How to Exchange Currency for RMB in Beijing

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.

Understanding the Chinese Yuan (RMB)

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.

Where to Exchange Currency in Beijing

Banks

Major Banks with Currency Exchange Services

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.

1. 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.

2. ICBC (Industrial and Commercial Bank of China)
   As one of the largest banks in the world, ICBC offers competitive exchange rates and widespread availability.

3. China Construction Bank (CCB)
   While not as foreign-currency-focused as the Bank of China, CCB still provides reliable exchange services at select branches.

What to Bring

• Passport: Always carry your passport when exchanging money at a bank; it’s required for identification purposes.
• Foreign Currency: Ensure your bills are clean and undamaged, as banks may refuse torn or excessively worn notes.
• Patience: Be prepared for longer waiting times, especially at busy branches.

Airports

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.

Hotels

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.

Currency Exchange Offices

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

Using ATMs for Currency Exchange

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.

ATM Fees

Be aware of potential fees:

• Local Bank Fee: A small fee might be charged by the Chinese bank operating the ATM.
• Foreign Bank Fee: Your home bank may charge an international transaction fee.
• Currency Conversion Fee: Some banks include a currency conversion fee in the withdrawal process.

Money Transfer Services

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.

Tips for Getting the Best Exchange Rate

Monitor Exchange Rates

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.

Avoid Airport Exchanges for Large Sums

As previously mentioned, airport exchange counters are convenient but often have less favorable rates. Use them only for small amounts needed upon arrival.

Consider Timing

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.

Exchange in Bulk

If you anticipate needing a significant amount of RMB during your trip, exchanging in bulk can save you from paying multiple transaction fees.

Using Digital Payment Platforms in Beijing

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.

Foreign-Friendly Versions

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.

Precautions When Exchanging Money

Avoid Street Vendors

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.

Check for Counterfeit Notes

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.

Keep Receipts

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.

Budgeting Your Currency Needs

Daily Expenses in Beijing

• Meals: A meal at a local eatery costs around ¥20–¥50, while dining at a mid-range restaurant may cost ¥100–¥300 per person.
• Transportation: Subway fares range from ¥3–¥8, and taxis charge a base fare of ¥13–¥18.
• Attractions: Entrance fees for landmarks like the Forbidden City or Temple of Heaven typically range from ¥40–¥60.

Emergency Funds

Always carry some extra cash for unforeseen expenses, especially in areas where card payments or ATMs may not be available.

Final Thoughts

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.