Currency and money in China

The currency

The official currency is the renminbi (RMB), denominated in yuan (CNY, ¥). One yuan = 10 jiao = 100 fen. In speech, you'll hear kuai (块) for yuan and mao (毛) for jiao. Banknotes come in ¥1, ¥5, ¥10, ¥20, ¥50, and ¥100 denominations; coins in ¥1, ¥0.5 (1 jiao), and ¥0.1 (1 fen, rarely seen).

Hong Kong uses the Hong Kong dollar (HKD), pegged at approximately 7.8 to the US dollar. Macau uses the Macanese pataca (MOP), effectively pegged to HKD. CNY, HKD, and MOP are not interchangeable despite the political geography — a ¥100 RMB note is not legal tender in Hong Kong.

The digital-payment reality

China is the world's most thoroughly cashless consumer economy. In major cities, the majority of transactions — restaurants, taxis, street food, supermarkets, pharmacies, ticket offices, market stalls — happen via QR code scan through Alipay or WeChat Pay. Handing a vendor a ¥100 note in a small Shanghai restaurant will often produce a long pause while staff find change they haven't needed in three days.

This matters because the two apps require setup that must happen before arrival or on first days in China. See the dedicated mobile-payments guide for the step-by-step.

Cash: how much to bring and why

Cash is still essential. Bring ¥1,000–¥2,000 in small denominations (¥10, ¥20, ¥50 notes rather than all ¥100s). Situations where cash is still king:

• Temple entrance fees at smaller sites, donation boxes
• Rural market stalls, small-town street vendors
• Some taxis (particularly older drivers who haven't adopted QR payment)
• Train station left-luggage lockers
• Long-distance bus stations in smaller cities
• Tips for guides and porters (if applicable)
• The first hour in China before your mobile payment is set up

Withdraw ¥1,000–2,000 from an ATM on arrival and carry it throughout the trip.

ATMs: where, which, and how much

Reliable bank networks: ICBC (the world's largest bank by assets; most widespread ATMs), Bank of China, China Construction Bank, Agricultural Bank of China. All four accept Visa, Mastercard, Maestro, Cirrus, and UnionPay. The HSBC ATM network also works reliably.

Finding ATMs: Every major bank branch has an ATM. Airports and large train stations have multiple. In Tier-1 and Tier-2 cities, you're never more than a few minutes from one. In rural areas and small county towns, the nearest ATM may be in the next town.

Withdrawal limits: Typically ¥2,500–3,000 per transaction, ¥10,000–¥20,000 per day [VERIFY: current limits by bank — May 2026]. Your home bank may impose its own daily foreign-withdrawal limit separately.

Fees: The Chinese bank typically charges ¥15–25 per foreign-card withdrawal. Your home bank may add a foreign transaction fee (commonly 2–3%). For longer trips, a Wise or Revolut card with lower foreign-transaction fees saves meaningfully.

What doesn't work: ATMs at smaller local rural banks (农村信用合作社) often only accept UnionPay. If a machine rejects your card, walk to the next ICBC or Bank of China branch.

Mobile payments: Alipay and WeChat Pay

Both apps now allow foreigners to link foreign Visa, Mastercard, or American Express cards directly. The setup requires: - A foreign phone number for registration - A passport for identity verification - A foreign card for linking

Once set up, payment is identical to a local user: scan the merchant's QR code, confirm the amount, authenticate with fingerprint or PIN. The full setup guide is on the mobile-payments page.

Limits for foreign-card-linked accounts: Single transaction up to approximately USD $5,000 equivalent; daily total up to USD $10,000; annual up to USD $50,000 [VERIFY: current limits — May 2026]. Small transactions under ¥200 are typically not counted toward the cumulative limit.

Processing fee: Foreign-card transactions may incur a 3% surcharge on amounts over ¥200. Below that threshold, the fee is usually waived.

Credit cards: where they work and where they don't

**Visa and Mastercard work at**: - International chain hotels (Marriott, Hilton, Hyatt, IHG, Accor) - Upscale restaurants in Tier-1 cities - Major department stores and luxury shopping malls - Some online travel booking platforms (Trip.com, Ctrip) - Domestic airline check-in counters

**Visa and Mastercard do NOT work at**: - Local restaurants (the vast majority) - Taxis (most don't have card terminals) - Street food and market stalls - Budget domestic hotels - Local transport apps (without the WeChat/Alipay bridge)

UnionPay is widely accepted even where Visa/Mastercard isn't. If your home bank offers a UnionPay card, it functions like a local card in most Chinese terminals.

Exchange rates

The CNY trades in a managed float, with the People's Bank of China setting a daily midpoint rate and allowing the exchange rate to move within a ±2% band. The rate has been broadly in the range of 7.0–7.3 CNY per USD through 2024–2026 [VERIFY: current rate — May 2026].

**Where to exchange**: - **Bank of China** airport and city branches give rates within 1–2% of the midpoint rate. Reliable and low-friction for passport holders. - **ICBC and other major state banks**: similar quality. - **Licensed exchange counters** in airports and major shopping areas: slightly less favourable but convenient. - **Hotel exchange desks**: convenient but often 3–5% less favourable than banks. - **Unlicensed changers** (black market): illegal and unnecessary. The legal rates are fair; there is no uplift worth the legal risk.

Bringing cash in and out

Incoming: Up to USD $5,000 equivalent (or CNY equivalent) in foreign currency can be brought in without declaration. Above this amount, declare on the customs arrival form.

Outgoing: Non-residents can take out up to ¥20,000 in CNY notes. Foreign currency brought in and declared can be re-exported.

Budgeting benchmarks

Context for planning (verified May 2026, prices approximate):

Daily budget in a Tier-1 city: ¥400–600 (budget), ¥800–1,500 (mid-range), ¥2,000+ (comfortable). Tier-2 and Tier-3 cities run 20–40% cheaper.