The Chinese currency is called Yuan or Ren Min Bi. For one euro you get about 10 yuan. You can find the exact exchange rates at x-rates.com. I recommend changing all your money into yuan when you arrive in China. This way you won’t draw special attention with foreign bills, and it will be harder for people to cheat you. Click here for more information about wushu training in China.
More: Money Questions
How to get money in China
The best way to withdraw money in China is by using a credit card like Visa or MasterCard. Some ATMs also accept debit cards such as Maestro or Visa Electron, but I never tried debit cards myself.
If you are staying for more than just a few weeks and your parents want to send you money every month, they can also send cash via Western Union. A credit card is usually cheaper and more convenient, though.
You can also open an account at the Bank of China in Yun Cheng and ask your parents to send money via EFT (Electronic Funds Transfer). This is not the fastest option, but it used to work well in the past. I don’t have any experience with traveler’s checks, but I assume they would work too. If you have problems receiving money, you may have to go to He Ze, the next biggest city, about a 90-minute bus ride from Yun Cheng.
Paying the school
The school will ask you to pay in cash. Unfortunately, they do not accept credit cards or traveler’s checks. Sometimes they will ask for U.S. dollars, but you can’t withdraw dollars from ATMs. That means you would have to exchange yuan into U.S. dollars and pay extra exchange fees.
I recommend telling them you can’t withdraw dollars. If they still insist on U.S. currency, they should pay the exchange fees themselves. After all, that’s the reality, and you shouldn’t pay extra for their special requests.
Using money in Yun Cheng
Shops and most hotels in Yun Cheng and the surrounding area do not accept credit cards. So again, you’ll need to withdraw cash. There is an ATM at the Bank of China and another one at the Agricultural Bank of China in Yun Cheng. These banks are about 10 minutes from the school by bike, or around 20 minutes on foot.
Advice: Money Questions
Don’t carry your credit cards with you all the time. Keep your cash, cards, and passport in a safe place.
When you need to withdraw money, do it a few days before you actually run out of cash. Sometimes the ATMs in Yun Cheng don’t work, and you might have to wait one or two days.
Only withdraw money when the bank is open, and always bring your passport. If an ATM swallows your card, you’ll want to go straight into the bank and identify yourself.
If you withdraw money with a credit card, use an outdoor ATM rather than one inside a bank. Some Chinese banks charge very high fees for withdrawals made inside.
When you arrive in China, don’t bring all your money in cash. By Chinese law, you’re only allowed to bring a limited amount of cash into the country anyway. On top of that, carrying large amounts of cash increases the risk of theft.
Buy a wallet with a chain.
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