What Is the Currency in Beijing?

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  • 2020-04-19
  • China tourism information
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The legal tender of the people’s Republic of China is RMB, and the people’s Bank of China is the competent authority for the administration of RMB, which is responsible for the design, printing and issuance of RMB. The unit of RMB is yuan, and the auxiliary unit of RMB is jiao and fen. One yuan equals ten jiao, and one jiao equals ten fen. Since the people’s Republic of China issued RMB, it has lasted for more than 50 years. So far, five sets of RMB have been issued, forming a multi-variety and series monetary system, such as banknotes and metal coins, ordinary commemorative coins and precious metal commemorative coins.

What is the currency in Beijing?
RMB,China

Beijing, the capital of China, also uses RMB.

The RMB in circulation today is the fourth set of RMB issued by the people’s Bank of China since 1987 and the fifth set of RMB issued in 1999, and the two sets of RMB circulate at the same time.

Currency Exchange

  • 1 RMB = 0.1418 US dollars.
  • One US dollar = 7.0517 RMB.

How to exchange US dollars into RMB, and how to exchange US dollars into RMB for handling charges?

The US dollar is recognized and used by many countries in the world. The global village is getting smaller and smaller, and now many foreign friends come to China to visit and bring US dollars; or when we come back from abroad and the rest of the US dollars have not been used up, we have to worry about how to change money as soon as we get off the plane. Do you know what kind of process it takes to exchange US dollars for RMB?

The first thing to do is to choose a good bank to convert US dollars into RMB. In fact, large commercial banks in China provide services for exchanging US dollars into RMB, and the more professional Bank of China is the first choice. Sometimes when you go to other banks, you still have to go to Bank of China for exchange, because the dollars of other banks are settled with Bank of China. Secondly, to choose a good time, the working hours of such units as banks are from nine to five on working days, and when the doors are locked at other times, they can only make a trip in vain. You can also make an appointment in advance.

Foreign friends have to bring passports and we have ID cards. Passports and ID cards are very important, remember. There is no service charge for foreign currency exchange service. The exchange of foreign currencies by the bank itself can earn the difference between the exchange rates of the two currencies and benefit from the exchange itself, which is the bank’s profit, without the need for guests to pay any additional fees. However, as exchange rate fluctuations may bring greater risks, banks tend to limit the exchange amount. Take today’s BOC exchange rate as an example, 100 US dollars to 637.48 RMB, this is an approximate, the exchange rate will change from time to time, often the exchange rate may change many times in one day. Everyone according to their own situation, first call to inquire about the exchange rate of each bank before making a decision.

In addition, US dollar holders can choose to exchange RMB at major airports and exchange convenience stores that specialize in exchange services, which is also very convenient, but the exchange rate is not high. Foreigners who come to China are advised not to trust the private people who exchange money with you on the street.

Does the Bank of China Need to Make an Appointment in Advance to Exchange Us Dollars into Rmb?

The Bank of China needs to make an appointment for the settlement of foreign exchange. According to the regulations of safe, the settlement of foreign exchange within the annual total amount of domestic individuals (with the equivalent of US $50, 000 per person per year) can be handled at the bank with valid identity documents (such as holding foreign currency banknotes in hand). If the cumulative amount of foreign exchange settlement on the same day is less than US $5000 (inclusive), it shall be handled at the bank on the strength of one’s valid identity document).

The above content is for your reference, the relevant product / business policy, operating procedures, charging standards and other information shall prevail when you actually handle the business.
If in doubt, please continue to consult Bank of China online customer service, if you have other business needs, welcome to download Bank of China Mobile Bank APP or Wechat follow “Bank of China Micro Bank” to continue to consult and handle related business.

Matters Needing Attention When Converting Us Dollars into Rmb:

Choose a Bank

Because of the fluctuation of the exchange rate, the foreign exchange quotations of banks are also volatile, and their prices will be a little different from each other.
Therefore, before the exchange, you can compare the exchange rates of each bank in advance and choose the most suitable bank for exchange.

Prepare Your ID Card or Household Registration Book

When exchanging foreign exchange, you need to bring your ID card, and the registered permanent residence book is OK, but not all outlets undertake the exchange business. The bank outlets that can exchange foreign exchange will have green currency exchange marks. If you are not sure, you can ask the staff.

Pay Attention to the Exchange Quota

The current foreign exchange quota in China is a maximum of US $50,000 or other forms of foreign currency per person per year. If it exceeds the amount, you need to go through some special application procedures.
Of course, you can also use other people’s quota for exchange.

Online Banking for Foreign Exchange

At present, you can exchange foreign exchange at home through online banking. China Merchants Bank and Bank of China have related business, but the premise is to open online banking.

