Practical Guide to Exchanging Money in China for Travelers and Expats

Exchanging currency in China has changed a lot in recent years. Cash still works, but mobile payments dominate daily life. This guide explains exactly how to get Chinese yuan (CNY / RMB), what’s easiest, what’s cheapest, and how visitors and expats should prepare.

1. Key Facts About Money in China

Currency name: Renminbi (人民币, “people’s currency”)
Main unit: Yuan (元 or 块) – abbreviation: CNY or RMB
Coins: 0.1, 0.5, 1 yuan; small jiao coins still exist but are rare
Banknotes: 1, 5, 10, 20, 50, 100 yuan
Floating exchange rate: Managed by the People’s Bank of China (PBOC); rate changes daily
Capital controls: You can’t freely move large amounts of money in and out; there are limits and documentation requirements.

2. Best Ways to Exchange Money in China (Overview)

Most practical options:

Use ATMs in China to withdraw CNY from your foreign card
Exchange cash at Chinese banks (passport required)
Use airport bank counters (convenient but often worse rates)
Load money into WeChat Pay or Alipay (using foreign cards or inbound wallet options)
Use online/multi-currency accounts (e.g., Wise, Revolut) and MasterCard/Visa in major cities

Generally:

Cheapest overall: ATM withdrawals + reasonable foreign bank fees
Most convenient once you’re in China: WeChat Pay / Alipay
Worst value (often): Airport exchange booths, hotel front desks, street money changers

3. Exchanging Currency Before You Arrive in China

3.1 Should You Get CNY Before Traveling?

Outside mainland China, CNY is often:
- Harder to find
- More expensive (wider spread between buy/sell rates)
It’s usually fine to arrive with USD/EUR and a working debit/credit card instead.

Good strategy:

Get a small amount of CNY (or USD/EUR) if your home airport is remote
Plan to withdraw CNY at an ATM in China as your main source of local cash

3.2 Ordering RMB From Your Home Bank

Some big banks in the US, Europe, Australia, etc., let you order CNY:

Pros:
- Know exactly how much yuan you’ll have on arrival
- Safe and convenient
Cons:
- Often worse exchange rate + service fee
- Must order several days in advance

Compare your bank’s rate to the mid-market rate (see sites like XE.com or OANDA) and decide if the convenience is worth it.

4. Exchanging Money at Banks in China

4.1 Which Banks to Use

Major banks where foreigners can exchange currency:

Bank of China (BOC) – traditionally most foreigner‑friendly
Industrial and Commercial Bank of China (ICBC)
China Construction Bank (CCB)
Agricultural Bank of China (ABC)
Bank of Communications, many big city commercial banks

Look for “Foreign Exchange” or “Currency Exchange” signs at large branches.

4.2 What You Need

To exchange foreign cash (USD, EUR, etc.) into CNY:

Passport (original; copies usually not accepted)
Valid Chinese visa or entry stamp
Physical banknotes: clean, undamaged foreign currency

You will typically:

Take a queue number for the foreign exchange counter
Fill out a foreign exchange form (they may help you)
Present passport + cash
Receive CNY in cash and a receipt

4.3 Exchange Rates and Fees

The rate is set daily by the bank, based on PBOC’s published reference rate
Branches usually don’t negotiate rates
There may be a small handling fee, often waived for typical tourist amounts

To maximize value:

Exchange larger, less frequent amounts rather than many small ones
Check the mid-market rate online and compare to the bank’s posted rate

4.4 Opening a Bank Account (Long-Term Stay)

For expats or long stays, a Chinese bank account can be very helpful:

Some banks still allow foreigners with passports and local residence proof to open accounts
With a local account, you can:
- Receive local transfers
- Link to WeChat Pay / Alipay easily
- Get a UnionPay debit card for ATMs and shopping

Policy and requirements vary by city and bank, and they can change. Check a recent branch in your city and bring:

Passport
Residence permit / visa
Local phone number
Address proof (lease contract, registration form)

5. Using ATMs in China to Get Cash

5.1 Where to Find Compatible ATMs

Most major bank ATMs accept Visa, Mastercard, UnionPay, Plus, Cirrus. Look for the logos on the machine.

