Chinese Money

Chinese Renminbi is made up of both paper money and coins, which is formally called Yuan, more often known as Kuai (used in spoken Chinese). It breaks down into units of ten Mao or Jiao , and one hundred Fen . The bills available are: RMB 100, RMB 50, RMB 20, RMB 10, RMB 5, RMB 2 and RMB 1. Coins are usually use for small change you find coins of 1 kuai, 1 Jiao, 2 Jiao and 5 Jiao. Rarely used anymore, but still there are the Fen coins.

Be aware that at present China is suffering from a rash of counterfeiting. Fake notes are usually produced with color photocopiers and are easy to tell as the paper feels different. A few years ago you were only likely to see fake RMB 100 notes, but these days there are even fake RMB 5 notes in circulation.

Banks in Qingdao

Banks in Qingdao are open from Mondays to Fridays. Chinese banks in the downtown areas are often open on Saturdays and Sundays so travelers can convert foreign currency on weekends. Foreign banks in China only offer trade finance and are not allowed to offer retail banking services, so you won’t be able to open a personal account at the Bank of America. You can still get access to cash by going to any of the automated teller machines (ATMs) that have links to the Cirrus and Plus global networks, and if your bank is part of those networks you can withdraw money in Renminbi. Another option for visitors on extended stays is to open an account with a local bank. Major Banks such as Bank of China have "Yi Ka Tong" (All-in-One-Card) services that allow depositors to place Renminbi and foreign-currency savings in the same account book. It’s a popular option for foreign students studying in Qingdao - they open a Bank of China foreign-exchange account, then their family sends the dollars by telegraphic transfer.

Our consultants will be at your disposal to assist you to open a bank account or obtain a Chinese Visa card.

Open Your Personal Account in RMB
Expatriate can open their personal account in most of local banks. To open your personal account in Qingdao banks (either USD or RMB account), normally, you will need:

?Your Passport
?Your Residence Permit
?A complete Application Form
?Minimum Deposit or RMB 1-5 for RMB account, depending on different bank policies

For more information, you need to contact your target bank directly.

Change Money
Legal moneychangers will by law post their net exchange rates. You should inquire about any extra fees or commission charged before handing over your money to be changed. Changers must also, by law, issue a receipt. It is not recommended to change money with any individual or establishment other than banks, hotels or other legitimate moneychangers. There are foreign exchange booths run by the Bank of China in the airport, hotels and tourists shopping centers. The exchange certificate should be kept safely as it is required when converting unused RMB back to foreign currency. Traveler's checks and credit cards can be used in Qingdao. Credit cards can be used for the settlement of bills and in some restaurants and shopping centers.

Contact address & telephone for banks

Agricultural Bank of China
Futai Building, 16 Hongkong Zhong Lu
中国农业银行
香港中路16号福泰广圿br> Tel: 8577-2130
Fax: 8571-5779

Bank of China
6 Hongkong Zhong Lu, Shinan District
中国银行(香港路支衿
市南区香港中跿叿br> Tel: 8591-9100
Website: www.bank-of-china.com

Bank of Communications
6 Zhongshan Lu
交通银衿br> 中山跿叿br> Tel: 95559
Website: www.bankcomm.com

China Construction Bank
71 Guizhou Lu
中国建设银行
贵州跿1叿br> Tel: 8306-0593
Website: www.ccb.cn

China Merchants Bank
36 Hongkong Zhong Lu
招商银行
香港中路36叿br> Tel: 8597-2888
Website: www.cmbchina.com

Evergrowing Bank, Qingdao Branch
73 Hongkong Zhong Lu
恒丰银行青岛分行
香港中路73叿
Tel: 8593-3616
Fax: 8593-3617

HSBC
8F Crowne Plaza Hotel, 76 Hongkong Zhong Lu
汇丰银行
香港中路76号颐中假日酒庿楿br> Tel: 8578-2828
Fax: 8573-0808
Email: pophannah@yahoo.com.cn
Website: www.hsbc.com

ICBC's Qingdao Branch Bank
25 Shangdong Lu
中国工商银行青岛市分衿br> 山东跿5叿br> Tel: 95588
Website: www.icbc.com.cn