Exchange Foreign Currency at Bank of China in Mainland China
Using your local notes exchange to Chinese Yuan? Bank of China allows exchange for a wide variety of currencies, totaling seventeen different types.
When traveling to mainland China, one of the most reliable options for exchanging foreign currency is any branch of Bank of China (中国银行). Known for its extensive range of services and global presence, Bank of China offers convenient facilities across its branches where overseas visitors can exchange their foreign cash. Here’s a detailed guide on how you can navigate the process:
Currency Exchange Options
Bank of China allows exchange for a wide variety of currencies, totaling seventeen different types. These include:
- Australian Dollar (AUD)
- British Pound (GBP)
- Euro (EUR)
- Hong Kong Dollar (HKD)
- US Dollar (USD)
- Singapore Dollar (SGD)
- Japanese Yen (JPY)
- Danish Krone (DKK)
- Canadian Dollar (CAD)
- Swiss Franc (CHF)
- Swedish Krona (SEK)
- Norwegian Krone (NOK)
- Philippine Peso (PHP)
- Thai Baht (THB)
- South Korean Won (KRW)
- Macau Pataca (MOP)
- New Taiwan Dollar (TWD)
Tips: In large branches of other commercial banks in major cities, you can also exchange foreign currency, although the range of currencies available might be less than that at the Bank of China.
Process Overview
- Documents Required: You will need to present a valid identification document. Acceptable forms include:
- National ID card (for Chinese citizens)
- Household Register (for Chinese citizens under 16 years old)
- Military ID (for members of the People's Liberation Army)
- Armed Police ID (for members of the People's Armed Police)
- Mainland Travel Permit for Hong Kong and Macau Residents
- Mainland Travel Permit for Taiwan Residents
- Passport (for foreign citizens)
- Transaction Steps:
- Visit any Bank of China branch with your identification.
- Fill out the required forms for currency exchange.
- Submit your foreign cash for exchange into Chinese Renminbi (RMB) or other eligible foreign currencies.
- Currency Exchange Rates: Exchange rates are subject to real-time fluctuations. It is advisable to make your exchange decision promptly within the validity period of the quoted rate. Chinese commercial banks offer competitive rates, particularly advantageous when exchanging US dollars (USD) into Chinese Renminbi (RMB).
- Security and Convenience: Is the note in your wallet safe? Yes, Mainland China widely utilizes mobile electronic payments, significantly reducing the circulation of counterfeit currency and instances of pickpocketing.
- Exchange RMB Back to Your Currency: If you have exchanged RMB but did not use it all, you can exchange it back to your currency within 24 months from the date of exchange. For daily cumulative refunds not exceeding the equivalent of $500 USD or equivalent of $1000 USD when leaving mainland China, you will need your original exchange receipt and valid identification.
This guide ensures that travelers are well-prepared to handle their currency exchange needs effectively with Bank of China, contributing to a smoother and more enjoyable travel experience in mainland China.
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