What type of currency is best when travelling to China?

Question

US travellers cheques or Sterling cheques and how easy to change

Answer 1

I always take Sterling and US dollars, i dont bother with traveller cheques as you can be charged for changing them, they all want our monies and you will find that you get a lot more for them, take you credit card aswell but keep it in sight all the times as i had mine cloned the last time i was there. be safe and have a great trip.

Answer 2

Changing any type of travellers cheques can be difficult in smaller cities. In large cities large branches of the Bank of China will change them for you. ATMs are sparse outside the cities. Large hotels and shops will accept major credit cards and you will even find a Bureau de Change in some of the bigger chains (e.g. Novotel and Holiday Inns). If you can, take cash in Sterling and change them before you run out of Renminbi Yuan whenever you see a big bank or hotel.

Answer 3

Hello,

(ANS) When you travel in any part of China its always going to be best to have money in the form of the chinese Yen no! question of that.

However, to more completely answer your query it depends upon which currency is going to offer you the best exchange rate. The exchange rates change each day slightly too, so be aware of that.

You need to find out which exchange rate will give you the best return on your money, i.e. The US to Yen conversion or the UK sterling to Yen conversion.

What you need to do is work out how many Yen you will get to each US dollar and how many Yen you will get per UK pound sterling and then compare & contrast the two currencies. Choose the currency that gives you the best return.

**You can check the daily currency exchange rates in most large bank branches or you can look the daily rates up on the internet itself. There are many many currency websites, a quick Yahoo or google search will find one for you. But Bloomberg in the USA is linked to stock & currency markets they will have that information if you look.

Hope that helps?

IR

Answer 4

I have survived in China traveling for weeks on end with one thing-- a Plus system or Cirrus system ATM. In fact, there are deals between banks that let the ATM fees be $0. For example, Bank of America and the Construction Bank have a deal. You can't get access in small towns, but I found such an ATM in every reasonable-sized city-- Beijing, Shanghai, Nanjing, Suzhou, Guangzhou, Hangzhou, Xian-- even Luoyang. When you go to "BFE" (middle of nowhere), you just figure out how much cash you need to take out in the city.

Answer 5

Sterling ALWAYS BETTER. Better rates than US. Also if possible take some CASH then u can haggle with the Money Changers (outside many banks). You can also use your British Bank Cashpoint Card and Credit Card in many ATMS (check charges!) There is usually an International Section in most (big) banks

Answer 6

You can only exchange your US dollar travelers checks for Yuan (RMB) in banks and you will need your passport for it. The P.R China government controls the flow of money. Businesses will not accept any other currency other than Yuan (the ones that do take US dollar give you a bad exchange rate anyway).

From my experience, I would just use my ATM card or credit card while in China. Most banks will take Visa electron but not all banks are international.

For example, I tried using my ATM card in Jiading District (a small town 20km out of Shanghai) & not many banks will accept it but most if not all banks in Shanghai gladly gave me Yuan when I use my foreign ATM card.

Answer 7

Best to change for some Reminbi at the China Bank first, keep
the receipt because you may have to change some back
when you leave. Rule of thumb about 8 RMB to 1 US$. Have
a good trip and beware of black marketeers they can give you
counterfeit rmb. I have already received 3 fake 50 rmb bills in
change from cab fare.

Answer 8

A number of the answers have been good. I would suggest you bring cash, either pounds or dollars are OK. But, be careful, you have to report bringing in more cash than USD 5000 (in any currency) or RMB 20000 to the Custom Officials.

Answer 9

in china, the currency is called "Yuen" or "RMB"

you always take Cash with you, unless you bring a big money. you just change your USD in the international airport, since there are much liars and things may lead you in trap or bad situation.

most typical chinese places, such as restaurant or shops won't take credit card but cash (RMB).

if you arrive in Hong Kong before you go any other Chinese city, you should change in Hong Kong, where is more popular to change the currency as well as they speak good English, and you can ask more information if you need.

Answer 10

Bring cash with you and go to the local bank.