The Method of Payment for Travel to China

Alipay, mobile online banking, credit cards and so on.

Alipay

Alipay (China) Network Technology Co., Ltd. is the leading third-party payment platform in China, which is committed to providing “simple, secure and fast” payment solutions. Since its establishment in 2004, Alipay has always taken “trust” as the core of its products and services. It has two independent brands: Alipay and Alipay Wallet.

Mobile Phone Online Banking

Mobile online banking is to access online banking through mobile wap, which makes it more convenient for users to manage all kinds of banking business. as a new service that combines electronic money and mobile communication, mobile banking can enable people to deal with a variety of financial services at any time and any place.

Credit Card

Credit card (English: Credit Card), is also called credit card. Is a non-cash transaction payment method, is a simple credit service. Credit cards are generally plastic cards with special carriers with consumer credit, which are 85.60 mm long, 53.98 mm wide and 1 mm thick.

Alipay Can Be Used for Travel in Beijing

The application scenario of third-party payment has been extended to daily clothing, food, housing and transportation. Starting from the 5th of this month, some taxis in Beijing began to support Alipay. Alipay said that more than 5000 taxis in Beijing supported the service, while Wechat launched WeChat Pay, which is queue-free, at eight high-end discount stores in Beijing.

Scannable Qr Code and Payment Within APP

Since December, many taxis in Beijing have been tagged with the hint that Alipay is available for taxi hailing. After taking such a taxi, passengers only need to open the Alipay wallet on their mobile phone and scan the QR code handed over by the driver. The Alipay wallet on the mobile phone will automatically jump to the payment page.
Users only need to enter the amount, and the taxi’s phone will immediately ring a text message reminder to receive the payment, which is no more than 5 seconds before and after the whole process.

In addition, mobile ride-hailing APP Express also supports the use of Alipay in APP, as well as the evaluation of driver services.

For passengers, Alipay eliminates the trouble of forgetting your wallet and not having change.

Taxi brother Yu Changqing said, “driving a taxi is most afraid of receiving counterfeit money with bad light at night.”

The use of new payment methods eliminates these worries. According to Alipay, the number of taxis connected to this service in Beijing is still increasing at a rate of about 500 per day and is expected to exceed 10,000 in the near future.

According to incomplete statistics on the Internet, taxis in more than a dozen cities, including Hangzhou, Qingdao, Chengdu, Changsha and Shenzhen, have begun to use Alipay wallets to pay for taxis, but they are all spontaneous small-scale attempts by “taxis”.

The aforementioned person also said that the realization of taxi payment with Alipay wallet is an important part of its offline layout in the near future, and will be promoted in more cities in the future.

Is the Consumption in Beijing High?

In China, Beijing is notoriously high in consumption. A statistics including housing, food, clothing and entertainment once showed that Beijing ranked 11th out of 144 large cities in the world, one place higher than New York. A month before the performance of a musical to be staged in Beijing, it was hard to get a ticket. Jiang Ling, general manager of the China International Culture and Arts Corporation, the organizer, said that many enterprises, organizations and units, as well as public relations for friends at the end of the year, so VIP tickets go the fastest. Since the beginning of the year, almost every weekend in Beijing, there will be all kinds of large-scale performances from domestic and foreign acting stars, and ticket prices are also rising. Tickets of 2000 yuan or even 20,000 yuan each appear in this year’s performance market. Kang Erge, director of ticketing for the central performance, revealed that they are usually public relations tickets. It is understood that the ticket price of the same performance in Beijing is now much higher than that in Hong Kong.

Strategy of Saving Money for Beijing Tourism

Look at the main scenic spots, and there are subway stations near all the major scenic spots.

Old Summer Palace, the Summer Palace, with a taste of the royal style of the Qing Dynasty, can take Metro Line 4.
Along the street of Metro Line 1, there is a strong flavor of modern culture, including the Capital Museum, the military Museum, the Century Temple, Tiananmen Square and Zhou Bin Museum.

There are many century-old brands such as the front door of Line 2, the gathering place of customs and culture in old Beijing, and Tongrentang headquarters, and there are also a lot of snacks.

The Temple of Heaven and the Museum of Nature on Line 5 (you can get off at the same station), and Metro Line 14 can go to Beijing Expo Park.

If you take children, you can take Line 4 to the zoo.

If you still want to play, take the subway Fangshan line Dabaotai station and go to the World Park for a visit.
If the amusement park, do the first line to go to the octagonal amusement park, in all the amusement parks are relatively cost-effective.

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What Is the Currency in Beijing?

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