08 — Daily life

Money & exchange in China

换汇

You'll need less cash than you think — mobile payment covers almost everything — but a small stash of RMB still matters for edge cases.

Quick checklist

01Exchange a modest amount at a Bank of China branch on arrival; bank rates beat exchange kiosks.
02ICBC and Bank of China ATMs reliably accept Visa / Mastercard for withdrawals.
03Cards work at hotels, malls and chain restaurants; QR payment works literally everywhere else.
04Keep cash under control: carrying over US$5,000 equivalent requires customs declaration.

How much cash do you actually need

For a typical city trip, ¥300–500 (≈$40–70) is plenty — cash is your fallback for personal QR codes and rare card failures, not your main payment method. ATM withdrawals at major banks are straightforward and reasonably priced.

Getting the best rate

Bank of China branches offer the official rate with a small spread; airport and hotel kiosks mark up heavily. Bring your passport for any over-the-counter exchange — it's required.

Common pitfalls

Airport exchange kiosks have the worst rates in the country. Change only emergency cash there; do the real exchange at a bank branch in town.

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