Money in China: Money Tips for Your Trip to China

So, you’re planning a trip to China and are therefore interested in all the practical details? If you’re looking for information and tips about money in China, you’ve come to the right place. It’s not complicated, but there are a few things that are useful to know. Here are our money tips for your trip to China.

The official currency in China is called Renminbi (“people’s money”), but it is often also referred to as the Yuan. Both names essentially refer to the same thing, but for those who want to be precise: the Yuan is a unit of Renminbi. 1 Yuán consists of 10 Jiǎo, and 10 Jiǎo make up 100 Fēn. The term Yuan is mainly used to refer to the currency in an international context, while within the People’s Republic it is usually called Renminbi. The abbreviations RMB and CNY are also commonly used, and the currency symbol is ¥.

Renminbi is available in both notes and coins, but for visitors, the banknotes are of primary interest. These are available in denominations of 100, 50, 20, 10, 5, 2, and 1 Yuan. To give some perspective: 100 Yuan is – depending on the exchange rate – roughly 13 euros. So, anyone carrying cash in China can quickly end up with a rather full wallet. This may be one of the reasons why cashless payment is so popular in China.

Coins, on the other hand, are only available in denominations of 1 Yuan or less, which has made them quite rare in some parts of the country. In Beijing and Qingdao, almost all payments are made with notes, whereas in the Shanghai area, 1-Yuan coins are still in circulation.

There are essentially three different options available to you for making payments in China:

If you wish to pay with cash in China, it is best to bring euros with you and exchange them for RMB at the airport. Of course, you can also arrange to obtain Chinese cash from your bank at home, but this often takes time and incurs fees. You can save yourself this trouble, as exchanging money upon arrival works just as well.

Alternatively, if you have a Visa or Mastercard credit card, you can use it to withdraw cash from ATMs in China.

With an international credit card, you can also make cashless payments in China. This option is widely accepted in cities and densely populated areas, so you should not encounter any problems. However, if you are travelling to very remote regions or shopping at small businesses, it is possible that credit card payments may not always be available. In such cases, it is advisable to carry some cash with you.

Good to know: UK debit cards generally do not work in China – and if they do, high fees are often charged. Therefore, we do not recommend this option.

Do you love cashless payments and want to navigate payments in China just like the locals do? Then download the WeChat (Weixin) app before your departure – a multifunctional, highly popular app widely used in China for various purposes. One of the many practical features of WeChat is WeChat Pay, which allows you to pay almost everywhere cashlessly with your mobile – in shops, restaurants, and on public transport.

Link WeChat Pay to a credit card, and you’re ready to go. If you encounter any difficulties, either follow this step-by-step guide or contact us or your tour guide.

We recommend that you rely on a healthy mix of the available payment methods in China. Be sure to take some cash with you and exchange it for Renminbi upon arrival, so that you always have access to it in case cashless payments do not work at any point.

Apart from that, however, we suggest that you adapt to the local payment culture for practical reasons and pay as much as possible without cash. Whether you choose to use Alipay or WeChat Pay is entirely up to you.

As you can see, handling money matters as a traveller in China is generally quite straightforward. However, you may still have many questions about other practical aspects of your trip. In that case, feel free to take a look at our FAQ page – here we have answered the most frequently asked questions.