Consumption
Currency
The general currency in China is the Renminbi (RMB). The denominations of paper currency are 100 yuan, 50 yuan, 20 yuan, 10 yuan, and 1 yuan, while the denominations of coins are 1 yuan, 50 cents, and 10 cents.
Recommended payment method
Regardless of the province or city you visit in China, we recommend using RMB cash or a credit card. If you opt to pay with a credit card, merchants typically accept VISA, MasterCard, American Express, UnionPay, JCB, and other cards.
Alipay and WeChatpay are also widely used payment methods in China. Foreign visitors can download the overseas version of Alipay and apply for an electronic "consumer card" through the "TourPass" mini-program within the app. Foreign users only need to authenticate their identity and link their overseas bank card to recharge this Chinese "consumer card", enabling them to make offline scan-to-pay transactions across the country. As long as there is a blue QR code, the payment experience in various consumption scenarios, including food, clothing, housing, transportation, and tourism, can be similar to that of Chinese users, and even a single phone can enable you to travel around China.
International airports generally have bank counters providing exchange services for major foreign currencies (euro, US dollar, pound sterling), or ATMs equipped with foreign currency exchange functions.
Currency exchange rate reference (data as of October 2023)
1 euro is approximately equal to 7.6 yuan
1 US dollar is approximately equal to 7.3 RMB
1 pound is approximately equal to 8.9 yuan
Banks such as Bank of China and Industrial and Commercial Bank of China can provide foreign currency exchange services, but sometimes an appointment is required in advance.
The departure tax refund policy refers to the policy of refunding value-added tax on tax refund items purchased by overseas tourists at tax refund shops when they depart from the departure port.
Applicable to: Foreigners and individuals from Hong Kong, Macao, and Taiwan who reside continuously in China for no more than 183 days.
Applicable conditions: If the same overseas tourist purchases tax refund items worth RMB 200 or more at the same tax refund store on the same day and meets other relevant regulations, they can apply for departure tax refund.
Tax refund rate: The tax refund rate for tax refund items is 11%, and the tax refund agency will charge a 2% handling fee.
Tax refund method: The currency for tax refund is RMB, and there are two options available: cash refund and bank transfer refund. For tax refund amounts not exceeding 20,000 yuan, the method of tax refund can be chosen by the individual. For tax refund amounts exceeding 20,000 yuan, the tax refund will be made via bank transfer.
For more information, please refer to the official website of the State Taxation Administration: https://fgk.chinatax.gov.cn/zcfgk/c100012/c5240071/content.html