Understanding Currency and Payment in China for Travelers

Currency and Payment in China

The renminbi RMB, also known as the yuan, serves as China's official currency, except for Hong Kong and Macao regions where their respective currencies are used. As you prepare to embark on a journey to this vast country, understanding the local monetary system becomes crucial for a smooth and hassle-free experience.

What is Chinese Currency?

The renminbi RMB is the monetary medium in mnland China, with symbols “￥” or “元.” The currency's abbreviation is RMB or CNY. A single yuan can be subdivided into ten jiao cents, while the coinage structure also includes fen.

Exchange Rates and Currency Values

When compared to foreign currencies like euros:

• 1 euro = Approximately 7.79 yuan

• 1 yuan ≈ 0.13 euros

These exchange rates are subject to market fluctuations, so it's always wise to check the most current figures before traveling.

Where to Exchange or Withdraw Money?

For exchanging currency in China:

• Bank Branches: Major banks such as Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China offer reliable services.

• ATMs: Convenient for withdrawing yuan from your bank card. Limits typically range up to 2500 RMB or around €320.

Alternative Payment Methods

Given the widespread use of digital payment systems in China:

• WeChat Pay: Similar to PayPal, this allows for quick and easy transactions.

• Alipay: This platform is akin to a digital wallet that supports both QR code scanning and online purchases.

Transferring Money to China: Western Union

For sing money from France to China:

• Online: Complete the transaction swiftly via our website or mobile application.

• In Person: Visit one of our numerous agent locations for immediate assistance.

Your recipient can receive funds in various ways:

• Cash

• Bank Account Chinese IBAN required

• Mobile Wallet

Tips for Smart Travelers

1. Notify Your Bank: Before leaving, inform your bank about your travel plans to avoid card blocking due to potential fraud alerts.

2. Check Fees: Be aware of possible charges including ATM fees and currency exchange costs.

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Legal : that the information provided serves as a general guideline and actual experiences may vary.*

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