Currency Exchange and General Money Tips 外汇兑换和一般理财秘诀

If you are planning a trip to Beijing (or anywhere in China) then you will undoubtedly need some cash since not nearly as many places accept credit cards in China as in Europe and North America. My tip for currency exchange is that you should wait until you are in Beijing to change your money.  I have always found a much better exchange rate in Beijing than in Canada or the US. For example, the best rate I could find to exchange Canadian dollars for RMB in Montreal was 6.2 to 1, while at the same time in Beijing it was 6.8 to 1.

My preferred bank for currency exchange in China is the Bank of China.  They are relatively quick with the paper work and there is almost always someone on staff who can speak English.

It is a good idea to have at least 200 RMB with you before you arrive in Beijing since taxis cannot exchange money. A taxi ride from the airport to the city can cost anywhere from 80-120 RMB depending on your destination in Beijing. I once asked a taxi driver about foreign  exchange.  He said the standard procedure for dealing with foreign currency is to take it as if it were RMB, so if your taxi fare ran up to 100RMB, and you gave the driver a 100 Dollar American bill, he wouldn’t give you any change. The reason for this policy is that they are not familiar with the currency, and therefore cannot be sure if it is real or not.  Always have at least 200 RMB with you before you arrive, so that you do not end up paying 800RMB for a 100RMB ride.

Also note that banks close at 5PM.  There are 24 hour self service ATMs and a few 24 hour banks, but these are few and far between. No currency exchange services are available on weekends or national holidays.