When organizing the trip to China it is important to leave the issue of change well resolved in order to save a few euros and not have any surprises on the trip. In this post we explain you what is the official currency in China (yuan), where to change your euros for yuans at the best price and some tips.
Let’s get started!
THE CHINESE CURRENCY: THE YUAN
The Chinese currency is the yuan, also called “renminbi” (abbreviated RMB), which means “people’s currency”, expressed in its basic unit: the yuan. The symbol it uses is similar to the Japanese yen, a capital “y” with two strokes ¥ .
It is also expressed in jiao and fen. 10 jiao equals one yuan, while 100 fen equals one yuan, while 10 fen is one jiao. Here are the coins in use: 1, 2 and 5 fen, 1 and 5 jiao and 1 yuan. As for notes: 1, 2, 5, 10, 20, 50 and 100 yuan.
As of October 2019, the exchange rate, 1 euro is equivalent to 7.83 yuan, while 1 yuan is equivalent to 0.13 euro. In other words, every time you buy something, it only expresses each yuan as one euro cent.
AND WHAT CHINESE CURRENCY IS USED IN HONG KONG OR MACAO?
Being both autonomous territories, in the case of Hong Kong, the Hong Kong dollar is used, each Hong Kong dollar is equivalent to 0.91 yuan and 0.12 euro (as of Oct. 2019); while in the case of Macau, the Macanese Jerusalem artichoke is used, each Jerusalem artichoke is equivalent to 0.88 yuan and 0.11 euro (as of Oct. 2019).
WHERE CAN I EXCHANGE MY EUROS INTO YUANS?
Since the yuan is a currency that is very much controlled by the Chinese Central Bank, the exchange rate is always fixed by them. So keep that in mind when changing your euros to yuan and check the exchange rate of the day.
1. CURRENCY EXCHANGE FOR CHINA IN YOUR COUNTRY
IN THE BANKS
It is difficult to find this currency (yuan) in a bank. In some banks you could find and have the possibility to change euros to yuan the currency for your trip to China, but to make this change in a bank is not the most advisable thing.
AT THE AIRPORT
Exchange shops can save many tourists who are absent-minded or who leave everything to the last when it comes to exchanging foreign currency. They can save you from one, but keep in mind that the exchange rate is not always the best. Even so, they are not outperformed by the exchange rate of the banks.
Here you only have to look for the best exchange rate, because all of them charge a more attractive price than in the banks or the exchange houses in the airports.
This option will be very convenient for travelers who do not have time to queue at banks or exchange houses and also for those who prefer to organize their trip from the comfort of their home. It is the most comfortable, agile and simple way to make your currency purchase. You simply enter the website, choose how many euros you want to change, pay online and receive the yuans at the address you want, or pick them up at a store of the company you hire.
If you choose this option, we recommend that you exchange your currency for China online at
- Exact Change: +34 90 010 37 40 https://www.exactchange.es/
2. EXCHANGING EUROS TO YUANS IN CHINA
AT THE AIRPORT
Very similar to the airport where you left, in your arrival airport you will also find exchange houses, better options you will see in the international airports. This can help travelers who were in a hurry for their flight and didn’t have time to change their euros into yuan. Our advice is to always go with everything covered and planned.
IN THE BANKS
There are not many complications when opening a Chinese bank account, but you can change euros to yuan there without opening an account. This if you have to keep in mind and at hand: your passport with a tourist visa, the temporary residence permit -which they do at the hotel or at the police station if you rent a flat.
IN YOUR HOTEL
Some can change your currency for China from euros to yuans at a good price, but most are 5-star hotels and very well known.
Similar to your country, you have options to search for the house with the best currency exchange, the issue is to find a reliable, safe and well located, this to avoid any inconvenience such as theft or robbery. This option is not very advisable if you are not accompanied by a local guide.
3. WHAT IS THE BEST OPTION TO BUY CHINESE CURRENCY?
Definitely the online exchange agencies, their rate is lower than that of banks or airport exchange agencies, and you will not have to worry about receiving any counterfeit, damaged or simply not receiving the full change-how could you suffer with the alternative of exchanging money on the street.
Companies like Exact Change explain in a friendly and easy to operate web portal, how much to change, in what currency, how to pay and when you will receive your money, in this case in Yuanes, whether you make the purchase from the comfort of your home or come to their authorized centers.
Buy Chinese currency (Yuan)
WHERE CAN YOU GET MONEY?
Maybe the currency exchange (euros to yuans) you made was too little for everything you wanted to buy in China and you are in urgent need of a solution to dispose of your money. Here are 4 options you have to dispose of your money:
The good thing about doing it in China is that the ATM will not charge you any fee for withdrawing money, you will only be charged the fee by your bank – if your agreement with them does not cover it.
This other modality promotes the non-use of the ticket and is through an online payment platform that will cover all your expenses. Some options are the WEChat or the Alipay, from Alibaba group. Download the apps to your mobile and link them to the credit cards you want to charge.
