8/31/2023 0 Comments Current chinese coinsIf you’re exchanging a large amount of money, this is going to save you money. The problem is you may end up waiting a decent amount of time at the bank and encounter language barriers. There are no fees and you always get the best exchange rates at Chinese banks. Exchange for Renminbi at a Local Bank: This is the cheapest way of exchanging for Chinese RMB.Whenever you use a Chinese ATM, I’d withdraw the maximum allowed (usually 2,000-3,000) to minimize your fees. Plan on at least a $5 fee from the local bank plus whatever your bank will charge at home. There are ATMs on pretty much every street corner (and in airports) and you generally get a good exchange rate. Withdraw Renminbi from an ATM: Most foreign travelers tend to use a Chinese ATM to get cash because it’s just so convenient.Because of this, kiosks are my least favorite way to get renminbi. This is definitely the most convenient way to buy renminbi, but it comes at the cost of a terrible exchange rate. Exchange for Chinese RMB at the Airport or Hotel: When traveling internationally, you’ll see currency kiosks at the airport and potentially when you check-in to your hotel.The cost to purchase is subject to the bank’s exchange rate when you order, and each bank is a little bit different. Unfortunately, you can’t simply walk-in to your bank and get as much currency as you want. Order RMB from Your Home Bank: Most banks outside of China don’t keep a lot of foreign currency on hand, so you’ll need to order Chinese yuan in advance.The most common ways to exchange for Chinese RMB are: Unfortunately, it’s not a one-size-fits-all process. How to Exchange Chinese CurrencyĮxchanging money for renminb if actually requires quite a bit of strategy if you want to get the most bang for your buck. In any case, you’ll likely also get decent practice at hearing Chinese currency numbers when bargaining for things in China. It will take some practice developing an ear to understand for how much something costs in China, but you can get a head start using some resources I recommend for learning Mandarin or just use my go-to-trick of bringing out your phone’s calculator when asking for how much something costs in China. How Chinese use mao or jiao in spoken conversation is similar to how you communicate cents in USD.įor example if I wanted to say 5.50 RMB, I would say, “5 kuài 5 máo qián (qián means money in Mandarin) or just shorten it to 5 kuài 5. Where things can get tricky are with the mao/jiao notes and coins.Įach mao or jiao (these words are used interchangeably) is worth 1/10th of 1 RMB. The table below shows each note in circulation in China.Īfter familiarizing yourself with the exchange rate with your home currency, it’s pretty easy to tell how much each note is worth. While in China, you’ll use practically every bank note that exists. Chinese Currency Notes | An ExplanationĪlthough nowadays most people in China don’t carry much cash with them, everybody is still familiar with the various bank notes available. When you check online or visit banks to see the exchange rate for Chinese RMB, you may also see it written out as ¥ or 元, both of which are symbols or the “dollar signs” for RMB. In written form, it’s slightly different. For example, something that costs 5 RMB is colloquially spoken as 5 kuài or 5 yuán in Mandarin. Instead you’ll hear the words kuài or yuán. When you hear local people talk about their currency, however, they rarely use the term renminbi. If you’re not sure, the word ‘yuan’ is pronounced like saying “you + an.” The less formal name for money is “Chinese Yuan (CNY)”, which is also how the currency is labeled in the exchange markets. Officially, the money in China is referred to as rénmínbì (RMB or 人民币), which translates as “the People’s Currency”. There are a number of different names for Chinese currency that I want to go over here.
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