Note that credit cards are still not commonly used, outside the major cities of Beijing, Shanghai and Guangzhou. Outside the international chain hotels and major brand-name shops, cash is king. While many local establishments may claim to accept credit cards, they may only accept locally-issued ones!

 

   There are three "golden week" holidays in China, where offices close for a week. They are the Chinese New Year (Spring Festival), Labour Day and National Day. Since everyone is on holiday in China, many locals take this opportunity to travel home, or go on vacation. This makes travelling within the country more difficult, and accomodation can sometimes be scarce.

 

Chinese Money
   The official currency in China is the Renminbi (RMB or CNY) or in Chinese "Ren-min-bi". The basic unit is the yuan (also known as "kuai"), which equals 10 jiao (or "mao"), which is then divided into 10 fen. Paper currency comes in 1,2,5,10,50 and 100 yuan notes. Paper jiao come in denominations of 1, 2, and 5. There are also 1 and 2 fen notes, but these are rarely used as they have no purchasing power. There are 1 yuan, 1, 2, 5 jiao and 1, 2, 5 fen coins in the market. 1 yuan coins are more widely used compared with others.

 

Changing money
   It is possible to exchange traveler's checks or cash at most banks, and hotels always have a money exchange counter. Cash advances are available on most common credit/debit cards e.g. American Express/Visa/MasterCard, but this facility is available only from the main branch of the Bank of China in most Chinese cities. A fee of 3%-4% will apply. The Bank of China has an ATM network that will allow cash advances from major credit / debit cards and ATM cards. Check you credit card provider for this information before leaving your home country. You are required to present your passport to change money/travelers checks etc. Hotels will usually only allow you to change money if you are guest at the hotel. The RMB is not easily convertible on the international market so it is only usable in China. It is advisable to change only the money that you need for you trip as it may be difficult to change back to you preferred currency. RMB is now readily convertible in Hong Kong. You can convert unused RMB to another currency in China by producing the receipts for your original purchase of RMB in China. This exchange is done at the airport as you leave China. There is a foreign exchange black market but it is illegal.

 

Credit cards
   Major credit cards such as Master Card, Visa, JCB and American Express are accepted in major hotels and department stores. Check on the acceptance of your credit card before you purchase. Credit cards cannot be used in most restaurants or small convenience stores. Credit cards can be used to get a cash advance in the main offices of the Bank of China.

 

Money Wire Transfer
   Wire Transfer using a service called Money Transfer is available and is a joint venture between the China Courier Service Corporation and Western Union. This service allows instant money wiring to and from 100 countries.

 

Counterfeit Money
   It seems that counterfeit money is not the only problem of US dollar. Since early 1990’s, China has seen fake money in the market. Government has been trying to eliminate this phenomenon; there are still some problems. In China it is very common practice for those who are receiving money to check its authenticity. So when you are making a deal with a local Chinese, do not be offended by this behavior. It is not a reflection on your character.

 

Currency Fluctuation
   Although the Chinese currency is no longer pegged to the US dollar, the Chinese central bank keeps a close eye on the exchange rate, and makes sure that there are no extreme fluctuations.

 

Contributors
   December 04, 2006 change by giorgio
   June 04, 2008 change by out of the grey

 

Voltage
   Standard voltage in China is 220 and wall plugs vary from city to city. Some hotels supply a plug with a 110 current adapter in the bathroom, but we suggest you bring along your own adapters and converters for your electrical appliances.
 

   Bank of China handles the business of adding entering and adding out foreign currency. It becomes the specialized bank for exchanging foreign currency.

 

   According to foreign exchange control of Chinese currently in effect, the circulation of foreign currency is forbidden within the territory of PRC. Besides, people are not allowed to wind up an account in the form of foreign currency according to valuation. For the convenience of the foreign guests and the fellow countryman from Hong Kong, Macao and Taiwan, Bank of China and other authorized banks not only accept and hear the foreign currency traveler's check, foreign credit card exchange the RMB business, but also accept and hear 22 kinds of foreign currency cash and new Taiwan dollar conversion business. What is more, in order to give the most convenience to hold add persons, in addition to the banks, a few guesthouses, hotels or shops can also handle the business of foreign currency exchange for RMB. And RMB not used up before leaving China can be exchanged for foreign currency if the exchange Shan is showed within the period of validity of six months. And the foreign currency exchanged back can be carried out of China.