The currency of China is the Chinese Yuan. China is one of the most popular travel destinations in the world, the sheer diversity of this country means that there is so much to explore, from the buzzing cities of Beijing and Shanghai to the historical monasteries in Tibet. No trip to China would be complete without a trek to the Great Wall of China!
The Chinese Currency is the Chinese Yuan which is made up of smaller denominations called Jiao or Mao. One Yuan is equal to 10 Jiao or Mao. The Mao can further be divided into 10 Fen. Chinese Yuan bank notes are available in the following denominations 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan and 1 Yuan. Chinese coins are in the denominations of 5 Yuan, 1 Yuan and 1 Jiao/Mao. Please be aware that counterfeit 50 and 100 Yuan bank notes are commonplace in China.
China is no longer as cheap as it was a few years back, however you will still find that your money will go much further here than in the west. The most expensive parts of China are the major cities which include Beijing, Shanghai, Hong Kong, Macau and Guangzhou.
Best Chinese Currency Exchange Rates
Before you travel to China you can buy your travel money online from currency providers such as ICE Plc, Moneycorp and Travelex. Visit our travel money tables to find out who is offering the best Chinese Yuan exchange rate. We have trailed the high street and travel money providers online to bring you the best foreign exchange rates available.
Previously it was very difficult to buy Chinese currency outside of China, luckily things have changed and many UK travel money specialists sell Chinese Yuan. Please do not use a bank when purchasing your holiday money. As you will see from our travel money table banks offer a far lower exchange rate than other leading UK travel money providers. If you convert your British pounds into Chinese Yuan at your local bank you will end up feeling rather short changed. The same applies if you wait until you are at the airport to buy your foreign currency. Airport bureau de changes have absolutely no competition so can and will offer you a far poorer exchange rate than you could potentially get online. Buy Chinese currency RMB online now.
Buying currency whilst in China
Although I would always recommend purchasing your Chinese Yuan travel money before you go on holiday there are still many occasions where people find themselves running low on funds and need to withdrawal or convert more money into Chinese currency. You can change money and travellers cheques at border crossings, tourist hotels, the Bank of China and in international airports. Some large department stores in the major cities will also convert your pounds into Yuan. In China the official exchange rate is given almost everywhere so you will not need to do much shopping around.
Debit and credit cards can be used in ATMs, airports, large hotels, supermarkets, restaurants and some department stores. Where ever the Visa or MasterCard symbol is displayed you will be able to use your card. If you cannot see a symbol check with a member of staff before you start a meal.
You can also withdrawal money from ATM machines in the larger cities that display the Visa, Mastercard or Amex sign.
Travellers tip – “Credit cards cannot be used to purchase train tickets in China and travelling in remote areas without cash will be difficult. Always ensure that you have enough money on you in advance.”
Bank opening hours
In China banks are open Monday-Friday 0900-170o. Some banks will close for lunch between 1200 and 1300. In the major cities some banks will open on weekends and extend their hours on evenings Monday-Friday.
Import and export of Chinese Yuan
This is limited to 20,000 Yuan. You can bring unlimited amounts of foreign currency into China but amounts above 5,000 US Dollars must be declared.
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At Compare Currency we offer impartial information that allows you to compare currency exchange rates using our travel money comparison tables and find the best rate for Chinese Yuan. Find out which leading UK travel money exchange provider is offering the best holiday currency exchange and buy Chinese Yuan online now.
