What Is The Currency In China?
The currency in China is known as the Chinese Yuan, the official currency code is CNY. It is locally known as the Renminbi (the people’s money) which has the code of RMB. Both of which are the same foreign currency and not to be confused as different from one another. The most common denomination is the 100 Yuan note and a widely accepted across all retail sectors.
When it comes to visiting China it is important to know before your arrival that surprisingly cash is one of the most common methods of payment in most places. Credit or debit cards are only really accepted in hotels, well-known restaurants and larger stores or shopping centres. As a tourist using a travel card or cash card you may even be asked to show proof of identity with your passport, although this practice is becoming less and less common.
Similar to many western countries ATMs are pretty much located everywhere and you will find it difficult not to find one. Banking is one of China’s biggest growing sectors and you will be able to use your debit or credit card to withdraw cash easily at most cash machines. The majority of the ATMs in China will have the option to change the instructions to English, so you won’t need a phrase book when it comes to trying to take cash out.
However, it is likely that your bank or even the machine that you use will charge you for the withdrawal, so it makes much better sense to get your travel money sorted prior to your trip to China so you get more spending money!
What Are the Chinese Yuan Denominations?
Notes range from a 1 Yuan note right up to a 100 Yuan note. All of which are relatively easy to familiarise yourself with either by the clearly marked numbers, colours of the note or even the landscape depicted on each note. Bellow is a list of the varying notes with a brief overview of how to determine which is which.
- 1 Yuan banknote is yellow/green with the landscape of the three pools mirroring the moon, a famous attraction on West Lake in Hangzhou.
- 5 Yuan banknote is purple with a landscape depicting Mount Taishan.
- 10 Yuan banknote is blue with a picture of Qutang Guan of Yangtze River.
- 20 Yuan banknote is brown with a landscape of the Guilin region.
- 50 Yuan banknote is green with a picture of Potala Palace in Lhasa.
- 100 Yuan banknote is red with an image of The Great Hall of People.
Why Use Foriegnxchange.com.au For Your Chinese Yuan
Unlike Australia, the exchange rate in China is regulated which means it doesn’t really matter where you get your money exchanged as the rate will be the same from company to company. Currency exchange providers operating in China make the majority of thier profits through commission fees which could see you get stung if you end up waiting to get your travel money sorted upon your arrival.
By using Foriegnxchange.com.au, we can make sure you are fully aware of how much Yuan you will get for your hard earned Aussie Dollars. Our unique business model of having an exclusive retail presence coupled with strong online visibility ensures that our overheads are kept low meaning, as the customer you get a better exchange rate. With a simple to use, hassle-free online currency exchange calculator, you can get your next batch of travel money delivered to your doorstep in as little as five working days.
All of our orders are fully insured right from the moment they are sent from our head office, giving you complete peace of mind. What’s more, we are able to exchange currency in Melbourne, Sydney, Adelaide, Brisbane, Perth and all other regions right across Australia. All from the comfort of your own home.
To get your hands on Chinese Yuan, give us a call today on (08) 8221 6565 and we will be more than happy to help you out with your foreign currency before your next big trip.