TRAVELER’S CREDIT CARD
Here you will also have money, but not debited from your accounts but on credit when you pay for your food, your souvenirs, a beer or some trinket that you liked. Keep in mind that the commission for paying this way can be around 3% in commission.
SPECIAL TRAVEL CARD
If you want to avoid your bank’s fees, you can get a traveler’s bank card. With these cards the commissions for withdrawals abroad are usually much lower than those of your bank and even zero. But this depends on the card you choose. Also, the currency exchange rate is the best.
Whether debit or credit, these cards will work without problem in India and with them you will be able to withdraw money in the local currency at any ATM, pay for your food, accommodation, souvenirs, whatever you want.
WHAT IS A TRAVEL CARD?
It’s similar to the one in your pocket or wallet. As we told you before it has some benefits like:
- Very favourable commissions for overseas withdrawals (exchange of Euro to Indian currency) compared to your bank and the best exchange rate available.
- Some cards are free, with no maintenance fee and others that do charge maintenance but give you many benefits such as being able to withdraw money abroad without being charged fees.
WHAT TRAVEL CARD OPTIONS DO I HAVE?
1. N26 THE FIRST MOBILE BANK
N26 free: You pay nothing for maintenance.
- Mastercard Debit Card
- Commission-free payments in any currency and country, without additional exchange rates
- Free withdrawals in euros
- 1.7% commission on foreign currency withdrawals
- Customer service in 5 languages via chat from 7:00 to 23:00, or chatbot (available 24/7)
- Up to 2 sub-accounts to save with Spaces
N26 You: You pay 9.9€ per month including all the services of the free one and the following additional ones:
- Free withdrawals in foreign currencies worldwide
- Up to 10 sub-accounts to save with Spaces
- Share your sub-accounts (Spaces) with up to 10 N26 customers
- Special offers with WeWork, GetYourGuide and Hoteles.com among others.
- Insurance in: – medical emergency when travelling, flight and luggage delay, skiing and mountain accidents and mobility insurance: cars, scooters and bikes.
N26 Metal: You pay 16.90 euros per month including all the services of the N26 You and the following additional ones:
- Car rental insurance when you travel
- Mobile phone insurance for damage and theft
2. BNEXT: RECHARGEABLE PREPAID CARD
It’s not a bank. It’s a prepaid reloadable card that allows you to control all your accounts from its app. Very practical and easy to use.
- It’s totally free
- You can withdraw and pay money from anywhere in the world without commissions
- It does not charge you any additional percentage over the exchange rate.
Standard: You pay nothing for the card service.
- Free UK account
- Free Euro IBAN account
- Spend in more than 150 currencies at the interbank exchange rate
- Exchanges in 30 trust currencies up to €6,000 per month with no hidden fees
- Automatic commission-free withdrawals of up to £200 per month
- Free Revolut Card (except shipping)
- Instant access to 5 cryptosystems.
Premium: Monthly payment of 7.99€ including all standard and subsequent additional services:
- Exchanges in 30 fiduciary currencies, with no monthly limit
- Automatic commission-free withdrawals of up to £400 per month
- International Health Insurance
- Baggage delay and delayed flight insurance
- Worldwide Express Delivery
- Priority customer service
- Premium card with exclusive designs
- Disposable Virtual Cards
- Access with LoungeKey pass
- Free lounge access for you and a friend if your flight is delayed > one hour
Metal: Monthly payment of 13.99 euros including all the premium services and the following additional ones:
- Automatic commission-free withdrawals of up to €600 per month
- Exclusive Revolut Metal Card
- Free access to lounges for you and 3 friends if your flight is delayed for more than an hour
- 0.1% refund in Europe and 1% outside Europe on all card payments
- Access a concierge to help you manage your lifestyle
WHAT IS THE BEST OPTION FOR ME TO CHANGE EUROS TO YUANS?
Without a doubt, making the change from euros to yuans online. In addition to practical and secure, buying yuans online will make you no longer worry about this at all. Your attention can be focused on other things to attend to on your trip.
As an extra tip, if you don’t want to travel with so much cash, take a traveler’s card that will give you an excellent exchange when buying Chinese currency and the best thing is that you can have money whenever you want at the best commission, even zero commission.
TIPS FOR CHANGING EUROS TO YUANS
- If you are going to change your euros in Chinese banks, we recommend that you do it in Bank of China, here their branches , or ICBC Bank. here their branches.
- Change your euros in banks that are located in cities with international openings such as Beijing or Shanghai, there you can consult the staff in english at least, in other areas of the country, less tourist, and you would have difficulty communicating.
- Withdraw less than 3,000 yuans from ATMs, one, because it is the maximum you can withdraw, and two, because it is not convenient to carry a lot of cash.
Learn more travel tips for China