While banks like Bank of China, ICBC, and China Construction Bank offer reliable exchange services, their rates might not always be the most competitive. These banks often require you to show your passport and may have longer wait times. However, they’re a safe choice for large transactions or if you need a receipt. For example, Bank of China branches near Wangfujing or Sanlitun are popular among tourists. Just note that some banks close earlier on weekends!
What About Airports and Hotels?
Beijing Capital International Airport (PEK) has multiple exchange counters in Arrivals and Departures, open 24⁄7. While convenient, airport rates tend to be less favorable. Similarly, hotels in central areas like Chaoyang District or near The Forbidden City often provide exchange services, but expect higher fees and shorter operating hours. Use these options only for small urgent needs—not for bulk conversions.
How to Find the Best Exchange Rates in Beijing
To maximize your money, compare rates using tools like XE.com or X-Rates before arriving. Local ATMs (compatible with Visa/MasterCard) generally offer decent rates, though some charge a ¥15–¥25 fee per withdrawal. Avoid “unlicensed” street vendors promising “no commissions”—these are often scams. For transparency, stick to authorized exchange bureaus, which display live rates and accept major currencies like USD, EUR, and JPY.
When Is the Right Time to Exchange Money?
Beijing’s foreign currency demand fluctuates. For better rates:
- Avoid peak tourist seasons (e.g., Golden Week holidays, Spring Festival).
- Exchange larger sums early during your trip when rates are more stable.
- Use blue-chip banks (e.g., HSBC, Standard Chartered) for competitive rates if you’re a premium account holder.
5 Safety Tips for Currency Exchange in Beijing
- Always ask to see the rate board before handing over cash.
- Count your money immediately after the transaction—politely ask staff to recount if discrepancies arise.
- Skip black-market dealers, even if they’re recommended by taxi drivers.
- Keep receipts for potential disputes or tax refunds.
- Notify your bank before traveling to avoid card blocks during ATM withdrawals.
By planning ahead and using licensed services, you’ll save time and stress while exploring Beijing’s historic sites like The Great Wall or Temple of Heaven. Safe travels!
