Hello,

I have some questions about much money I should bring to China and how to obtain it. My trip will last about 23 days. This is my first time in China and will be entering the country at Beijing. I will have a 3 hour layover there before flying to my final destination at Guangzhou. I will be meeting and traveling with a Chinese native from there on. Is Beijing Airport a good place to purchase some yuan? Is the exchange rate fair at this location? If not what other locations would you suggest?
I will be using my Bank debit card to make this transaction. The banks at my local location in the USA seem to be a little steep and I was hoping I could get yuan my first day in China instead of before I leave.

EDIT: I have a Visa Credit and Debit Card

Thank you for your help!

If you don't own a Schwab or DKB card, be prepared to get charged (from your Bank) per transaction. Also, what do you mean with debit card? If it's not a proper Visa/Mastercard/Amex, it might be VERY possible that it won't work at all. Have you checked that with your bank, that it will work? I assume (reading your other post in this subforum) that you've no experience travelling abroad, that's why I'm asking.

Regarding getting RMB (Yuan) in China:

-ATMs are good (and the rate is basically the same everywhere +/-) if you're having a card with low or no fees.
-Cash or Traveller Checks might get you slightly better results, but can be big pain in the ... as Banks aren't open on weekends, hotels will change cash at crap rates (like pretty much everywhere in the world) for the convenience, and traveller checks are usually only accepted at Bank of China, sometimes even just at their local MAIN office.. - some will say that cash works fine for them being able to change "everywhere", but keep in mind some of that might be actually illegal (change on the road with a stranger.. not to say there is a risk of counterfeit bills..)

In short: I prefer ATMs while using no-fee ATM card, which enables me to just get 500-1000 RMB in a single transaction, so I'm not a "big fat target".. also, the biggest denomination is 100 RMB, which means if you get 500US$ in RMB, you'll get 30 bills at least. Makes for one hell of a thick purse

But back to your situation: IF your card works in China (please check that beforehand!) then check the charge on each withdrawal. If it's not too high (say, 5$/withdrawal) but not too little either, then always "max" the ATM (usually the maximum is 2000 RMB, but I've seen higher/lower ones as well)

And it won't make a difference at what ATM you're using the card, no matter if Beijing or Guangzhou (there are plenty ATMs in PEK airport, and 3 hours will be plenty of time especially when arriving/departing at the same terminal)

And yes, as you noticed, it's a horrible way to change for RMB while outside of China, just avoid that.

If I understand correctly, you'll only be spending time at PEK before meeting up with your Chinese traveler. I would recommend pulling a few RMB ($100 USD) at an ATM that's part of your banking system (if available at PEK). If not, you can use one of the walk up kiosk to exchange $100 USD. Remember to keep the receipt for any exchange that you do, as you may have to produce that when you exchange back to USD.

What I would caution using a debit card, is to make sure you don't leave a large balance in the account .... just in case. If someone tries anything, they'll have access to small amount of $$.

I assume your debit card works like a regular ATM card. Otherwise, I had no problems using my credit card around the airport.

Then, once you meet up with your Chinese traveler - they can assist you with how much actual cash you'll need to carry with you. If you need more, they can guide you to bank that provides the best exchange rate, using an ATM or just going inside.

ATMs are the best way but if you exchange $ for RMB, the rate is better in town than at the airport. I find it more convenient at the airport as the price differential is small. however do it at the bank counters not the Travelex counter.
Generally most banks are open on week-ends so the post above is wrong on that point.

You should be able to withdraw RMB from an ATM easily if you have the proper type card. Make sure that your card has a Visa or Mastercard logo and you'll be fine.

I don't know if there are ATMs located on the airside in Beijing. There will be plenty once you exit customs in Guangzhou. There might also be some in baggage claim.

And the previous poster is correct, most Chinese banks are open on the weekend. ATMs may be out of cash on Monday morning so plan accordingly.

if you have debit card of CITI, you can withdraw RMB at any CITI ATM with free charges. there are 5 CITI in Guangzhou.
at Beijing airport you can use your credit card for shopping,(VISA MASTERCARD is more popular in CHINA than AMX). I do suggest you find a lounge for a rest after your long journey at airport.
have a good trip and enjoy it.

I've had a number of unsuccessful visits to ATMs both in major shopping areas and at airports. In fact, while at URC (Urumqi), in order to get cash for my domestic flight, I had to run to the international terminal to use an ATM.

IIRC, the Agricultural Bank of China and China Construction Bank are safer bets.

The four major banks in China are Bank of China, ICBC, China Construction and Agricultural Bank of China. They all have branches and ATMs throughout China. I have a Schwab debit (no international fee) and Chase debit card. Only once have I had a problem using my ATM card in Guilin, Schwab was rejected by machine so used my Chase card which was accepted (Chase promptly charged me a pretty penny). Otherwise I used the Schwab card in Beijing and Shanghai plenty of times with no issues.

Otherwise I highly recommend using an ATM to get RMB. You might not need any RMB though until Guangdong as you can use your credit card for food in PEK airport. But if you want some pocket cash, just find an ATM.

We just returned from China (Shanghai/Beijing) -- plenty of ATMs and the exchange rate is pretty much the same all around. We used our CITI card to get cash. If you can find a citibank (we found plenty) there's no transaction fee. All other charges to Credit Cards we made to a Capital One card we got just for when we travel (they don't charge foreign transaction fees).

I would ask your Chinese native if he knows the good place to exchange. I do this with friends in China too and Always get a bit better rate at this "grey" market. Be sure you know someone who knows someone to not get fake 100 RMB bills.

If you are making a big purchase (e.g. house), the Chinese native may be able to save you some coin by introducing you to black market exchange.

But, we're only talking about ~20 basis points.

I always use ATM to get cash in China.

I've never purchased RMB on the black market, but from my experiences in other countries (i.e., Vietnam and Thailand), people often want only near-mint condition US$100 bills. Not sure if that's the same for China.

ATMS all the way.

OP, please read the China "Please Read First" sticky and lots of your questions will be answered.

Will second the ATM - also notify your bank/credit card company ahead of time. Also consider raising your max daily limits and transaction limits. If you need $500 cash - and you daily rate is only $400 it can be problematic. Not all ATMs worked for us but as others have noted going to a different bank usually solved the problem.

I wish to add a comment to what I said above about Travelex. Their airport kiosks usually have the worst deals around. I have this habit of taking photo of the boards with the rates to compare various places in the country.
However I recently discover that their online deals appear pretty good. You essentially book everything online at a guaranteed rate. The website shows an excellent exchange rate (better than BoC when I looked) and no fee. You essentially get an option as you can cancel. You do the actual exchange at the airport or some locations in cities. Have not tried yet but looks good: https://buy.travelex.com.cn/encn/Pur...Result=1219301