ATMs:
In larger cities such as Beijing or Shanghai, there are many ATMs accepting foreign bank cards in major shopping centers and international hotels. These ATMs will have signage that states only foreign cards can be used. Some Chinese bank branded ATMs will also accept foreign cards but it can be hit or miss. The ATM will have signage illustrating what cards are accepted.
All ATMs will remit RMB (Chinese currency) notes. Remember that if you want to exchange your RMB back to your home currency on the way out (e.g. at the airport), you’ll need to keep the ATM or bank receipt or the exchange won’t be accepted.
Travelers' Checks:
Travelers' checks are arguably the safest way to carry cash around but not necessarily the most convenient. Supposedly only the Bank of China is allowed to exchange the checks and there will be a lengthy process behind it. Allow a few hours for the transaction (finding a bank to do it and then completing the process). Note, you don't want to be caught in any part of remote China with only travelers' checks. You might end up washing the dishes.
Credit Cards:
Credit cards are becoming more widely accepted in China but you can't always depend on being able to pay with them. Certainly at international-standard hotels, upscale restaurants and shops and tourist offices you will be able to use them. However, ask before you purchase to ensure no commission is added on to your purchase (in my experience, this usually only happens at tourist offices when purchasing domestic travel flights or tours).
Your Guide's Suggestion:
I advise traveling with an ATM card (and credit card) over travelers' checks. While officially welcomed at main branches of the Bank of China in major cities, you might be hard pressed to find a teller to make the transaction. Hotels might take them, but at a steep commission.
Bottom Line:
- Make sure you've got some home-currency cash with you to exchange at the airport upon arrival.
- Bring along at least one ATM card and possibly a back-up.
- Bring along a credit card for major purchases and hotel stays. Be sure to inform your credit card company that you'll be traveling so they don't block your purchases.
- Keep photocopies of your cards (front and back) and emergency numbers separately in case you lose your wallet or purse. Better yet, leave them with someone trustworthy at home whom you can contact in case of emergency.
- Keep your exchange (or ATM) receipts so you can re-exchange your Chinese currency for home currency on your way out.
