The Chinese yuan (RMB, renminbi) is the only legal currency for transactions in mainland China, though Hong Kong dollars are sometimes accepted in border towns. Getting the best exchange rate and accessing cash reliably are practical skills every visitor needs. This guide covers all your options.
Understanding the Exchange Rate
The RMB (元 yuán, symbol ¥ or CN¥) trades at roughly 7.1–7.3 per US dollar, 8.5–9 per Euro and 8.8–9.0 per British pound in 2026 (subject to market fluctuation). The official mid-market rate is what you see on Google or XE.com.
Key principle: No exchange service gives you the mid-market rate. The spread (their profit margin) ranges from 1% at the best banks to 12%+ at airport kiosks. Your goal is to minimize this spread.
Best Rate Options
Bank ATMs (Best Overall Option)
For most travelers, withdrawing RMB from a bank ATM with a foreign debit card offers the best combination of rate and convenience.
Best banks for foreign cards:
- Bank of China (中国银行): Most widely available, reliably accepts Visa, Mastercard, Maestro and some foreign debit cards. ATM screens available in English.
- ICBC (工商银行): Largest bank in China; most foreign cards work, especially Visa/MC.
- China Construction Bank (建设银行): Good foreign card acceptance.
- HSBC China: Excellent for HSBC customers; branches in major cities.
- Citibank China: Good for Citibank account holders.
ATM tips:
- Choose “No Conversion” (decline DCC — Dynamic Currency Conversion) when the machine asks whether to charge in RMB or your home currency. Always choose RMB; your bank’s rate is better.
- Withdrawal limits: ¥2,500–5,000 per transaction; ¥10,000 per day at most foreign-friendly ATMs.
- Your home bank charges a foreign transaction fee (typically 1–3%) plus a flat withdrawal fee (typically £2–$5). Factor this in — withdraw larger amounts less frequently rather than small amounts often.
Bank Branches (Counter Exchange)
Taking cash or travelers cheques to a Bank of China or ICBC branch offers close-to-official-rate exchange. You need your passport.
Process: Queue at the foreign exchange window (外汇兑换), fill in a short form, hand over passport and cash. Process takes 10–20 minutes.
Best for: Exchanging large amounts (> USD 500) where the better rate justifies the wait.
Licensed Money Changers
In Hong Kong, the licensed money changers on Chungking Mansions and Mong Kok’s Fa Yuen Street offer excellent RMB rates — often better than HK banks — for people arriving via Hong Kong. Load up on RMB before crossing to the mainland.
Airport Exchanges (Worst Rates, Avoid for Large Amounts)
Airport exchange desks at Chinese international airports apply the worst rates — typically 5–12% worse than the mid-market rate. Use them only for emergency small amounts (¥200–300) to cover immediate transport costs, then use an ATM in the city.
The exception: if your home currency is hard to exchange in China (some African, South American or Eastern European currencies), the airport may be one of the few places that accepts it. Plan ahead.
Hotel Exchanges
Most four and five-star hotels offer currency exchange for guests. Rates are better than airports but worse than bank ATMs — typically 3–5% spread. Convenient for small amounts at any hour.
Exchanging Currency Before You Arrive
Pre-trip exchange at your home country’s banks or exchange bureaus varies widely. For USD, GBP and EUR, rates from specialized travel money services (Wise, Revolut, Post Office UK, certain credit unions in the US) are often better than airport rates.
Wise (formerly TransferWise): The Wise multi-currency card gives near mid-market rates for ATM withdrawals worldwide. It is one of the best options for China, though some ATMs have declined Wise cards — have a backup Visa/Mastercard.
Revolut: Similar to Wise; works at most Chinese ATMs but verify before relying on it exclusively.
Charles Schwab (US): Reimburses all ATM fees worldwide, close to interbank rate. Highly recommended for US travelers spending significant time in China.
How Much Cash to Carry
Despite China’s extremely cashless society (Alipay and WeChat Pay dominate), cash is still essential for:
- Small street food stalls that don’t accept apps
- Rural areas and remote tourist sites
- Transportation in small towns
- Taxis (older drivers may not accept apps)
- Emergencies when your app fails
Recommended cash to carry: ¥500–800 per week of travel as backup, with most daily spending via Alipay or WeChat Pay if you’ve set them up.
Foreign Cards for Direct Payment
Visa and Mastercard are accepted at:
- International hotels (all, no exceptions)
- High-end restaurants
- Airport duty-free
- Some shopping malls (Sogo, IFC, high-end brands)
- Certain tourist attractions
Visa and Mastercard are not accepted at:
- Most local restaurants
- Street food
- Small shops
- Convenience stores
- Metro (except at newer turnstiles in some cities)
- Most domestic transport
Bottom line: Don’t rely on your foreign card for day-to-day spending. Set up Alipay/WeChat Pay with a foreign card before you go, or carry sufficient RMB cash.
Avoiding Scams
Counterfeit notes: Fake ¥100, ¥50 notes exist. Check the security strip (visible metal thread), watermark (face of Mao) and the color-shifting ink on the number in the lower right corner. Convenience stores and supermarkets have UV detectors at tills.
Teahouse scams: In tourist areas (particularly near Beijing’s Tiananmen and Xi’an’s Drum Tower), friendly strangers invite you for tea or to see an art exhibition, then present an enormous bill. Don’t go with strangers offering “free” cultural experiences.
Taxi driver shortcuts via exchange desks: Some taxi drivers offer to take you to an “excellent” exchange rate place. Decline and use an ATM.
Unlicensed money changers: People whispering “change money” outside banks or tourist sites offer terrible rates and occasionally provide counterfeit notes. Always use banks, ATMs or licensed exchanges.
Exchanging RMB Back
When leaving China, you can convert unused RMB back to your currency at Bank of China branches at international airports (passport and proof of original exchange sometimes required) or at licensed exchanges in Hong Kong. Keep a small stash (¥200–500) in your bag after returning home — you’ll need it if you return.
With ATMs, a foreign debit card and the Wise or Revolut setup as backup, managing money in China is considerably less complex than it was ten years ago. The days of carrying traveler’s cheques and hunting for exchange windows are over for most destinations — just load your digital wallet and keep ¥500 in your pocket as backup.