Welcome to Beijing!
Beijing, the capital of P.R. China, is a political, cultural, transport, tourism and international exchange centre. Not only is it an ancient city with a long history of culture, but also a dynamic modern metropolis. As the host of the 29 Olympic Games in 2008, Beijing is pleased to warmly receive all guests and visitors from across the globe. This manual will provide useful information irrespective of whether you are working, living or simply traveling within Beijing!
I. What is currency exchange?
In China, currency exchange means a transaction for converting foreign currencies and travellers' cheques into RMB at a certain rate of exchange (referred to as "inbound exchange"), or converting RMB into foreign currencies (referred to as "outbound exchange").
II. Why is currency exchange required?
RMB is the exclusive single legal currency for use in China. In the People's Republic of China, the use of foreign currencies is prohibited for the procurement of goods and services and commodity trading can not be denominated in foreign currencies. Meanwhile, RMB is not yet a freely convertible currency, and cannot be used for trading activities in other countries and regions.
III. Where is currency exchange available?
All institutions marked with "EXCHANGE" can provide currency exchange services. You are recommended to conduct all currency exchange transactions only at the following sites:
A. Banking outlets or qualified institutions that provide Currency Exchange services, located in No. 1, 2 and 3 Terminal Buildings of Beijing Capital International Airport;
B. Other institutions with currency exchange services, such as hotels. Most of these institutions only offer inbound exchange services;
C. Banking outlets in Beijing with currency exchange services. The business hours of banking outlets generally range from 9:00 to 18:00, depending upon the classification of districts and banks;
D. Select ATMs in some locations, where 24-hour inbound exchange services are available.
Usually, all institutions marked with "EXCHANGE" could provide currency exchange services.
IV. Which foreign currencies can be currently converted?
The range of currencies offered by each currency exchange institution may differ due to various business policies. Most of the institutions can provide currency exchange services covering US Dollar, Euro, Japanese Yen, Hong Kong Dollar and Pound Sterling; the banking outlets of the Bank of China can also provide exchange services for Swiss Francs, Singapore Dollar, Swedish Krona, Danish Krone, Norwegian Krone, Canadian Dollar, Australian Dollar, Patacas, Philippines Peso, Thai Baht and South Korean Won.
V. How do you convert your foreign currencies or travellers' cheques into RMB (inbound exchange)?
You may fulfill your currency exchange needs at the aforementioned institutions upon the provision of your valid identity document such as a passport. The exchange institutions will provide you with an exchange memo listing your name, nationality, ID type and number, exchange date, converted currency and exchange rate premium. The exchange memo is valid for a period of 24 months from the date of exchange for converting back to the respective foreign currency.
VI. How do you exchange surplus RMB to foreign currencies? (outbound exchange)
When any surplus RMB needs to be exchanged back to foreign currencies, you can do so at the currency exchange banking outlets and currency exchange institutions upon providing a valid identification document. The total amount converted by an individual per day shall not exceed an amount equivalent to USD1000 at locations within the Customs area and USD 500 at other places outside of the Customs area. If you wish to convert currency in excess of the above-mentioned amount, you should provide the exchange memo which you received when converting foreign currencies into RMB, and only conduct these transactions in the banking outlets.
VII. Useful Tips
1. Please make sure to carry your own valid identity documents as it is a requirement when conducting currency exchange transactions. Overseas valid identity documents refer to passports, Mainland Travel Permits for Hong Kong and Macao Residents, Permits for Taiwan Residents to and from Mainland China or other valid travel passes.
2. As a general rule, banking outlets do not provide exchange services outside of normal banking hours, during nighttime. To avoid any inconvenience please ensure that you conduct all currency exchange transactions during the day.
3. Please remember to retain your original exchange memos in the event that you may want to convert surplus RMB back into your home currency.
4. To avoid exchange losses, please conduct currency exchange transactions only at the above recommended authorized locations.
Thank you for visiting and we hope you enjoy your stay.
（Only Applicable to Beijing Region）