Since exchange of RMB is still under control, you may not be able to get RMB out of China.
We suggest you change some money into RMB cash on your arrival at the airport. Only for the daily cost for the first days, several hundreds of RMB is reasonable. Carrying a large number of cash is also a hidden risk to your safety.
Many bank outlets in Beijing provide foreign currency exchange service. You can change your money into RMB conveniently.
It is strongly suggested that students not go to the place unauthorized to change money. You will risk the possibility of forged notes at these places not eligible to exchange.
Cards issued by many international finance systems can be used on ATMs in China. The most widely acceptable ones are VISA and MasterCard. Some others, such as American Express, Diners, Discovery, JCB are also acceptable, but only on a much smaller number of ATMs. Therefore, we suggest you take a card issued by VISA or MasterCard to China.
However, the cards issued by foreign banks cannot be used to get cash from the counter of Chinese banks. If you need a large amount of cash, you have to go to the head office of Bank of China, in Xidan region of the downtown. This case is unlikely possible to happen, as most stores, supermarkets and other places of consumption, including the tuition and accommodation fee in our university, accept cards. Unfortunately, the supermarkets in the campus are still the exceptions – they only accept cash.
The Industrial and Commercial Bank of China, the China Construction Bank and the Bank of Beijing which are located in Zhaolanyuan shopping center, as well as the Bank of China in Zijing Student Service Center (Building C) provide services for deposit and exchange of foreign currencies. US dollar, Euro, Pound, and Yen can be exchanged to RMB. But the traveler's check is not acceptable there. Large amount of foreign currencies and traveler's check can be exchanged to RMB at the Bank of China located outside the University's Main Gate. The banks usually open from 9:00 to 17:00 everyday.
On-campus Automated Teller Machines (ATMs) can be found at places like the Zijingyuan Dinning Hall, Taoliyuan Dinning Hall, Tingtaoyuan Dining Hall, Guanchouyuan Dining Plaza, Zijing Student Apartment Buildings No.4, 5 and 6, and Zijing Student Service Center (Building C), etc.