Chinese money
is called Renminbi (RMB) which means "The People's Currency".
The popular unit of RMB is yuan"
1 yuan
equals 10 jiao, 1 jiao equals 10 fen. There
are parts of China where the yuan is also known as
Kuai and Jiao is known as mao. In Nantong, the
popular term is yuan and jiao. Chinese
currency is issued in the following denominations: one, two,
five, ten, twenty, fifty and one hundred yuan; one, two
and five jiao; and one, two and five fen.
The 100 yuan
note is the most commonly counterfeited piece of money in China.
You can fairly reliably tell if the note is counterfeit or not
in one of two, or both ways:
Run your finger
up and down the face of Mao. If it is rough, the note is
genuine.
or
Tip the note or hold it up to the light. Above the serial
number on the left of the
note, you should be able to see a watermark picture of Mao.
The note is genuine.
On all other
notes, you will also be able to see a watermark of something in
the same manner. For example, on a 5 yuan note, the
watermark is of some flowers.
If you obtain
your money from a bank, the notes will most likely be genuine.
The banks test all currency that they receive for original vs.
counterfeit. Avoid using private money exchangers.
Your risks will be too great.
A foreigner can
bring any amount of cash and change it at the Bank of China for
RMB. Foreign money can be exchanged in China through traveler‘s
checks, currency conversion at banks and hotels. Credit cards
can also be used. What follows is a more detailed explanation.
Currency
Exchange:
Most major
currencies can be exchanged upon your arrival in China.
There are numerous money exchange outlets at the
International airports. Some do not charge a
commission, other than the differences in the buy and sell
rates that are published. However, some do charge a
commission. Always use an established location to
exchange money. Do not be lured in by someone
offering to do it for you on a personal level.
The Bank of
China will also exchange currency, as will some hotels.
Hotels typically will do so only for their guests.
The Bank of
China will also cash foreign issued business checks,
international money orders and bank drafts. However,
there is a 31 day hold put on the funds, and you must obtain
the funds in person. There is a nominal fee for this
service.
The Bank of
China will also issue foreign funds in the form of a Bank
Draft or International Money order, depending on the
currency desired. Again, there is a small service
charge for this service.
Traveler's Checks:
Traveler's
Checks can be exchanged for cash at a major bank, such as
The Bank of China. The Traveler's Checks must be drawn
on an international commercial bank or established
travelers' check companies in major countries.
Merchants, and many hotels will not accept traveler's
checks, thus requiring a trip to the bank.
Credit
Cards:
Credit
cards are accepted in all of the major cities, however,
their use is not widespread. It never hurts to ask if
a business takes a credit card, but don't plan on that to
"bail you out" if you don't have enough money.
Advances on credit cards can be obtained at some banks.
Bank of China is usually your best bet for anything dealing
with International financial issues.
At present,
the following credit cards are accepted in China: Master
Card, Federal Card, Visa, American Express, JCB and Diners
Card. Holders can draw cash from the Bank of China and pay
for purchases at exchange centers of the Bank of China,
appointed shops, hotels and restaurants. However, this
applies only in major cities. Credit cards are not always
accepted for the purchase of rail and air tickets.
ATM
Cards:
Major and
minor cities all have an abundance of ATM machines. In
some rural areas, it may be difficult to find a machine.
China Post also has a financial branch, and often one
can find an ATM machine at China Post. Your best bet
though, if using an ATM card in China is to check with your
bank in your home country to see where there are locations
that will accept your card. There is no hard and fast
rule that all locations will accept a foreign ATM card.
PIN's -
Personal Identification Numbers are all 6 digits here in
China. If your PIN is only 4 digits, you can try
entering "zero-zero" first and then your PIN.
Typically, this will work, but once again, check with your
home bank before leaving for China.
Foreigners can
open savings accounts in China, at the Bank of China and obtain
a Debit Card which can be used at point of purchase locations.
All that is required is your passport and an address. In
Nantong, there are more than enough ATM's, so it would be rare
that one could not be readily found.
