| Money in China | |
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| Mar 8, 2006 11:13 |   |
 | Hello I'm going to travel China for 6 months and I would like to know please,which is the best way using my money? Is it by credit card? Should I take Travelers' Cheques as well? What amount of cash should I take with me when flying ? If I use both Credit card and TC,how should I divide the total amount using both ?Should I divide it half by half ? Thank you very much ! |
| Mar 8, 2006 19:08 | #1 |
| There is no limit on the amount of foreign currency can be brought into China by tourists, but it must be declared to the customs. |
| Mar 8, 2006 19:14 | #2 |
| Well, I have no idea about which city you will stay, or you will just travel around the country? But no matter where you will go, China is still a cash-dominated country. There ARE places accept credit cards/ TC like star-rated hotels, chain international shopping malls, etc, but most other places might have difficulty handling credit card/TC payment. You don't have to carry cash when flying or traveling between cities, credit card and some TC will be fine with. The network/ and ATM of Bank of China is so extensive, that you can easily go and draw RMB whenever you need. |
| Mar 9, 2006 07:59 | #3 |
| Suggest you plan on bringing a Debit Card which can be used at all Cirus ATM machines but be aware that there are still some locations where the ATM is unavailable and Travellers Cheques may be in "the too hard basket". Very few places will accept credit card. only some major or international hotel and some department stores. It is quite easy to open a Chinese RMB accountwith Bank of China. Just need your passport for ID I think. You get issued with passbook and card on the spot for a small fee of about Y10 then you can use any of the ATM to withdraw cash. It is safe to carry cash but of course you need to be discreet about it. Don't show large amounts in public. Have it in several places on your person, not all in the one wallet etc. |
| Mar 9, 2006 09:07 | #4 |
| JABA: This is a wonderful idea! One question though, how do you make the initial deposit to the Bank: or do you need to bring a large amount of cash only? Any knowledge of this? Travellers Cheques: I find them only useful these days for 'emergency toilet paper'. Even places that say they take them would rather not! |
| Mar 9, 2006 11:48 | #5 |
| Well,thank you for answering.I feel I'm not really understood.I fly from my country to backpack China for several months.I won't stay in one place or one city since I want to see as much as possible.Obviously it's impossible to bring all my money in a wallet because it's unsafe either.I want to save commissions as far as I can as well.Therefore my question is as follows: If I bring TC's (apart of a credit card or cash),what part of the total sum of money should be included in the TC's ? 50 percent,30 percent ? what is your opinion ? How did YOU manage yourselves while backpacking in China for several months? Which sum of cash should I take with me when leaving home (for the first days)? |
| Mar 9, 2006 20:10 | #6 |
| Let me tell you about my China experience. Perhaps it can help you because I’m a money worried man, as you. I was twice in China. The last one was in November 2005. I didn’t travel as a backpacker, however I staied in midium range hotels (about 150 RMB/night). My expenses were about 250 RMB/day (US$ 30). I carried always about US$ 2000,00 cash in a belt wallet.(I feel safety with money in my wallet.) I didn’t use travelers check, but you can easily change then in Bank of China. The experienced travellers prefer TC. The ration 50/50 is a good one, but I prefer cash, because how said Rita, cash is well acepted in China. In the Bank of China you can withdraw RMB 2500/day using Visa Card (debt card). The Visa charges about US$ 5,00/withdraw. Then I suggest you: Come to China with a sum of US$ 2000,00 (cash or 50cash/50 TC). Bring with you a debt Card (Visa is a good one – Mastercard is well used too). Use always the ATM of Bank of China and withdraw the maximum every time (to save the tax). When you spend this amount, withdraw again. You will come back with the same money sum of your arrive. Have a good trip. |
| Mar 10, 2006 07:28 | #7 |
| Gracia Carlos! Thank you |
| Mar 10, 2006 13:16 | #8 |
| Do I understand you correctly that with a US debit card you can get RMB from a Bank of China site or do you have to establish an account with them? I'm leaving for a month in China soon and am concerned about how to carry money. You said you carry $2000, but if you can get cash from a Bank of China ATM, why bother carrying cash? Greg |
| Mar 10, 2006 18:31 | #9 |
| Greg, Yes, you understood me correctly: with a foreign debit card (VISA / MASTERCARD, e.g) you can get RMB directly in the Bank of China’s ATM. (I tried ATM of another banks and didn’t work). I don’t know if you can get RMB from a ATM of another bank). You will be charged in your local currency (US$) when you receive your montly bill (the rate US$ x RMB will be the rate of the payment’s day). You ask me why I carried $2000 if I could get cash (RMB) from a Bank of China ATM. The reason is my own safety: I can lose the card; the card could not work. Of course you can get another card to replace a bad or lost card making a call(The new card will come about 3 days later – wide world).. |
| Nov 17, 2007 03:22 | #10 |
| GUEST19874 | So is there no limit on the amount of cash you can bring into China when you arrive? Cheers. |
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