Beijing, as the vibrant capital of China, is not only a hub for historical and cultural exploration but also a city where millions of international visitors pass through each year. If you're visiting Beijing, having Chinese yuan (RMB) on hand is essential for daily transactions, as cash is still widely used despite the growing popularity of mobile payment platforms like Alipay and WeChat Pay. Here’s a comprehensive guide to exchanging currency for RMB in Beijing.
Before diving into the exchange process, it’s helpful to understand the basics of the Chinese currency. The official currency is the renminbi (RMB), and its basic unit is the yuan (¥ or CNY). Banknotes come in denominations of ¥1, ¥5, ¥10, ¥20, ¥50, and ¥100, while coins are available in ¥1 and smaller jiao values.
The most reliable and widely used places to exchange currency in Beijing are banks. Major banks like the Bank of China, Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China offer currency exchange services.
Bank of China
Known for its extensive network and specialization in foreign exchange, the Bank of China is often the first choice for tourists. You’ll find branches near airports, train stations, and popular tourist spots.
ICBC (Industrial and Commercial Bank of China)
As one of the largest banks in the world, ICBC offers competitive exchange rates and widespread availability.
China Construction Bank (CCB)
While not as foreign-currency-focused as the Bank of China, CCB still provides reliable exchange services at select branches.
Both Beijing Capital International Airport (PEK) and Beijing Daxing International Airport (PKX) have currency exchange counters and ATMs available in the arrival and departure halls. While convenient, the exchange rates at airports are generally less favorable than those offered by banks or other services. Use airport exchange counters for small amounts or emergencies.
Many high-end hotels in Beijing offer currency exchange services for their guests. The exchange rates at hotels are typically less competitive than those at banks, but the convenience of not having to leave your accommodation can be worth it for small transactions.
Specialized currency exchange offices, often found in central business districts and popular tourist areas, offer faster service than banks. However, their rates can vary significantly, so always compare rates before proceeding.
ATMs are a quick and efficient way to obtain RMB in Beijing. Most ATMs affiliated with major banks accept international credit and debit cards, such as Visa, Mastercard, and UnionPay. Look for machines with English-language options for ease of use.
Be aware of potential fees:
Services like Western Union and MoneyGram allow you to send yourself money and pick it up in RMB at designated locations in Beijing. This method is convenient for emergencies but often incurs high transaction fees.
Exchange rates fluctuate daily, so it’s a good idea to monitor them before your trip. Currency converter apps or websites like XE or OANDA can provide real-time updates.
As previously mentioned, airport exchange counters are convenient but often have less favorable rates. Use them only for small amounts needed upon arrival.
Banks are typically open Monday to Friday from 9:00 AM to 5:00 PM, with some branches offering limited hours on weekends. Plan your visit accordingly to avoid missing their operating hours.
If you anticipate needing a significant amount of RMB during your trip, exchanging in bulk can save you from paying multiple transaction fees.
While cash remains a primary payment method, mobile payments have become increasingly prevalent in Beijing. Platforms like Alipay and WeChat Pay dominate the market, but they require a Chinese bank account or a linked international card, which can be challenging for short-term visitors.
Some international versions of Alipay and WeChat Pay now allow foreign visitors to link their credit cards for seamless transactions. This can reduce your reliance on cash.
Never exchange money with unauthorized street vendors or individuals offering “better rates.” These transactions are illegal and risky, as counterfeit bills are a common issue.
When receiving RMB, especially in large denominations like ¥100, inspect the bills for authenticity. Look for features like the watermark, security thread, and color-changing ink.
Always keep the receipt or exchange slip provided by banks or exchange offices. These are necessary if you wish to exchange unused RMB back to your home currency.
Always carry some extra cash for unforeseen expenses, especially in areas where card payments or ATMs may not be available.
Exchanging currency in Beijing is a straightforward process if you know where to go and what to expect. By understanding the available options and preparing in advance, you can ensure a smooth and hassle-free experience while exploring this magnificent city.
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Author: Beijing Travel
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