Can you take rmb into china

Foreign money can be exchanged in China through traveler's cheques, currency conversion at banks and hotels. Credit cards can also be used. What follows is a more detailed explanation. Enjoy your trip! Traveler's Cheques Traveler's cheques provide a fairly secure way of carrying money. The Bank of China can cash travelers' cheques sold by international commercial banks and travelers' cheque companies in the United States, Canada, Australia, Hong Kong, Japan, Britain, France, Switzerland, Germany and other countries and regions.

Currency Conversion Money exchange facilities for both currency and travelers' cheques are available at major airports, hotels, and department stores. Please note that hotels may only exchange money for their guests. Exchange rates fluctuate in line with international financial market conditions and are published daily by the State Exchange Control Administration.

Keep your currency exchange receipts, because you will need to show them when you change RMB back to your own currency at the end of your visit to China. Currency rather than credit cards is essential in remote areas, and you should ensure that you carry sufficient RMB and travelers' cheques to cover your requirements. Holders can draw cash from the Bank of China and pay for purchases at exchange centers of the Bank of China, appointed shops, hotels and restaurants. Interest shall be paid at the rate published by the Head Office of the Bank of China.

The principal and interest may be remitted abroad on maturity. The initial deposit must not be less than the equivalent of RMB Withdrawals may be made at any time by presentation of the deposit book. ARticle 5. A request for opening an account for deposits must be accompanied by a letter of application and a specimen signature. If what is established is a fixed deposit, the bank shall issue to the depositor a fixed deposit certificate in the depositor's name, whereas if it is a current deposit, the bank shall issue to the depositor a deposit book.

Persons resident abroad or in the Hongkong and Macao regions may contact the bank by post and an account for deposits will be opened for them according to arrangements. In such a case the deposit certificate or deposit book may be kept in the custody of the bank and a certificate of custody shall be issued to the depositor.

The Use of Deposits 1 A deposit may be transferred abroad. The currency to be remitted abroad shall, in principle, be of the same kind as that deposited.

If another kind of currency is remitted, the case shall be dealt with as where foreign exchange is bought and sold by the bank.

If a fixed deposit is not withdrawn on maturity, the bank may renew it for another similar period. Where withdrawal is made before maturity because of special need, the interest on the amount drawn shall be paid at the rate for current deposits ruling on the date of withdrawal, while the amount remaining undrawn shall continue to bear interest at the rate allowed at the time of deposit.

In case of loss of the deposit book, deposit certificate or signature stamp seal , the depositor shall file a written request with the bank for stop-payment against his identification certificate or other documents originally agreed upon. If the deposit has been withdrawn by fraud prior to receipt by the bank of the request for stop-payment the bank shall not bear any responsibility. On closing an account, the depositor shall return to the bank the deposit book or deposit certificate together with other related documents, if any.

An account for deposits may be opened by the following bodies, enterprises, organizations and individuals: 1 Foreign diplomatic, consular and commercial missions, organs of international bodies and offices of non-governmental organizations stationed in China; 2 Enterprises and organizations set up abroad or in the Hongkong and Macao regions; 3 Enterprises operating in China with overseas Chinese capital or foreign capital or joint Chinese and foreign capital; 4 Foreign nationals, overseas Chinese and Hongkong and Macao compatriots resident in or outside China; 5 Chinese nationals who are allowed by state regulations retain foreign exchange for themselves.

Foreign exchange of the following kinds may be converted into Renminbi at the ruling exchange rates and credited to the aforesaid account: 1 Remittances from abroad or the Hongkong and Macao regions in favour of a depositing unit or individual; 2 Where the foreign exchange brought or sent into the country from abroad or from the Hongkong and Macao regions is in foreign bank-notes, the account shall be credited only after the bank-notes have been converted into Renminbi at the ruling buying rate for foreign bank-notes.

A foreign currency bill which is not payable immediately shall be credited to the account only after collection by the bank; 3 Other kinds of foreign exchange with the approval of the bank. Deposits are kept in the name of the depositor and are of two kinds, namely, current deposit and deposit book.

Interest shall be calculated at the rate for current deposits published by the People's Bank of China. Where the depositing unit or individual requires the use of cheques because of special need, approval must be obtained from the bank, but no interest is allowed for current deposits using cheques. The initial deposit shall not be less than RMB 1, for representative bodies, enterprises and organizations, and RMB 20 for individuals.

To open an account, the depositor must provide the bank with an identification document a letter of application and a specimen signature or follow procedures already agreed upon. The Use of Deposits 1 The principal and interest of a deposit may be converted into foreign currency at the ruling exchange rate to be remitted abroad; 2 Funds in a deposit may be transferred to a Renminbi account or withdrawn in Renminbi banknotes with the special privileges accorded to overseas Chinese remittances according to regulations.

Because of the amount of international business completed in China, they are well equipped to allow foreign consumers to pay in RMB.

In the early stages, there are some limitations to regulate the number of people that have access. Another common issue that foreign businesses can run into when dealing with RMB is transferring company and personal earnings out of Hong Kong.

Many international business owners working in Hong Kong earn piles of RMB within the country, which is ideal. Because of the complexity of the process, banks are quick to find reasons to refuse the transfers. Tip: If you are not a fluent or native Chinese speaker, have someone on-hand to help the process along.

You will need to be able to demonstrate to the bank that all of your RMB has been acquired legally and that all taxes have been paid. Naturally, the Chinese government is eager to staunch the flow, so you will have to bear some scrutiny.

In some cases, in which an expatriate is not properly registered and not paying taxes this can either be by default or design , they do not meet SAFE requirements and cannot wire money overseas. If you feel that your employer has misled you over your status, you may choose to enlist a local lawyer to help.

While there are limits on exports, the Chinese government is less likely to question personal belongings than money. Keep in mind that these are not best practices, but solutions to use if you have run into tax problems. While there are still some issues with paying with RMB internationally or remitting it to your country of origin, it is fast becoming an international currency.

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