Most reliable banks for foreign cards:

Bank of China
ICBC
China Construction Bank
Bank of Communications
Some international banks (e.g., HSBC in major cities)

5.2 Tips for Using ATMs

Notify your bank before travel to avoid fraud blocks
Set a 4–6‑digit numeric PIN; many ATMs don’t support long or non-numeric PINs
Choose “Credit Card” or “Savings” as appropriate when prompted
Withdraw during business hours so you can visit a branch if something goes wrong

5.3 Fees and Limits

You may be charged:

A fee by the Chinese bank (often small or none for withdrawals)
A fee by your home bank (foreign ATM fee, FX margin)

To reduce costs:

Use a card with no foreign transaction fee and low ATM fees
Withdraw larger amounts less often

Daily withdrawal limits:

Chinese ATM limit per transaction (often 2,000–3,000 CNY)
Your home bank’s daily limit (e.g., equivalent of 500–1,000 USD)

6. Paying by Card in China (Visa, Mastercard, UnionPay)

6.1 Where International Cards Work

Acceptance for Visa/Mastercard has improved in big cities, especially at:

International hotels
Upscale restaurants and malls
Airports and high-speed train stations
Some tourist attractions and ticket offices

But many local shops, taxis, small restaurants, and convenience stores still do not accept foreign cards directly. They often accept only:

Mobile payments (WeChat Pay, Alipay)
UnionPay cards
Cash

6.2 UnionPay Cards

UnionPay is China’s dominant card network:

Many Chinese ATMs and POS terminals prefer UnionPay
Some foreign banks issue UnionPay‑branded cards; these work very smoothly in China

If your bank offers a multi-network card (e.g., Visa + UnionPay), it can greatly improve acceptance.

7. Using WeChat Pay and Alipay as a Foreigner

China is now dominated by QR‑code mobile payments:

WeChat Pay (微信支付)
Alipay (支付宝)

Both platforms have launched “international” or “tourist” solutions that let foreign visitors pay without a Chinese bank account.

These programs update frequently; always check the latest info on their official sites.

7.1 WeChat Pay for Foreigners

Official info:

WeChat Pay “Wallet” international section is documented in WeChat Pay Help Center

Key points (subject to change):

You can link certain international Visa/Mastercard/JCB cards to WeChat Pay
Available in many countries; not all cards or issuing banks are supported
Used for:
- Retail QR code payments
- Ride‑hailing, food delivery, online shopping, tickets, etc.
There are transaction limits and possible FX fees from your card issuer

Steps (typical flow):

Install WeChat and register with your mobile number
Go to Me → Services / Wallet (layout may differ on international accounts)
Add a “Bank Card” and enter your foreign card details
Verify via SMS or your bank’s 3‑D Secure process
Start scanning merchant QR codes to pay

7.2 Alipay for Foreigners

Official info:

Alipay International / “Tour Pass” details: Alipay for Overseas Visitors

Recent features (Alipay International):

Link foreign Visa/Mastercard directly, or
Use specific tourist wallets (inbound solutions), depending on current policy
Works for:
- Restaurants, shops, metro, train tickets
- Online services (food delivery, taxis, bike rentals, etc.)

Steps (typical):

Install Alipay (English interface available)
Register using your mobile number
Complete identity verification (passport details + selfie, if required)
Add an international bank card or activate the relevant “inbound” wallet product
Use the “Pay” function to show your QR code, or scan merchant codes

7.3 Which Is Better?

WeChat Pay is slightly more common for peer‑to‑peer and social uses
Alipay historically more focused on commerce, but widely accepted too
As a visitor, it’s smart to set up both if your cards are supported; acceptance can vary by merchant and region.

8. Airport, Hotel, and Street Currency Exchange

8.1 Airport Exchanges

Located in arrivals and departures areas of major airports (Beijing, Shanghai, Guangzhou, Shenzhen, etc.)
Usually run by major banks or licensed exchange companies
Pros:
- Extremely convenient on arrival
- Staff more used to foreign passports
Cons:
- Worse rates than city branches
- Possible commission or per‑transaction fee

Tip: Exchange only what you need immediately (e.g., 500–1000 CNY for transport and a meal). Do larger exchanges at banks or via ATMs in the city.

8.2 Hotel Currency Exchange

Some 4–5 star hotels offer foreign exchange at the front desk:

Very convenient if you’re staying there
Rates often similar to or slightly worse than airports
Usually limited to major currencies (USD, EUR, JPY, HKD, etc.)

