For many foreigners who are traveling or touring in China, money exchange is always straightforward. Changing your money from one currency into RMB (or "yuan") is not a complicated process. There are a few different ways to do it.
# Here are some common places to exchange your money in China.
Exchange Money at the Airport
One of the easiest and most convenient places to change money is at the airport upon arrival.
Rates at all banks are the same, everywhere, so you don't have to worry about getting a better rate elsewhere. The only difference will be the charge for exchanging but this is nominal.
Change some money as soon as you arrive so you don't end up cashless at midnight looking for an open bank. Exchange counters at the airport should take both cash and travelers' checks.
Exchange Money at Chinese Banks
You can change money at banks in large cities. All the Banks will offer the same rate on the same day.
Only large branches of banks will offer foreign exchange. There will be English-language signage (as well as Chinese) but if there isn't or you're confused, ask the security guard to help you.
If you’re stuck for communication, just show him your foreign currency and he'll quickly understand what you want.
If he waves you out the door, that means they don’t offer the service or they don't feel like offering the service (yes, that's a thing). Go find another big bank.
Exchange Money at Hotels
Hotels usually charge a higher commission than banks do, so if you can avoid changing money at the hotel, it's advisable.
Exchange Counters and Kiosks
While these kiosks aren't ubiquitous by any means, more and more exchange kiosks are appearing throughout Shanghai at least. These kiosks look like ATM
machines but have a big English sign that says "Exchange".
It is worth a shot if you're out and about in need of cash and come across one.
#You may want to ask, “is there anything you need to pay more attention to?”
Yes, here are some important tips on money exchange Hacos like to share with you.
One Important Note:
Keep All Your Exchange Receipts!
If you plan to change any Chinese currency into another currency at the end of your trip, you'll need the receipt to do this.
If you don't have the receipt, the exchange counter will refuse to change your money from RMB. So keep all of your receipts and make sure you elect to receive one if you use an ATM to get money.
Don't Go Rural Without Cash
Once you're in the countryside (meaning any smaller town), you might not be able to find a bank with foreign exchange easily. Changing your money before you head off is a safe bet.
But fortunately, you can also use Alipay or WeChat payment in many countrysides now since the online payments are booming in China.
Bring Cash, Not Checks
Cash is much easier to exchange. It doesn't matter what they tell you at the banks of your own country. Yes, travelers' checks are meant to be accepted all over the world.
But your banker at home has never met a surly, sleepy Chinese bank teller who doesn't feel like bothering with a travelers' check that she will have to take pains to verify whether it's counterfeit or not.
So, bring cash!
Source: tripsavvy
HACOS,Business Services Solutions Master