>> home>>City Guide

Renminbi (RMB): The basic unit is the Yuan. Foreign currency and travelers' checks can be changed at the main branches of the Bank of China, the tourist hotels, Friendship Stores and some department stores. Hotels usually charge the official rate. You will need your passport to change money and/or use travelers checks. You also might want to keep your money exchange receipts if you plan on changing any of your remaining RMB back to U.S. dollars at the end of your trip. Or you can spend it on souvenirs and other gifts to bring home. You may even want to hold onto some new, crisp Chinese bills to take home and keep with your pictures.

Important note: Write down your traveler's check numbers on a piece of paper and keep this paper inside your luggage or back at home, separate from your traveler's checks. If you lose your traveler's checks, you can easily replace them using the numbers! There is an American Express office in Guangzhou, and they are very efficient, at least when I have dealt with them.

Credit cards are still gaining ground in China with Visa, MasterCard, American Express and Diners Club being the most common. Credit cards can be used in most mid- to top-range hotels, Friendship Stores and department stores. In Guangzhou I can pay for airline tickets using my U.S. credit card.

Bargaining is definitely OK. You can bargain in shops and street stalls but usually not in large stores or restaurants (unless they offer you a discount, then you know to bargain). If you do bargain, start at about 50% of the original price, and you'll be shocked at how many times you'll get it for that.

If you are from the U.S., most prices will be quite acceptable. Try bargaining for fun, but don't take it too seriously, especially if you are at a street vendor.

Important note: If you go to a street vendor, the prices are geared more towards the local Chinese consumer (unless you are on Sha Mian Island) and not the foreigner who makes 10 times the average Chinese customer. Besides, you are bound to see the same exact item 10 or more times during your trip! Patience goes a long way here in China.

About Changing Money and Credit Cards - There is counterfeit money everywhere, so no matter what anyone tells you always change money at a bank. I want to mention that you should always carry small change with you, especially if you are taking a taxi. Before you leave your hotel, get 200 or 300rmb in small notes (5s, 10s, 20s and 50s) to pay for the taxis and small purchases on the streets. The driver will not have to give you back change larger than a 5rmb note. Many counterfeit bills will be 10s, 20s and 50s. If you happen to give the driver a 100rmb note, watch him like a hawk, as he will find a way to return a fake bill because they get them all the time. Of course not everyone is like this, and it varies from place to place, but you must always keep this in mind. One day you will give the cashier a 100rmb note to buy some cookies at 7-11 and you will be told that your bill is counterfeit, and you'll wonder for hours how you got a fake note! Now you know. And if you try to check its authenticity at a Bank of China branch, it will be confiscated and will not be replaced.

I get fake money at least once a week, and my delivery drivers constantly have to return fake money to the tourists who do not know how to check.

If you are in Hong Kong, never change money in a hotel, as there are many exchange booths outside with great rates. In China, though, banks are the safest and have the best rates.

I have used my ATM card and credit cards quite often in Guangzhou. Make sure that your credit cards are programmed and your PIN is verified by your credit card company so that you can use it at an ATM machine for cash withdrawals. Do not wait until you travel to try the cash withdrawal card. Try taking out $20 at home before traveling abroad. The White Swan, China Hotel and Garden Hotel all have ATM machines that I have used successfully for cash withdrawals. They are usually on 24 hours a day and are quite convenient. If you do not have a credit card with a PIN, you can go to a Bank of China branch and get a cash advance using your credit card. You can even get a lot of RMB depending on the type of card you have but remember the credit card Companies will charge you quite high interest if not paid in full upon your return. I'm sure most credit card companies charge over 20% for cash advances so don't use it unless absolutely necessary.

Be very careful with your PIN numbers. Never give them out, and cover your fingers when you punch in the numbers. If you are using a phone card outside your room, be very careful to cover your fingers as you punch the numbers. I have had my phone cards tapped into, and I don't know how it was done. After the first time, I covered my fingers as I punched the digits, and it was stolen again. Be very careful.

If you do change money in China then a quick conversion example would be: $1 = 8 RMB. For example, if you give $100 U.S. dollars to exchange, you will receive 800 RMB. Conversion rates change so check with banks for current rates of exchange.