8.3 Street Exchangers and Unofficial Channels

Avoid exchanging money with:

Individuals approaching you in or near airports/train stations
Unlicensed stalls without clear bank or government branding
Online contacts offering “great RMB rates” via private transfers

Risks:

Counterfeit money
Scams / shortchanging
Legal issues – China has strict rules on foreign exchange operations

Stick to:

Banks
Official airport/hotel counters
ATMs

9. How Much Cash to Carry in China

9.1 Typical Use of Cash Today

In most cities:

Locals use mobile payment almost exclusively
Cash is still legal tender nationwide, and vendors are officially required to accept it, but:
- Small shops may be reluctant or unfamiliar
- You might need to insist politely or choose another vendor

You should still carry some cash, especially if:

You’re traveling to rural areas or small towns
Your mobile payments or foreign cards might fail
You’re using vending machines or unattended kiosks that don’t support cash

9.2 Suggested Cash Amounts

Typical ballpark (per person):

Big city, short trip (3–7 days):
- 1,000–2,000 CNY in cash as backup
- Use WeChat/Alipay + cards for most purchases
Rural / off‑the‑beaten‑path travel:
- 2,000–4,000 CNY in cash
- Fewer places accept cards or mobile payments linked to foreign cards

Adjust based on:

Whether your cards and mobile payments are working reliably
Your daily budget for food, transport, and tickets

10. Bringing Money Into and Out of China (Legal Limits)

China has capital controls and cash declaration requirements.

10.1 Cash Limits on Entry/Exit

According to Chinese customs regulations (check latest on China Customs Official Website):

Chinese yuan (CNY) cash:
- More than 20,000 CNY per person must be declared and typically requires approval
Foreign currency cash:
- More than the equivalent of USD 5,000–10,000 (exact thresholds can vary by regulation and currency) generally must be declared

These rules can change; always confirm with:

Your airline
China Customs
Your home country’s travel advisory

10.2 Bank Transfers and Large Sums

For large amounts (e.g., buying property, school fees, salary repatriation), you must comply with:

SAFE (State Administration of Foreign Exchange) rules
Documentation such as:
- Contract/invoice
- Tax evidence
- Salary slips
- Proof of source of funds

This is complex and beyond typical tourist needs; for expats, consult:

Your employer’s HR or finance team
A licensed bank and, if necessary, a qualified tax/financial advisor

11. Tips to Avoid Problems When Exchanging Money in China

Always carry your passport when going to a bank to exchange foreign currency.
Check each banknote (especially 100 CNY) for:
- Watermark
- Security thread
- Texture (counterfeits often feel different)
Avoid holding large amounts of cash on you; use hotel safes or money belts.
Keep receipts from bank exchanges; they can be required to convert leftover CNY back into foreign currency when leaving.
Use multiple payment methods:
- One or two debit/credit cards
- WeChat Pay / Alipay
- Backup cash in a major foreign currency (USD/EUR) plus CNY
Know your bank’s emergency number for lost or stolen cards.
Use official apps and websites only when setting up mobile payments—avoid links from random chat groups or unofficial QR codes.

12. Example Strategy for Different Travelers

12.1 Short-Term Tourist (1–2 Weeks, Big Cities)

Before travel:
- Ensure at least one debit and one credit card work abroad
- Download WeChat and Alipay, and check if your cards are supported
On arrival:
- Exchange or withdraw 500–1,000 CNY at the airport for taxis/metro/food
During stay:
- Use WeChat Pay / Alipay wherever possible
- Withdraw more cash from ATMs as needed
Before leaving:
- Spend remaining CNY on meals, souvenirs, airport purchases
- Keep a small amount of CNY if you know you’ll return soon

12.2 Business Traveler / Expat (Longer Stay)

Open a Chinese bank account if possible
Link local bank account to WeChat Pay and Alipay
Use salary or transfers into your CNY account for day-to-day expenses
For large savings or repatriation, follow SAFE and bank procedures carefully

12.3 Rural and Remote Travelers

Bring more cash in CNY from a big city before heading out
Don’t rely solely on foreign cards or mobile payments in remote regions
Ask your accommodation in advance what payment methods they accept

13. Frequently Asked Questions

Can I use US dollars or euros directly in China?

Generally no. Everyday transactions must be in CNY, except in very limited duty‑free or special economic zones. Always convert into yuan or pay with cards/mobile that settle in CNY.

Is it illegal to exchange money privately?

Exchanging money with unlicensed individuals can be legally risky and may violate foreign exchange management regulations. Stick to banks, official counters, and ATMs.

Can I convert leftover CNY back to my home currency?

Yes, at banks and some airport counters, but you may need:

Your passport
Proof of original conversion (bank receipt) if converting larger sums

Without receipts, you may face limits on how much you can convert back.

Are traveler’s cheques accepted?

Traveler’s cheques are largely obsolete and difficult to cash in China. Do not rely on them as your main source of funds.