Knowing about the currency in China is very important before planning a trip to China. Since it is closely related to your daily travel life in China. This China travel tip will give you important information of the Chinese Currency.
The Cash in China
Chinese currency is known as Renminbi (RMB), whose basic unit is Yuan.
- 1 Yuan is divided into 10 Jiao.
- Right now, banks in China issues RMB bills in denominations of 1, 2, 5, 10, 20, 50, 100 Yuan and 1, 2, 5 Jiao.
- There are coins in denominations of 1 Yuan and 1, 5 Jiao.
- As well. As China is a cash-based country, you should bring some wherever you go to ensure you have the cash to buy goods and services for your convenience.
- You can exchange money at hotels, China arrival and departure areas in airports and in Bank of China branches.
- The official exchange rate is used in most places when you exchange your money into Chinese currency.
How to Detect Fake Currency in China
Most fake bills are in denominations of 50 and 100 Yuan, and the following are important China travel tips on detecting them.
- The first feature of genuine RMB is the watermark. Hold up the bill against light, you can see a watermark of Chairman Mao. Only a clear watermark means the bill is real.
- The second difference between a real bank note and a fake one is the hair of Chairman Mao. Scratching the hair of Chairman Mao on the bank note, you can feel the hair on a real one while the hair cannot be felt on a fake one.
- The third way is to see the security line on RMB, which is a line in the left side. Against the light, you can see “RMB 100” or “RMB 50” on the line in real bank note.
- What’s more, you can buy a machine to detect Chinese currency as well.
The Travelers' Checks in China
You must know that travelers’ checks are not popular in China. As travelers’ checks are inconvenient, particularly in smaller cities and local Chinese hotels, you should not depend on it too much. If you really need carry and exchange travelers’ checks, then using those issued by major financial organizations such as American Express and Visa is recommended.
On the other side, cash advance services are not commonly acceptable in China, neither. You should bring some U.S. dollars or Canadian dollar, not coins, but paper bills. What’s important to know is that any badly worn or defaced bills will not be accepted by local vendors.
The Credit Cards and ATMs in China
Major credit cards are only accepted at some hotels, tourist stores and upscale shops. For your convenience, you should phone your credit company and let them know that you are traveling in China to ensure your transactions during your trip will not be declined.
Nowadays, you can find ATMs in most cities in China. However, most ATMs only offer you withdrawing Chinese currency - RMB. With a Visa, Master card, American Express, Cirrus and Plus you can withdraw money from most ATMs. There is a limit on your daily withdrawal and the exchange rate is the same to credit cards.