Weeks before I started my study in Beijing Language and Culture University, I encountered this problem on exactly what currency, how much and where to keep the money I'll be using for my entire stay in Beijing. This post will give you a few tips about what to do with your cash and pocket money before traveling to Beijing.
Amount
Rather than bringing just your credit card, I would suggest that you also bring cash. In my case, I brought the whole amount I was going to need for my entire stay in Beijing. Take note though that you can't bring more than $10,000 cash with you(due to some airport rule that I'm not so familiar about).
So, yes, the whole amount. It included my tuition fee and my allowance for the whole semester. It was really a risky thing to do, but it was an assurance for me that I have money to survive in Beijing.
If bringing that much cash with you makes you feel uneasy, you can just bring some cash and your ATM card with you. Just make sure that it has the Visa, Cirrus or Master card logo on it. Else, the machines won't be able to recognize it and you won't be able to withdraw. Since it is an international card, each pull will cost you around 30 RMB and it also has a daily withdrawal limit.
Currency
If you intend to bring cash with you, it wouldn't be a smart decision to bring everything in RMB. This will be equivalent to bundles and bundles of cash and it will not be easy to handle. Amount
Rather than bringing just your credit card, I would suggest that you also bring cash. In my case, I brought the whole amount I was going to need for my entire stay in Beijing. Take note though that you can't bring more than $10,000 cash with you(due to some airport rule that I'm not so familiar about). So, yes, the whole amount. It included my tuition fee and my allowance for the whole semester. It was really a risky thing to do, but it was an assurance for me that I have money to survive in Beijing.
If bringing that much cash with you makes you feel uneasy, you can just bring some cash and your ATM card with you. Just make sure that it has the Visa, Cirrus or Master card logo on it. Else, the machines won't be able to recognize it and you won't be able to withdraw. Since it is an international card, each pull will cost you around 30 RMB and it also has a daily withdrawal limit.
Currency
I would suggest that you bring some cash in RMB, any amount that you think can last you around 3 weeks in Beijing would be good enough.
For the remaining amount, you can use a different currency. The best currency to bring with you is US dollar. The thinner your wallet looks, the better. ;)
Currency Exchange in Beijing
If you cannot exchange your money to RMB in your own country, you don't need to worry. There are currency exchange counters found in the arrival area of the airport but it will cost you an extra 50 RMB if I'm not mistaken.
But the best place to get currency exchange would be at the ICBC bank, located inside the school. It is packed with people especially during the first few days of enrollment, but it gets better after a week or so. They don't have extra charges for the currency exchange and the rates are not so bad either.
Did I give enough information? :) Your comments will be highly appreciated.
Steph, I think ur a blessing to us!!!! these is exactly what we need!!!! yes, i agree with you, that bringing bundle of cash will make you feel uncomfy, but taking risk is always part of life, specially when going to new countries, and dont know what to expect!!!!
ReplyDeleteI think, base on options, the best way is bringing your RMB for tuition and some pocket money, due to excessive pile of students that will be exchanging their money in the Bank
Woah! Thanks for your comment! You can actually pay the tuition fee in US dollar but I think they prefer RMB. Good decision!:)
ReplyDeletehello what can you say about opening an RMB account?
ReplyDeleteOpening an RMB account is a good way to keep your money in a safe place and you can conveniently withdraw from the atm card they provide.
ReplyDeletePlease check out my new post on opening a bank account! Thanks!
ReplyDeleteNice work, Steph. Keep the posts coming! :)
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ReplyDelete