Understand 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.

Banking in Tianjin

    The monetary unit in China is the RMB (or yuan). Rates fluctuate a bit, but are generally pretty stable (8.2 to 8.3 RMB per US $1). This may change as China moves to make to RMB fully convertible in next few years. ATM machines are available all over, and many will work with your bank account from home. Visa and Mastercard are widely accepted at places frequented by foreigners, though most transactions in smaller stores are cash only. There are no checking accounts.

    Expats can open a bank account at most of the Tianjin banks although the transfer of currencies is usually limited to certain amounts. China does have strict laws on currency import and export and if you are going to move sums of cash in or out China in excess of $5,000, at the airport you'll be required to show documentation and receipts for the currency exchanges and/or requirement to carry that amount.

Bank Of China

    Nanfeng Road, Nankai District.
    Tel: 27283933
    Huanghe Dao, Nankai District.
    Tel: 27644667
    Kunming Road, Heping District.
    Tel: 23041093
    Baoningdao, Heping District.
    Tel: 23032082
    Daguangming, Heping District.
    Tel: 23022072

    China Merchants Bank 中国招商银行
    1) Guidu Building, Hebei Road, Heping District.
    2) No.100 Jiefang Bei Road, Heping District.
    3) No.102 Zhongshan Road, Hebei District.
    4) No.125 Heiniu Cheng Road, Hexi District.
    5) No. 222 Baidi Road, Nankai District.

    Industrial And Commercial Bank Of China
    中国工商银行
    No.12 Chifeng Dao, Heping District.
    Tel: 23396342
    No.64 Jiefang Bei Road, Heping District.
    Tel: 23393834
    No.11 Datong Dao, Heping District.
    Tel: 23409230
    No.123 Weidi Dao, Hexi District.
    Tel: 28400832