Banking and Money

Accessing Money in China
Banks around campus
International Banks in Nanshan District

Accessing Money in China

Chinese Currency
The currency in China is the Chinese yuan (CNY), also called renminbi (People’s money, RMB). As of today, 1 CNY = 0.15 USD = 0.14 EUR. A particularity of the yuan is that it cannot be freely exchanged: you cannot exchange RMB outside China, or at a very poor rate. There is also a limit to the amount of RMB you can change back to your currency, even in China.

Although ATMs are now widespread in China, the coverage by the VISA, MasterCard and other international networks is still low, and many stores and restaurants will only accept cash. Be sure to always have cash at hand and to ask for an invoice (‘fapiao’) every time you pay for something.

Bank transfers
Wire money transfers can take up to one month (and at least one week) to be processed, so make sure that you have money available while you wait for your transfer. You will first need to open a bank account in China. There are several banks near PKU Shenzhen where you can set up a bank account, at either a Chinese or an international bank (Standard Chartered, HSBC Premier, Citi Bank and Bank of East Asia). On campus, there is a local bank, Ping An bank (cf. ‘Campus Card’ below), and both Ping An Bank and Bank of China’s ATMs. Many students prefer to set up a bank account with Bank of China and during the Orientation Week, we will help you opening an account there.

Traveller’s checks
Many banks in Shenzhen accept Traveler’s Checks in USD; however, it takes generally more than 40 working days to process them.

Chinese Debit and Credit Cards
It is near impossible for foreigners to get a Chinese credit card. However, you can easily get a Chinese debit card. Most Chinese debit cards belong the “Union Pay” network, which is not typically accepted outside of China. Many students transfer money to their Chinese debit card to be able to easily withdraw money in China without incurring fees. You can use a debit card at most larger Chinese stores, to withdraw money from ATMs and to shop online from Chinese companies.

Using a Credit Card from a Foreign Bank
If you are from the US, you may want to consider getting an account with Bank of America. Bank of America has a partnership with China Construction Bank that allows you to withdraw money from a China Construction Bank ATM without being charged extra fees. Talk with your bank to see if they have a partnership with a Chinese bank and consider opening an account at home. Sending money from a partner bank can also ease bank transfers.

Bringing Cash
The maximum amount you can bring in cash to China without declaring it is 5,000 USD (about 30,000 RMB). If you declare it, you can bring as much as 50,000 USD. This include cash in all currencies together, so you cannot bring 5,000 USD plus 1,000 EUR for instance. Besides the risk of carrying cash while travelling, note that you might not be able to exchange the extra RMB back into your own currency when you leave China. Keep your receipt when you exchange cash the first time, as you can show it to exchange cash again upon leaving (as long as the amount that you have to exchange back is lower than the one exchanged to RMB in the first place). ATM receipts will not be considered as proofs.

Banks around the campus

Note:Due to the construction of the new metro line, a section of Lishui Road (between the zoo and Tsing Hua University) has been closed indefinitely. This means the 43 bus and the 237 bus no longer come to the Peking University and Chunyuan Crossing Stops. The B736 still comes to both stops (on the University Town side of the road) and goes to Pingshan Village and Xili Town. You can get off at University SouthGate Stop and transfer to 43 bus. The 43 bus still runs to Window of the World. Alternatively, you can walk to University South Gate (outside of HIT) and take the 43 bus to Window of the World.The city also has also added a new 43 bus stop near Tanglang Village. You can find more information on the changes of the bus route here.

Ping An Bank (Xili Branch) 深圳平安银行西丽支行
Address in Chinese: 朗山路8号, 乘坐237路公交车在朗山路中站
Address: 8 Lang Mountain Road, take bus 237 to Lang Mountain Road Station.

Shenzhen Development Bank (Xili Branch) 深圳发展银行西丽支行
Address in Chinese:留仙大道众冠大厦首层(天虹商场南面), 乘坐43路公交车在西丽劳动力市场站
Address: 1st floor, Zhongguan Building, Liuxian Avenue (close to Rainbow Shopping Mall). Take bus B736 to Xili Labor Market.
Tel.: 95501

Bank of China (Xili Branch) 中国银行西丽支行
Address in Chinese: 沙河西路西丽法院附楼首层,乘坐43路公交车到西丽医院东站
Address: Next to Xili Court of Justice, Shahe West Road. Take bus 237 to Xili Hospital East.
Tel.: 95566

Industrial and Commercial Bank of China (Xili Branch) 中国工商银行西丽支行
Address in Chinese: 沙河西路众望楼首层,乘坐43路公交车到西丽医院东站
Address: Zhongwang Building, Shahe West Road. Take bus 237 to Xili Hospital East.
Tel.: 95588

Postal Savings Bank of China (Xili Branch) 中国邮政储蓄西丽邮政储蓄所
Address: Xili South Road. Take bus 237 to Xili Hospital East. Transfer to bus 226, 235, 54, or B604 to Dasha River.
Tel.: 2662 7355

China Construction Bank (Xili Branch) 中国建设银行西丽支行
Address in Chinese:留仙大道北南国丽城花园2栋1f33-39, 乘坐43路公交车到西丽劳力市场站
Address: 33-39 Liuxian Avenue North, 1st floor of Nanguo Licheng Garden Building 2. Take bus B736 to Xili Labor Market.
Tel.: 95533

International Banks in Nanshan District

Standard Chartered Bank (Nanshan Center Branch) 渣打银行深圳分行南山中心区支行
Address in Chinese:深圳南山区海德三道滨海之窗1号楼
Address: 1, Coastal Window (Binhai Zhichuang), Haide 3rd Street.
Take bus 237 to Xili Hospital East and transfer to B814 to its terminus at Nanshan Central District or take the metro to Houhai on the Shekou line.  
Tel.: 2655 3568

Citi Bank (Nanshan Branch) 花旗银行深圳分行南山支行
Address in Chinese:深圳南山区南海大道2748号南山书城一楼大堂北区
Address: Nanshan Book Town, North side, 1st floor, 2748 Nanhai Avenue.
Take bus 237 to Tea Light (茶光) and transfer to bus 334 to Nanshan Cultural Center.
电话/ Tel.: 8612 2988

Bank of East Asia (Nanshan Branch) 东亚银行深圳分行南山支行
Address in Chinese:深圳南山区海印长城一期5号楼
Address: 5, Haiyin Great Wall. Take bus 226 at the Zoo to Haiya Shopping Mall.
Tel.: 8621 1882