How to Exchange Currency in China

One important part of travel is exchanging foreign currency for local. In China, you do this at the airport. If you are there at a hotel, if you are a guest or at the bank with the exchange logo with a board of currency prices.

At the bank, explain to an employee that you want to exchange money. They will either understand or locate another bank employee who can speak English to understand what you want to do. Another way is to show them your local currency and passport and see if they understand then.

The employee will help you fill out a form and you take a number and wait to be called. When called the employee will take the documents and complete the transaction for you.

Before going to the bank :

You need to bring your passport as that is your I’d in China. I recommend always carrying your passport when in China in case there an issue this id is important. The second thing is most banks won’t take your currency if the money is older than 5 years. Third part smaller banks or branches will not carry other currency so go to a bigger branch.

Banks that exchange money are ICBC red bank / Agricultural Bank of China green bank/bank of China white bank these three will serve you. You can see the English name to these banks very clearly so you don’t need to understand Chinese to find them. Banks tend to be near large malls if you trying to find one

If you want to change your money back to your local currency back home and appointments need to be made beforehand. Or you can go to an exchange place. This is the preferred method as the bank may have a better rate but it will take a lot of time compared to an exchange.

The average cost of the common good in Chongqing:

People can live off as little as 2000 RMB per month and some of the basic good is the following:

40rmb per person for hotpot / 3.5 RMB per 1.5 liters of water/ basic meal 15-25 RMB per person/ cellphone 30 RMB cheap plan or 200 RMB for the fastest speed and unlimited internet. Subway 2 RMB for 6 km max of 7rmb/ a western meal cost 100-200 RMB per person

Chongqing is a beautiful and affordable place to live and see.  It is important to understand how much money you will need when coming to Chongqing. To live comfortably in this city an average of 10,000 RMB a month is needed. You can live very well in Chongqing with 10,000 RMB a month.

Recommended bank to use

Out of all the banks we talked in this article, the china job feed team believes the Industrial and Commercial  Bank of China (ICBC bank) is the best choice for foreigners to use. They have the most loacations around china and can even be found outside of China.  They have the best service when it comes to taking care of foreign people’s needs.

 

Now go get that best rate possible!

Dan Montana

 

Lifestyle

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