Exchanging Currency in China

To exchange USD into RMB is quite easy. In most airports there are exchange counters and bank branches where you can exchange all kinds of currencies. Elsewhere in China, especially in small cities rarely traveled by foreigners, currencies other than USD may not be recognized and may be troublesome to exchange. In most cases you will need to show your passport. In some cases they’ll want to keep a photocopy of your passport for reference, so it is a good idea to have a couple spare photocopies in case they are not able to do this for you.

The exchange rates are set by the government and SHOULD be the same wherever you try to exchange your money (as long as it is not on the black market!). Note however that the exchange fee may vary greatly (at Bank of China banks it can be 50RMB, whereas at the airport booths it might be 200RMB or more!).

To exchange RMB back into other currencies, you can’t just go up to a bank and exchange it directly. You first have to go to Foreign Currency Administration Department and get an approval, and then go to the bank with the approval and complete the exchange. In major airports such as Beijing and Shanghai, there are counters in the departures area where they will issue the approval and exchange the money into USD (but no other currencies) at the same time.

Because of this process, it is best to only exchange as much money as you think you’ll need at a time. Note that it is also possible to deposit foreign currency directly into your bank account without converting it into RMB first—so if you end up not needing the money you can take it out in the original currency without any problems.