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The Chinese currency is the “Yuan Renminbi”; it is referred to as Yuan, CNY or RMB (Renminbi). It is the only currency that can be used to purchase local items. In general, the Chinese do not use checks. Cash is the most common way of payment. Online and mobile payments are becoming more and more popular including Wechat and Alipay. Alipay is very similar to PayPal but based in China. Apple Pay was recently launched in China as another mobile payment method.

You will want to open a bank account right away. This can be done very easily with only your passport and a signature. I have found Citibank to be very “foreigner” friendly. They have multi-currency accounts that allow you to receive money in your home currency, as well as in Yuan. Your employer may have a preferred bank so check with them first. It’s all a good idea to check with your home bank and verify if they have any sister banks in China, this could save money on international transfers.

Before arriving, it’s encouraged to open a PayPal account. Most major banks in China will allow you to link you online banking to PayPal. This will make it easier to transfer money to and from your Chinese bank account. Western Union and wire transfers are also available but the fees are a bit more expensive.

Without your pay stubs the limit on foreign money exchange for a foreigner is $500USD/day, so don’t wait until the last day if you plan to take a lot of money home with you. Another option is to also have a Chinese friend convert the money for you, they are allowed up to $50,000USD/year.

As for credit cards, MasterCard, VISA and Discover all work in the mainland. They have an arrangement with Union Pay, which is the authority for all banking in China. This means you can use your credit card in many, but not all places. Be sure to contact your banking provider ahead of time to inform them of your travels. This will prevent any issues or restrictions that can be considered fraud charges or etc.

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Happy Teaching Nomads

  • Kimmi, USA  Placed in Shanghai

    Kimmi, USA Placed in Shanghai

    I truly appreciate all the work that Teaching Nomad did upon arriving to Shanghai. Teaching Nomad helped with everything else once I landed, from paperwork to directions. Everyone at the agency is wonderful and extremely helpful and welcoming.
  • Rafael, USA  Placed in Shanghai

    Rafael, USA Placed in Shanghai

    Teaching Nomad was by far the easiest process I have gone through. I was able to get all the information I needed to continue with the job application. It was quick, efficient, friendly, and effective (I got the job).
  • Andrew, USA  Placed in Shanghai

    Andrew, USA Placed in Shanghai

    I didn't know what professionalism was until I started working with Teaching Nomad. They have always responded to my questions and comment promptly and in a friendly manner. With Teaching Nomad I have truly found my dream contract.
  • Elsie,SA  Placed in Shanghai

    Elsie,SA Placed in Shanghai

    Teaching Nomad helped me at a time in my life when I needed to make a positive career move. They helped me find a position in which I feel challenged, motivated and where I have the opportunity to develop my skills and knowledge as a teacher.
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Teaching Nomad is your connection to teaching in Asia & The Middle East! We are a western owned and operated teacher placement agency with offices in Denver & Shanghai. We take a lot of pride in connecting teachers with great teaching opportunities.

 

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   1660 S.Albion St. Suite 911, Denver,CO USA

 (+86) 21 8031 8819

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