EP3: A Traveler's guide to currency exchange in Shanghai
Directed by Chen Jie, Fu Rong. Shot by Sun Minjie, Alexander Bushroe, Ke Jiayun. Edited by Zhong Youyang. Reported by Alexander Bushroe, Ke Jiayun. Subtitles by Ke Jiayun, Zhong Youyang.
Illustration by Shen Xinyi
Even though most transactions in China are cashless, it's still beneficial to have some local currency on hand.
City News Service will help you understand how and where to exchange your money for Chinese yuan in Shanghai.
Currency Exchange at Airports
Shanghai's two international airports, Pudong Airport and Hongqiao Airport, have a total of 13 currency exchange counters.
These service counters allow you to exchange currency from 44 different countries around the world. If you need to exchange money upon arrival, these counters are a convenient option.
Steps to Exchange Currency at the Airport:
Locate one of the currency exchange counters at the airport.
Present your foreign currency and passport to the teller.
Complete the transaction and receive your Chinese yuan.
Currency Exchange at Banks
You can also exchange currency at bank branches throughout the city. Over 3,000 bank branches in Shanghai provide currency exchange services.
Steps to Exchange Currency at a Bank:
Visit any bank branch with a currency exchange sign.
Bring your passport and foreign currency.
Request the exchange service at the counter.
Complete the transaction and receive your Chinese yuan.
Automated Currency Exchange Machines at Hotels
Many hotels in Shanghai now have foreign currency automated exchange machines. These machines allow you to exchange currency directly without needing to visit a bank.
Using Automated Currency Exchange Machines:
Locate the currency exchange machine in your hotel lobby.
Follow the on-screen instructions to begin the exchange process.
Insert your ID (passport or permanent residency card) for verification.
Insert the foreign currency notes into the machine.
Confirm the exchange rate and the amount of Chinese yuan you will receive.
Collect your receipt and the exchanged Chinese yuan.
These machines typically accept denominations from US$5 to US$100 and return Chinese yuan in denominations as low as 5 yuan, including 1 yuan coins if needed.
Illustration by Shen XInyi
Exchange Limits and Rates
Each person has a foreign currency exchange convenience quota per year of US$50,000. Amounts exceeding this will require additional documentation.
Exchangeable currency rates and quotas may vary at different locations, so always consult the staff for details.
The daily and annual exchange limits vary depending on the venue:
Self-service kiosks: Daily limit of 5,000 yuan.
Exchange sites: Daily limit of 10,000 yuan and an annual limit of 50,000 yuan.
Franchised institutions: Daily limit of US$5,000 and an annual limit of US$50,000.
