【上海外事】Q&A | How to convert foreign currencies into RMB

publisher:publish time:2024-02-23number of visits:48

The renminbi (literally people's currency) is the legal tender in the Chinese mainland. At present, Chinese paper denominations include 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, and 100 yuan. There are three types of coins with denominations of 1 jiao, 5 jiao, and 1 yuan.

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Both banks and international airports have exchange service counters. In China, ATMs are everywhere except for some remote towns and villages.





01


At the airports

Airport foreign exchange is mostly done at banks. Some of them have rules for old and new notes. So, carry an adequate amount of new versions of the currency. Bank exchange rates may vary significantly.


Currency exchange machines

The exchange rate at the currency exchange machine may be higher than that at the bank.


ATM

They can usually be found near the bank. Most of them support MasterCard and Visa. You can withdraw RMB with a foreign debit or credit card.


02

Not at the airports

You can choose from the following banks to exchange currency:


State-run banks

  • Bank of China

  • Industrial and Commercial Bank of China

  • China Construction Bank

  • Agricultural Bank of China

  • Bank of Communications 


Commercial banks

  • Shanghai Pudong Development Bank

  • China Industrial Bank

  • China Merchants Bank

  • China CITIC Bank


Foreign banks

  • Standard Chartered Bank

  • The Hongkong and Shanghai Banking Corporation Limited


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Although these banks offer foreign exchange services, their sub-branches may not offer such services. Look out for the green EXCHANGE icon. It is usually on the exterior wall of the bank. 

来源:Intl Services Shanghai