ATMs & Credit Cards

Currency

The currency used in China is the Yuan Renminbi (CNY/RNB or ¥) and the value varies around 6 Yuan to 1 US dollar. The base unit, the one used to denominate bills, is the Yuan ( ¥ ). The Yuan is divided into 10 jiao. The jiao is divided into 10 fen. (1 yuan = 10 jiao = 100 fen). However, fen have nearly disappeared in China. This means that coins in circulation are one yuan, five jiao, and one jiao.

Banknotes range from five jiao to one hundred yuan, and vary in both color and size. The yuan comes in 100, 50, 10, 5, 2 notes. We advise stocking up on 10 yuan bills.  Often street vendors and taxi drivers can not make change for larger bills. You will not be able to exchange Yuan outside the country of China, so make sure you exchange unwanted Yuan currency before leaving the border. 

If you want to exchange your unused Chinese currency back to your home currency on the way out (i.e., at the airport), you’ll need to keep the ATM or bank withdrawal receipts, or the exchange won’t be accepted. Visit XE Universal Currency Converter for current rates. 

Traveler's Checks, Debit Cards, and Credit Cards

Traveler’s checks, preferably in US Dollars, and foreign cash can be exchanged in Beijing at the Bank of China. Traveler’s checks are the safest way to carry cash, but not necessarily the most convenient. There will be a lengthy process to cash a traveler’s check in China. Allow an hour or more for the transaction.

You don't want to be caught outside the major cities without cash.

Debit Cards

ATMs are plentiful within the city of Beijing (but scarce outside the main cities). Foreign ATM cards will work at particular locations, based on its network associations.  It would be wise to check with your bank to ask which Chinese bank in Beijing it is affiliated with. This may allow you to withdraw cash more easily, and with  a lower ATM access fee. There are only a few banks which may accept foreign cards around Beijing.

• Most “internal” Chinese banks do not accept foreign cards.
• Chinese bank machines that accept foreign ATM cards will have signage illustrating what foreign cards they will take. 
• Most of these machines will accept cards that have a Visa or MasterCard logo on the card.   
• Most Chinese ATM cards have a six-digit PIN number. You can put two zeros before you four digital PIN to see if it works. However, it is advised to check with your bank first about PIN numbers that work with Chinese ATMs.
• Keep in mind when withdrawing cash that if you make more than three incorrect PIN number attempts, your card will be blocked. 
• If your card is eaten by the bank machine, go into the bank office with your ID.
• All ATMs will remit Chinese currency notes.

When you put your debit card into the ATM, it should give you the option to display English. Transaction limits on most bank accounts are set low. The maximum you will be able to withdraw in one request can be as low as 1500¥ ($225). Most American banks allow about 5500¥ per day, but this is controlled by your bank. You will often experience long lines of people at the ATM. Each person will probably do multiple transactions with multiple cards from different banks, so expect to wait a while to retrieve cash.

If you want to exchange unused Chinese currency back to dollars on your way out of China (i.e., at the airport), you’ll need to show the ATM or bank withdrawal receipts, or the exchange won’t be completed.

Credit Cards

Credit cards are becoming more widely accepted in China, but you can't always depend on being able to pay with them. Major credit cards can be used to purchase goods in large department stores, hotels, and upscale shopping centers, as well as some fancier restaurants. But most Chinese merchants do not have special point of sale (POS) credit card machines. Contact your credit card company for more information about using their card in China.

• Inform your bank that you will be traveling in China and staying in Beijing, and for how long you will be using your card(s) abroad. If you don’t, the bank may notice atypical use of the card and block access to your cards for security reasons. Make sure it posts this information to your account.
• It is essential to have a credit card handy for emergencies. If your debit card is lost, stolen, or destroyed in error, you may have trouble accessing cash. A credit card can provide some measure of relief until you can replace your ATM card. Be sure to check with your credit card company about cash advance policies and be certain to have its international phone number on file in case of problems. 
• You can sometimes use a Visa or a MasterCard to retrieve cash at some ATMs (with the Visa or MasterCard symbol). But note that you will pay a fairly large transaction fee, and interest begins to accrue immediately on cash received against your credit. 

Before You Leave

• Upon arrival, make sure you've got US dollars with you to exchange into Yuan.
• Make sure you have traveler’s checks as back-up.
• Double-check with your bank to see if you need a 6-digit PIN code for ATM use in Beijing.
• Keep photocopies of your cards (front and back) and emergency lost/stolen phone numbers in your dorm room, in case you lose your wallet or purse.
• Ask about fees. Ask your bank or credit-card company about specific fees that come with using their card overseas.
• Withdrawal limits: Ask your bank what your daily and weekly withdrawal limits are.
• Maximize each withdrawal: Making several small withdrawals increases the number of per transaction fees. Get as much as you can at each use and store it in a safe place.
• Contact your bank and your credit card company. Let them know that you plan to use both your debit and credit cards while traveling abroad. You should also tell them how long you will be traveling abroad. If you don’t, the bank may notice atypical use such as foreign withdrawals using your ATM card, or new charges on your credit card in a foreign country. This could trigger a fraud alert and cause the bank or credit card company to block your account.
• Take two credit or ATM cards; you may need a back-up in case of emergencies.
• Keep your exchange (traveler's check, credit or ATM) receipts so you can exchange your Chinese currency for home currency on your way out of China.

Traveler's checks and foreign currency can be changed at international airports, and large bank branches. Remember to exchange your leftover Yuan when leaving China, because Yuan can only be exchanged within the borders of China.