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Currency Exchange and Mobile Payment for Tourists in China

September 15, 2023
Payment Currency Exchange Mobile Payment Money WeChat Pay Alipay
Currency Exchange and Mobile Payment for Tourists in China

When traveling to China, understanding your currency exchange and payment options is crucial for a smooth and hassle-free experience. Here’s a breakdown of reliable ways to exchange money and manage transactions during your trip.

Currency Exchange: Getting RMB (Yuan)

At Airports

  • Most major Chinese international airports (e.g., PEK, PVG, CAN) have currency exchange counters.
  • Convenience: Exchange money immediately upon arrival; counters often have extended hours.
  • Downside: Exchange rates are typically less favorable than banks.

At Banks

  • Major banks like Bank of China (BOC), ICBC, CCB offer exchange services.
  • Location: Numerous branches in larger cities.
  • Requirements: Valid passport needed.
  • Advantage: Generally offer more competitive exchange rates and handle a wider range of currencies.

At Authorized Currency Exchange Bureaus

  • Found in popular tourist areas (e.g., Wangfujing in Beijing).
  • Flexibility: Often have more flexible hours than banks.
  • Caution: Compare rates and check for commission fees, as they can vary significantly.

Convenient Payment Methods in China

Mobile Payment Platforms (Dominant)

  • Alipay (支付宝) & WeChat Pay (微信支付): Used almost everywhere, from street vendors to department stores.
  • Setup for Tourists: Both apps now increasingly support linking international credit cards (Visa, Mastercard, etc.). Download the apps and try linking your card before your trip. Look for specific foreigner setup guides within the apps or on their official websites, as the process can change.
  • How it Works: Scan the merchant’s QR code, or let the merchant scan your payment QR code in the app.

Credit and Debit Cards

  • International Credit Cards (Visa, Mastercard, Amex): Accepted mainly in larger establishments like international hotels, upscale restaurants, major shopping malls, and some tourist sites. Not widely accepted by smaller businesses.
  • Debit Cards (UnionPay Focus): Cards with the UnionPay (银联) logo are much more widely accepted at ATMs and POS terminals, as it’s the primary domestic network. Check if your home bank issues UnionPay-compatible cards.
  • Inform Your Bank: Notify your bank of your travel dates to avoid blocked cards.

Prepaid Travel Cards

  • Some international providers offer prepaid cards loadable with Chinese Yuan (RMB).
  • Benefits: Can be used like a debit card, offers security (not linked to main bank account), potentially reloadable.
  • Check Fees: Be aware of any loading, transaction, or inactivity fees associated with the card.
  • While mobile payments reign, carrying some cash (e.g., 500-1000 Yuan) is still advisable for:
    • Very small vendors or local markets.
    • Taxis (though many now accept mobile payments).
    • Situations where mobile networks or apps might fail.
    • Potential tipping (though tipping is not customary in most of China).

Summary & Recommendations

  1. Prioritize Mobile: Set up Alipay and/or WeChat Pay with your international card before you go. This will be your most used payment method.
  2. Carry Some Cash: Essential backup for specific situations.
  3. Bring a Debit Card: Preferably UnionPay enabled, for ATM withdrawals.
  4. Credit Card as Secondary: Useful in large establishments but don’t rely on it everywhere. Be aware of potential foreign transaction fees.

By preparing your payment methods, you can effectively manage your finances and focus on enjoying your China trip.