FAQ - Chinese Currency & Payment Methods
For those visiting China for the first time, it’s important to have a basic understanding of the local currency, how to exchange money, and whether your bank cards will work. You may also wonder if US dollars or other foreign currencies can be used in China. This article aims to answer some of the most common questions about Chinese currency and provide useful guidance for your trip.
Table of Contents
About Chinese Currency:
1. What's the Currency of China?
The renminbi (RMB), commonly referred to as the Chinese yuan (CNY), is the official currency of mainland China. The yuan is the primary unit, divided into 10 jiao, which in turn equals 100 fen.
Banknotes are issued in denominations of 1, 5, 10, 20, 50, and 100 yuan, while coins are available in 1 yuan, 1 jiao, and 5 jiao. In everyday conversation, locals often use the terms kuai (for yuan) and mao (for jiao).
The image below shows the various denominations of renminbi.
Renminbi
2. Does Hong Kong Use Chinese Yuan?
No, they don’t. Hong Kong, Taiwan, and Macao each use their own currencies. The image below illustrates the currency differences between mainland China and these three regions.
Four Different Currencies
3. How Much Is the US Dollar Worth in China?
For reference, one US dollar is currently equal to about 7.22 yuan.
To check the latest rates, see: RMB Exchange Rate & Currency Converter.
4. Can I Tip in Us Dollars?
Many hotels and shops in major tourist areas accept popular international currencies such as US dollars, euros, and pounds. It’s also common to tip hotel porters, drivers, and guides using these currencies. However, in smaller cities, local restaurants and convenience stores typically only accept renminbi (Chinese yuan). For ease and reliability, we recommend using renminbi whenever possible.
About Money Exchanging in China:
1. Where to Exchange Currency in China?
You can exchange foreign currency for Chinese yuan at airports, banks, ATMs, and most star-rated hotels. ATMs are available 24/7, and many provide English-language options. Before using one, check whether your credit card’s brand logo is displayed on the machine. If you plan to exchange a large amount of money at an airport, bank, or hotel, it’s a good idea to make a reservation at least one day in advance.
2. Should I Exchange Money Before I Get to China?
The most convenient choice is to exchange money before leaving for China. If you wait until you arrive, Chinese banks will typically charge a foreign exchange fee on top of the fees from your own bank. When packing, keep your cash in your backpack rather than in your checked luggage. During your trip, always keep your money and valuables within sight for safety.
3. What if I Still Have Local Money Before Leaving China?
You can absolutely take Chinese currency back to your home country. If you have more than you need, you can exchange it into your local currency upon return. And if you ever feel uncertain about handling money while in China, don’t hesitate to ask your tour guide for assistance—they’ll be happy to help.
4. Is It Possible to Withdraw Money From Hotels?
Only upscale hotels typically provide cash withdrawal services, and the process may take up to an hour or even a full business day as it requires bank authorization. For a faster and more convenient option, it’s best to withdraw money directly from a bank or use an ATM.
About Payment Methods:
1. Does China Accept Visa Credit Cards?
Major credit cards, including MasterCard, Visa, American Express, Diners Club, and Japan’s JCB, are widely accepted across China in large stores, hotels, and restaurants. However, since many smaller businesses may not take foreign credit cards, it’s a good idea to carry some cash as a backup.
2. Any Mobile Payment Methods in China?
The two main mobile payment apps in China are WeChat Pay and Alipay, both of which are widely accepted by businesses nationwide. Once linked to your credit card, they make transactions fast and convenient.
WeChat Pay: Integrated into WeChat, China’s most popular messaging app, it’s the go-to payment method for daily life.
Alipay: The country’s largest digital payment platform, often referred to as “China’s PayPal,” offering a wide range of services beyond payments.
3. How to Make Payment to Abztrip?
For your convenience, we accept the following payment methods:
All major credit cards – via faxed authorization form or through the PayPal payment gateway.
Wire Transfer – including standard bank transfer or TT transfer.
PayPal – for quick and secure online payment.
Write to Us
If you have any other questions about money that aren’t covered in this article, please don’t hesitate to reach out. Contact us or email agentsupport@abztrip.com, and our experts will respond within 24 hours.
