Money in China
The official currency of China is Chinese Yuan, also known as Renminbi (RMB). The official yuan sign ¥! Before coming to China, we would recommend that you check exchange rates using the website https://www.xe.com/currencyconverter/.
It is always best to exchange some money into Chinese Yuan before coming to China. We would recommend approximately 500RMB-1000RMB just to get you through the first couple of days. Once you arrive, you can exchange money in banks using your passport, as well as withdraw money from ATMs. You should always let your bank know that you will be in China so that they don’t block your card whilst trying to use it. Don’t forget to ask your bank whether there will be any charges to withdraw money in China. When withdrawing cash out from ATM’s you need to remember to take your card first and then your money as it works this way round in China.
For international payments, we always recommend using TransferWise. They’re cheaper than the banks, because they always use the real exchange rate – which you can see on Google – and charge a very small fee. They’re also safe and trusted by over 2 million people around the world. You can sign up here.
For more useful info about preparation before coming to China click here.