Need advice on handling finances in China

Are there banks and ATM's around the ports and large cities? Or do we need to bring our own local currency?

Do some places take other currency such as the US$ ?

Could we tip guides, etc. in other currency such as the US$

Do Chinese guides and drivers expect to be tipped? Or might that offend them as in Japan?

We found that many ports at ATM's and also money exchange walk up places.

In several places we could us USA dollars but because of the number of ports we visited we did get local currency.

Tipping in either USA or Chinese currency is OK but I would encourage you to use local currency to make it easier for the guide.

They welcome tips. Different then Japan.

Keith

We order (RMB) Yuan from our Bank America and have it delivered to our local branch before our trips. When we have needed more (I love to shop in China) we go to the HSBC banking location nearest to our hotel to exchange our US$'s into more Yuan...very easy to do.

I was able to make cash withdrawals from ATMs in quite remote parts of China ten years ago. So you will have no problem getting cash in the big cities on the tourist trail. It is always advisable to have some local currency on your arrival . Tipping is becoming more prevalent in China. I once remember trying to tip a taxi driver and he threw it back at me in disgust - not because I hadn't tipped enough but because I had insulted him by offering a tip!

Please try to pay in local currency = Yuan for your purchases. Except for businesses that caters to Western visitors, like hotels or the gift shops that your tour will stop at, it is a PITA for locals to exchange money. Tour guides can be tipped in USD or Yuan.

When we visit MIL she would advance us the Yuan and we would pay her back in USD. We would wait up to two hours waiting for her to process the exchange at her bank. We since switched to getting our Yuan from ATMs.

Avoid going into a bank to exchange money; they'll want the bills to be "fresh off the press" new and to be the latest issue. We had some old Ben Franklin bills mixed in with new and several banks rejected the older Bens.

OP being from Florida, might want to check the nearest local branch of HSBC (bank) to see if they offer currency exchange (see if a friend has an account, as they might only do it as a courtesy to their "premium" banking customers ... ) for a nominal fee at competitive rates.

Another sources, local branch offices of AAA, the auto club - yes, they offer the services for a small fee at competitive rates, better than what you would get on arrival at oversea airport kiosks. You can order it for delivery to the branch, and pick them up when available - call them to find out.

Thomas Cooke and Travelex run Currency Exchanges at many major USA airports, but, very poor exchange rates - for one's convenience. They can be ordered for home delivery as well, but, look at those rates, very ... very carefully. Nowadays, bank-owned ATM's abroad are one of the best & easiest source to get local funds.

Actually, in mainland China these days, especially urban centres or cities, digital currencies & online payment (Alipay as in Alibaba) are growing rapidly & in popularity with a smartphone ... however, not an option for most visitors or travelers.

OP being from Florida, might want to check the nearest local branch of HSBC (bank) to see if they offer currency exchange (see if a friend has an account, as they might only do it as a courtesy to their "premium" banking customers ... ) for a nominal fee at competitive rates.

 

Another sources, local branch offices of AAA, the auto club - yes, they offer the services for a small fee at competitive rates, better than what you would get on arrival at oversea airport kiosks. You can order it for delivery to the branch, and pick them up when available - call them to find out.

 

Thomas Cooke and Travelex run Currency Exchanges at many major USA airports, but, very poor exchange rates - for one's convenience. They can be ordered for home delivery as well, but, look at those rates, very ... very carefully. Nowadays, bank-owned ATM's abroad are one of the best & easiest source to get local funds.

 

Actually, in mainland China these days, especially urban centres or cities, digital currencies & online payment (Alipay as in Alibaba) are growing rapidly & in popularity with a smartphone ... however, not an option for most visitors or travelers.

FYI....We tried for our last trip to Shanghai this past November at our local AAA (auto club) and they didn't offer RMB (Yuan) they only offer certain types of currency apparently and the reason we then used our Bank of America instead again.

Actually, in mainland China these days, especially urban centres or cities, digital currencies & online payment (Alipay as in Alibaba) are growing rapidly & in popularity with a smartphone ... however, not an option for most visitors or travelers.

We were in Guangzhoue last summer and SWMBO tried to pay for lunch with a Visa at a big fancy dim sum restaurant. They told her they only accept Union Pay cards, Alipay, or WeChatPay. Her friend paid using the WeChatPay on her phone.

We had no problems using credit cards at places that cater to Western folks.

A lot of the younger folks don't even carry cash or credit cards and just use the Alipay or WeChatPay on their phones. Even "beggars" will accept WeChatPay.

My wife and I have visited China many times--I would never buy currency in the US--the exchange rates and fees are much higher than using an ATM in China. An international ATM is easy to find at airports and most major cities in China.

We always get our currencies from our Chase bank at home. The service is free to us; we pay no exchange.

We always get our currencies from our Chase bank at home. The service is free to us; we pay no exchange.

We have yet to find a bank that does not make money when exchanging foreign currencies.

They may advertise a "no exchange fee". That applies to using a credit or bank card and making purchases in a foreign location or withdrawing from an ATM, or it may mean that they do not tack on a service charge for the transaction. When you get foreign currency from your bank, they may not charge an additional fee, but they most likely inflate the currency exchange rate by a certain percentage to make profit for providing the service. It pays to shop around as your savings can be substantial. If you want a starting point, always use an App or search online to find out what the current exchange rate is (it changes constantly), then compare that to what the banks are charging for the same amount.

Interesting article on the subject: https://wallethub.com/edu/currency-exchange-study/21567/

You can see that Chase does not charge a fee but they do inflate the rate (as is in line with other banks).

It's so confusing!

I use ATMs in China to get RMBs.

If like me, you usually type your PIN in based on muscle memory rather than thinking about the digits, be aware that some ATMs there have the keypad upside down; i.e. with the highest digits on the top row like most computer number pads instead of with the low numbers on to like telephone keypads. I typed the PIN in wrong twice before realizing why I was having trouble. Even in China, most have the usual keyboard arrangement, but it's the only place I've run into the other type keyboard.

The other uncommon thing I've found on a Chinese ATM was one where the initial screen had Chinese and English with Chinese on the left and English on the right. I read them, made a selection and the next screen was all in Chinese. It took a bit to realize that there were buttons on the right side of the screen as well as on the left. If you hit a button on the left (next to the Chinese characters) the rest of the transaction is done in Chinese. If you hit a button on the right, it uses English.