180 CultureShock! China
Accessing Money
The Chinese currency is called the reminbi (Rmb). It is not
yet a convertible currency so you should exchange when
entering and leaving the country to assure you do not get
stuck with excess. Most hotels and every Bank of China have
posted currency conversion rates. You can check online for
an idea of current rates. The website http://www.xe.com gives
a fairly accurate picture.
You can exchange cash or travellers checks at the airport, at
hotels and at the Bank of China. Other banks may exchange
cash for you, but the Bank of China offers the greatest breadth
of service and is the only bank you can find in any city in
the country. You may also take an advance on a major credit
card at the Bank of China, as well as cash a personal check
using an American Express card as a guarantee. ATM cards
that have designations on them for international systems
can also be used in China. The most hassle-free domestic
ATM machines to use are HSBC and Bank of China. In some
remote areas like Xinjiang, the switches are not yet in place
to connect international data, and as of 2006, you still cannot
use an ATM card in major cities there.
China is a cash-based society. Only businesses use checks
and debit cards are a fairly current phenomena. Because
there is such significant circulation of fake money in China,
it is best not to use black market money changers. You will
note that in most stores, there are money counting machines