Changing Money

There is counterfeit money everywhere, so no matter what anyone tells you always change money at a bank. It is better if you remember to 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.

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.

If you do change money in China then a quick conversion example would be: $1 = 7 RMB. For example, if you give $100 U.S. dollars to exchange, you will receive 700 RMB. Conversion rates change so check with banks for current rates of exchange.

Credit Cards and Traveler Cheques

The following foreign credit cards are acceptable in China’s hotels, department stores, restaurants and many shops: (1) Master Card; (2) Visa Card; (3) American Express Card; (4) JCB Card; and (5) Diners Card. Credit cards can be used in most mid- to top-range hotels, Friendship Stores and department stores.

ATM card and credit cards can be used 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. 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.

For the convenience of travelers in China, the Bank of China cashes travel cheques sold by international commercial banks and travel cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions. The Bank of China also sells travel cheques issued by American Express, National Bank of New York, Thomas Cook, Sumitomo Bank, and Swiss Bank.