Money Affairs
Where and how you get your money are important aspects of a stay in China. Outside of shopping malls and hotels, many places only accept payment in cash so make sure you bring some cash with you in case of an emergency. For withdrawing money, debit cards are the easiest option. Traveller's Cheques and credit cards have limited uses for students in China.
Chinese Currency
The currency in China is the RMB, the abbreviation of the full Chinese name rénmínbì (pronounced rún mín bì), also known as the yuán (pronounced yuen). However, locals almost always use the term kuài (pronounced kwàai) or kuài qián (qián means money), in the same way that Americans refer to dollars as bucks or a Brit might say quid instead of pounds.
Accessing Money
When you first arrive, it is a good idea to take some cash that you can exchange upon arrival at the airport. You can also change money at a bank (you’ll have to present your passport). It is possible to exchange money into RMB before you arrive in China, but not all banks or money exchangers will be able to and the exchange rate will be unfavorable. Only go through official channels to exchange money or you will almost certainly be cheated.
The best and most reliable way to get money in China is to use a bank card linked to an international network like Visa or MasterCard. ATMs in major cities accept international bank cards and more and more ATMs in other cities do as well. It is a good idea to take a decent amount of cash with you before you head into the countryside, as you may not find an ATM that accepts your card (or any ATM at all).
Many banks/ATMs have restrictions on how much money you can withdraw at one time or in one day. Therefore, if you need a large amount of cash (e.g. to pay for tuition or accommodation), make sure you plan ahead.
Keep in mind that foreign bank cards usually incur a small fee each time money is withdrawn. Some foreign banks have special partnerships with Chinese banks. Ask you bank if it cooperates with any Chinese banks to give free ATM service.
Notify your bank that you’ll be in China. Foreign banks sometimes cancel bank cards if they see if has unexpected overseas service to prevent fraud.
Credit cards are used at major hotels, some restaurants and some major supermarkets. In general they are not widely used in China, although they are becoming more and more popular. Visa, American Express, JCB and Diner's Express
Traveller’s Cheques are accepted at major hotels and some stores and restaurants that cater to tourists. In generally they can’t be used in daily life so it’s best not to rely too heavily on them. Western Union and Moneygram can be found in cities and are useful in case of an emergency.
