How to exchange foreign currency for RMB in Shanghai

The Chinese currency renminbi (RMB), or the yuan, is not freely convertible. Exchanging RMB is your first step in China, whether you're on the street or just off the plane.

Credit: Ti Gong

1. At the airport

Shanghai Pudong International Airport: Both T1 and T2 offer currency exchange services.
Shanghai Hongqiao International Airport: Only T2 offers currency exchange services.

Credit: Imaginechina

Banks

Airport foreign exchange is mostly done at banks. Some of them have rules for old and new notes. So, carry an adequate amount of new versions of the currency. Bank exchange rates may vary significantly.

Bring your passport and cash.
No appointment is required.
Limit of US$5,000 per day.
Business hours: 9am-5pm.

Credit: Ti Gong

Currency exchange machines

The exchange rate at the currency exchange machine may be higher than that at the bank.

Bring your passport and cash.
Limit of 2,500 yuan (US$342.82) per transaction.
Business hours: 9am-5pm.

ATM

They can usually be found near the bank. Most of them support MasterCard and Visa. You can withdraw RMB with a foreign debit or credit card.

Bring your foreign debit or credit card.
Usually limited to 1,000 yuan per transaction.
Business hours: 24 hours.

Credit: Ti Gong

2. In the city

① Banks:

You can choose from the following banks to exchange currency:

State-run banks

Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications

Commercial banks

Shanghai Pudong Development Bank, China Industrial Bank, China Merchants Bank and China CITIC Bank

Foreign banks

Standard Chartered Bank, The Hongkong and Shanghai Banking Corporation Limited

Although these banks offer foreign exchange services, their sub-branches may not offer such service. Look out for the green "EXCHANGE" icon. It is usually on the exterior wall of the bank.