PRC Money

The one cent note is very seldom used these day.

The ten dollars has a broken corner. You can take this broken corner money to bank and exchange for a new ten dollars note.

Please note that if your country money notes with broken corner, the Hotel will not exchange for you. You can only go to the bank to exchange your country notes to PRC currency.

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10. Bank Account: If you are doing business in China, you can open bank accounts. A passport and a small depost is required. Deposits can be made in several currencies, while withdrawals must be in the same currency as the deposit then exchange into RMB according the Bank’s today exchange rate. Somehow when you want to withdraw your own money you have to fill in how or what reason that you are going to use your money? (Normally I fill in the reason is for telephone fee.)

If you open a current account, there are certain points you have to remember when you use your cheque for your payment. You have to make your “name zeal” or “name stamp” or your “company’s stamp”.

10.1 People in China only recognise the signature in your ” name zeal” or your “name stamp” instead of your handwriting signature.

10.2 The name stamp chopped on the cheque cannot be blurred or with any amendment even adding your initial signature. People will not accept your cheque.

10.3 The cheque cannot be folded. People will not accept your cheque.

10.4 The cheque that you have written the date on can only valid within ten day. After ten days, your cheque will be useless.

Though “Bank of China” and “Chinese Commercial Bank” seem popular in China. I personally suggest you to use the “China Merchants Bank“. They have very good services and very aggressive in helping. Working efficiency is better. More sincere and with passion to serve. The bank even opens on Sunday.

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10. Credit Cards: Foreign major credit cards are accepted nowadays in most of the China cities. The most popular credit are Visa and Mastercard. Other credit cards such as American Express, Diners Club, JCB, Federal and Million are not so common. However, there are many restaurants and shops do not accept credit cards including some of the two and three stars hotels. Therefore you have to check first or else you have to carry a large sum of money.

Please note that you can use your credit cards for withdrawing money from your hotel, banks and ATM machines.

Hotel cash advance: Some of the 4 and 5 stars hotels allow customers cash advance in their hotels for emergency usage. There will be 5% to 10% handling charges on your cash advance amount. Maximum cash advance amount is RMB2,000 per day.
If you are a member of some hotels, you can cash advance once without any handling charges.

Important point to note: please check the exact cash RMB amount that you receive from the hotel cashier. If possible, please request the cashier to use their money detector machine to scan the RMB first. Just to prevent receive fake money notes.

I have experienced twice that during the staying in one of the 5 stars hotel group in different cities, two times that I received one fake RMB hundred dollar note. I didn’t notice until I deposited the money in the bank. The bank told me that they have to forfeit the one hundred dollar fake note and told me to sign a note. So be careful!

Bank cash advance: For the time being, as I know, there are only two Banks - Bank of China and Chinese Commercial Bank accept foreign credit cards cash advanve. Usually you have to go to the local city main bank to do the transaction. The bank will also charge you 5% for the handling fee of you cash advance amount with your credit card. You can cash advance RMB20,000 maximum. However if you use American Express credit card, there will be no handling fee for your cash advance amount RMB5,000.

ATM cash advance: There are many ATM machines but you have to know which bank’s ATM machines with the international credit cards logo that can accept your credit cards cash advance. Visa and Mastercard can easily find the ATM machines. Only the Bank of China carries the American Express credit card ATM. (American Express really needs to expand their service market strategy)

Point to note: When you take your money from the ATM machine, please spread the taken money and show the money upon the ATM machine with an inner camera len area. These can protect you from robbing as evidence.

In China people use to carry domestic credit cards such as Visa and Mastercard. However, many domestic bank issue the credit card credit limit are based on the people cash deposit amount in the bank.

11. Traveler’s Cheque: can be used in Banks (Bank of China and Chinese Commercial Bank only) and Hotels in China.

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9. Money: This is the most important part for traveling China. The currency that China using is RMB (Ren Min Bi in Mandarin). The dollar is name “Yuan”. One “Yuan” has ten “Jiao” (one Jiao is equal to ten cents). These have notes or coins. The biggest money note in China is RMB100; then 50; 20; 10; 5 and 1 dollar notes. (the “Fen” notes are seldom accepted nowadays – one Jiao is equal to 10 Fen) There are 1; 10; 20; 50 cents coins. If you are going to pay for your bill of any kinds, you might hold all your coins in your hand, then people will pick the right amount for you.
You can even use USD in the Airport Shops or some Foreign Trading Shops. To my experience it is better to exchange your local currency in your hotel which you are staying. The exchange rate is standardized by the China Bank. Never exchange your currency in your local and other transit Airports. However, you might need some small amount of RMB for your traffic fee to get to your hotel.. Please note that there might be a limit amount of the RMB that you can exchange.
If you have a large sum of money that you want to exchange, then you have to go to the only Two Banks for the exchange (The China Bank and the China Commercial Bank). Others than these two banks will not exchange your currency.

Most Important Rules that save you from all the trouble in China is that “Don’t Greedy” in terms of money and women!
Outside your hotel or on the street or near the Banks area, there will be many people approach to you and saying that they will offer you a much better and higher rate for your currency exchange. There is a high risk that they will give you fake money which you certainly don’t know how to recognize. It is also forbidden to exchange your currency privately instead of from the banks or hotels.

Onr thing you have to bear in your mind is that your local money that you are going to exchange in the hotel must be in perfect condition without broken corner note. Or else, the hotel can refuse to exchange your money.