Each of us wants to explore our planet and visit as many beautiful places as possible. Traveling opens the perfect views and provides us with the opportunity to see all the wonders of the world. However, sometimes we can face some issues during the trip to a new country, and today we will speak about China.
China is still a county with a cash economy, and if you want to visit small cities or different rural areas, you won’t be able to find any alternative payment methods. Banknotes are your best way to survive here. Of course, things look different in the big coastal metropolises, but you should be ready for it.
Credit and Debit Cards
You’re able to use credit and debit cards in big cities like Beijing or Shanghai. People can pay Visa or Mastercard in hotels, shopping malls, travel agencies, etc.
In China, there is only one bank card organization. China Union Pay manages a network in all Chinese cities. It provides credit and debit cards and ATM cards.
People can get a Union Pay Card only if they open the bank account in China. In this way, you can be calm since your card will be accepted. However, you have to remember that cash is still a true option.
Before you start your trip, exchange the currency at your local bank. It will be more convenient than changing the money in China since Chinese sellers are quite crafty with their pricing, especially when it comes to dealing with foreigners. Also, you may face language barriers, so try to prepare for it.
Besides, not all foreign currencies will suitable for the exchange. But, US dollars, euros, British pounds, or Japanese are always available.
Maybe you’re a lucky person and can withdraw money from an ATM. But, it can be quite challenging if you have only a foreign bank card. Try to check the international ATMs for Visa or Mastercard to see which ATMs you can find near your location.
The cash dispenser that accepts international cards offers an English-language option. However, they charge a small flat fee as your bank too. Generally, it may be at 3% of the amount you’re withdrawing. So, be careful!
Almost all ATMs take Union Pay cards. And this is the main reason to open a bank account in China. But again you should be aware of some exceptions.
There is a limit on money withdrawal during the one transaction. This about 2,500 CNY and some ATMs provide only 1,000 CNY. In case if you want to get more, you need to do several transactions. Also, pay special attention to ATM’s schedule as in China, they aren’t available around the clock.
You’ll be surprised, but mobile payment in China is very advanced. Due to the significant growth of e-commerce, the popularity of mobile payments is highly increased. Moreover, some experts claim that mobile commerce in China has reached almost $1.5 trillion in 2019.
Walking around the street, you can also see QR codes for mobile payment everywhere, starting from taxis to food shops.
There are some ways to pay via QR Codes. The first is when the client scans the seller’s QR code, and the second is when the customers set the necessary amount of money and send it to the seller. In other words, the clients show the QR code on their smartphone, and the seller scans it.
To be sure, you are ready for China trip, let’s summarize the main points:
- Make sure you have some currency cash to exchange at the airport.
- Take at least one ATM card.
- Take also a credit card for large purchases and hotel stays.
- Save photocopies of your cards and emergency numbers in case if you lose your wallet or purse.
- Keep your exchange receipts to re-exchange the Chinese currency for home currency.
Using the money in China is becoming increasingly manageable, especially for those people who live here. Of course, the existing online payment apps will probably allow us to live comfort live. However, travelers who want to visit China still need some ways and tricks on how to pay for things. You can always take personal online loans on the Lendgenius website and distribute it as correctly as possible, solving current travel problems.