Beijing Travel Essentials: Banks & Money
Beijing Banks & Money
China's currency is the Renminbi (RMB), meaning "People's Money" and is issued by the People's Bank of China.
China's main unit of currency is the yuan (元)[CNY]. One yuan is sub-divided into 10 jiao (角), and one jiao into 10 fen (分). jiao and yuan are usually referred to colloquially as mao and kuai respectively.
It is becoming increasingly rare now to receive any fen in your change. The largest denomination renminbi note is the red 100-yuan note.
Most international tourist hotels and restaurants accept credit cards along with some department stores and shops. Foreign currency and travellers cheques can be changed at Beijing Capital Airport, large branches of the Bank of China, the CITIC Industrial Bank, money changing kiosks and large department stores such as the Friendship Store. Large hotels also offer foreign exchange services.
Here is a list of the major banks in Beijing:
Bank of China Tel: 95566
Bank of China, Hong Kong
Banking opening hours vary but on the whole banking hours are 9am-5pm with some branches open on the weekend.
Many ATMs in Beijing accept foreign issued credit cards from the major companies including Amex, MasterCard, Visa, Cirrus and Plus.
Expect a healthy charge from your home bank. Withdrawals are limited to between 3,000-5,000 RMB.
ATMs that accept foreign issued credit cards offer both Chinese and English operation screens, or at least have both languages displayed on the same screen. There are ATMs at Beijing Airport, some subway stations and in many of the city's major shopping and commercial areas.
Book Hotel Accommodation in Beijing & China