Exchanging Foreign Currency
In China, only banks are authorized to provide legal exchange services of foreign currencies. Before trying to exchange foreign currency, check with bank service personnel whether the bank is able to provide the exchange service for the required foreign currency. Sometimes it is necessary to make an appointment in advance (usually one working day in advance). Non- Chinese citizens can exchange no more than 500 US dollars of foreign currency per day (for specific information, please consult the bank). Therefore, planning ahead is essential if a large amount of foreign currency is to be exchanged.
A valid passport is required to be presented at the bank when exchanging foreign currency. Be mindful that the exchange rate of different banks is different, and that the exchange rate fluctuates in real time throughout the day.
As banks require several days to complete a wire transfer, it is recommended that students bring a sufficient amount of cash with them to China to pay for the first month's living expenses.
Cash Withdrawal Limit
Banks impose a daily withdrawal limit on credit and debit cards. Students should confirm the daily limit of their personal credit card/debit card within China with their bank before departure.