)
  • Hotels: Bellhops may expect small tip

When NOT to tip:

  • Regular restaurants
  • Taxis
  • Regular services

Bargaining

Where to Bargain

  • Markets (especially tourist markets)
  • Street vendors
  • Some shops (not fixed-price stores)
  • Souvenir shops

How to Bargain

  1. Start at 50-70% of asking price
  2. Be friendly and respectful
  3. Walk away if price too high (they may call you back)
  4. Don’t be aggressive
  5. Know approximate fair prices

Where NOT to Bargain

  • Department stores
  • Restaurants
  • Hotels
  • Fixed-price shops
  • Supermarkets

Banking

Opening a Bank Account

  • For tourists: Generally not possible
  • Requires residence permit
  • Complex process
  • Not necessary for short stays

International Transfers

  • Western Union: Available
  • Bank transfers: Possible but complex
  • Better to bring cash or use ATMs

Safety Tips

Protecting Your Money

  • Don’t carry large amounts: Use ATMs as needed
  • Split money: Keep in different places
  • Use hotel safes: For extra cash/passports
  • Be discreet: Don’t flash large amounts
  • Watch for scams: Especially around tourist areas

Common Scams

  • Counterfeit money (check bills)
  • Overcharging (know fair prices)
  • Fake ATMs (use bank ATMs)
  • Currency exchange scams (use banks)

Useful Apps

Payment Apps

  • WeChat: WeChat Pay
  • Alipay: Mobile payments
  • Bank apps: For checking balances

Currency Apps

  • XE Currency: Exchange rates
  • Currency Converter: Quick conversions

Emergency

Lost/Stolen Cards

  • Contact bank immediately
  • Report to police (get report for insurance)
  • Have backup payment method
  • Keep emergency contact numbers

Running Out of Money

  • Use ATMs
  • Western Union (if available)
  • Contact embassy (in extreme cases)
  • Have travel insurance

Key Takeaways:

  • Cash is still important (carry some)
  • Mobile payments dominate (but hard for tourists)
  • Credit cards work in major establishments
  • ATMs widely available
  • Tipping not customary
  • Bargain in markets, not stores

Plan your money management before traveling, and you’ll have a smooth financial experience in China!