Money Matters

Jul,21 2013

The Currency of China

Rénmínbì is the official currency of China. It is abbreviated as RMB, and the unit of Renminbi is yuán, Jiao and Fen. 1 yuan equals 10 jiao while 1 jiao equals 10 fen. The fen is rarely used nowadays. RMB is issued in the following denominations: one, five, ten, twenty, fifty and one hundred yuan; one, two and five jiao. Fen has almost disappeared, so the coins in circulation are one yuan, five jiao, and one jiao. Banknotes range from one yuan to one hundred yuan, and vary both in size and color. Currently, yuan is the base unit of RMB. It is used to denominate bills, and is the unit in which prices are measured. Local Chinese always use qián to refer money same way as American use bucks to mean dollars.


Cashless and Cardless Payment 

As China moves towards a cashless and cardless society.e-transactions have become a part of daily life.

Mobilepayment like Alipay, Wechat e-wallet and Apple Paycan be used in most malls, stores, supermarkets, andeven with Having an account on one ofthese platforms will definitely make yourshopping experience easier. Chinese people are increasingly less likely to carry wallets, as most payments can be made by smartphone street vendors.

How can I access my money in China?

ATMs can be found easily in Chinese cities with many of them accept international bank cards. The most reliable way to get money in China is to use bank card linked to an international network like Visa and MasterCard though the bank charges you a small processing fee for international money withdraw. Credit cards are widely used at formal hotels, brandy restaurants large department stores as well as franchised convenient stores in Chinese cities; however, there are many markets or stores offering good-quality stuff at lower price but they don’t accept your credit cards. The same story is with Traveler’s Cheques so don’t rely too much on them.

Can overseas visitors use wechat and Alipay in China?

On July 20, 2023.  the official "WeChat faction" of WeChat announced that WeChat Pay had comprehensively upgraded the service for international bank card users.

From now on, after using WeChat Pay to bind a foreign card, overseas users can support most merchants in China, including catering, transportation, wine travel, supermarket and other fields to use mobile payment. At the same time, foreign card users have also supported multiple payment methods such as scanning and being scanned, mini program payment, password free withholding, and intra app payment.

Frequently asked questions:

Q: What documents can foreigners use to open WeChat Pay?

A: At present, foreigners can use six kinds of certificates to open WeChat Pay. Including: passport, Mainland Travel Permit for Hong Kong and Macao Residents, Mainland Travel Permit for Taiwan Residents, Hong Kong and Macao residents' residence card, Taiwan residents' residence card, foreigners' permanent residence identity card.

Q: Is the mobile phone number to be verified in the process of binding a foreign card required to be a mobile phone number in Chinese Mainland?

A: No, it's not. Overseas mobile phone numbers can also pass verification as long as they can receive SMS verification codes.

Q: What transaction scenarios are supported for foreign card payments?

A: At present, the foreign card supports daily consumption in Chinese Mainland, and does not support red envelope, transfer and other transactions. For details, please refer to the prompt on the page when paying.

Q: What is the limit for payment with a foreign card? How to calculate the exchange rate?

A: There is a handling fee for using a foreign card for payment. A single transaction amount less than or equal to 200 yuan is exempt from handling fees. When a single transaction amount exceeds 200 yuan, a 3% handling fee will be charged. If you initiate a refund, the handling fee will also be refunded proportionally to the refund amount. The specific instructions on the payment page shall prevail.

Q: Is there a handling fee for foreign card payments?

A: There is a handling fee for using a foreign card for payment. A single transaction amount less than or equal to 200 yuan is exempt from handling fees. When a single transaction amount exceeds 200 yuan, a 3% handling fee will be charged. If you initiate a refund, the handling fee will also be refunded proportionally to the refund amount. The specific instructions on the payment page shall prevail.

Foreigners can use Alipay to pay in China

According to a report by China News Agency on July 21st, as the Chengdu Universiade and Hangzhou Asian Games approach, more and more foreign tourists are coming to China, they need mobile payments for clothing, food, housing, and transportation. On the 21st, July, Alipay, the official payment partner of the Hangzhou Asian Games, said that it had previously completed support for overseas users to use mobile payment in China.