When it comes to money exchange, Shanghai and Seoul share one thing in common: The better exchange rates come from the banks.
It means that banks are the first address to check out and change offices are just the second. It is always true if getting highest rates is your highest priority.
But the truth can be in the opposite way if convenience is what you value most. Both Shanghai’s banks and change offices are strategically located at commercial and tourist areas for your convenient use. But what change offices can do further is that they can help you save time from queuing in the line and filling the bank’s forms. Their extended operating hours also add ease to the experience.
We leave it for you to make your own choice. All we can do in this article is giving you helpful information about both as well as a couple of must-know facts:
– The currency used in China is yuan (CNY), which is also called renminbi (RMB). Say “kuai” to sound like a local.
– Banknotes are issued in 2, 5, 10, 20, 50 and 100 yuan. There are also notes and coins come in denominations of 1, 0.50, 0.20, and 0.10 yuan.
– Currency exchange in China is regulated by Bank of China. The exchange rates are set by this bank, so it is illegal for other banks to deviate from the official rates. (That means you will get the same exchange rates at any bank in China).
– Traveler’s cheques are accepted at major banks and global currency exchange chains like Travelex and International Currency Exchange.
– A valid ID is legally required when making a transaction in China.
If you need some local currency upon arrival, then buy a small amount at recommended stores at Shanghai Pudong International Airport (see below). Save the rest to exchange at better rates at banks’ branches and forex shops in town.
Image credit: LivelikerwAs you have already known, banks in China offer better currency exchange rates than change offices.
If you don’t mind filling up some forms and waiting for your turn to engage service, check out branches of major banks like Bank of China, China Merchants Bank, Bank of Shanghai, and Industrial & Commercial Bank of China (ICBC).
These banks have their foreign exchange counters in the vicinity of some of the most visited destinations in town including Nanjing Road, The Bund and People’s Square.
Don’t forget to bring your passport or a valid ID along.
Recommended bank branches in the vicinity of Nanjing Road
1. Bank of China’s branch
– Bank of China is government-owned bank established in 1912
– This branch is only 2 minutes away from Orient Shopping Centre
– Address: 69 Luhe Rd, NanJing Lu, Huangpu Qu, Shanghai, China
– Phone: +86 216 360 9372
– Opening hours: Monday to Friday 09:00 – 17:00
2. China Merchants Bank’s branch
– It is just a minute walk from Wax Museum and Radisson Blu Hotel
– Address: 100 Nanjing W Rd, NanJing XiLu, Huangpu Qu, Shanghai, China
– Phone: +86 216 375 0060
– Opening hours: Monday to Friday 09:00 – 17:00
Recommended bank branches in the vicinity of The Bund
1. Bank of China’s branch
– It is the old headquarters of Bank of China, which is located near World Expo building
– Address: 23 Zhongshan East 1st Rd, WaiTan, Huangpu Qu, Shanghai, China
– Phone: +86 216 375 0060
– Opening hours: Monday to Friday 09:00 – 17:00
2. ICBC’s branch
– Its location is beside the Bank of China Tower
– Address: 23 Zhongshan East 1st Rd, WaiTan, Huangpu Qu, Shanghai, China
– Phone: +86 216 321 1820
– Opening hours: Monday to Friday 09:00 – 17:00
Recommended bank branches in the vicinity of People’s Square
1. Bank of Shanghai’s branch
– This branch is within walking distance from the Shanghai Museum and People’s Square
– Address: 100 Dagu R, Huangpu Qu, Shanghai, China
– Phone: +86 216 326 5572
– Opening hours: Monday to Friday 09:00 – 17:00
2. China Merchants Bank’s branch
– It is a 5 minutes walk from People’s Square
– Address: 700 Yan’an East Road, Huangpu Qu, Shanghai, China
– Phone: +86 215 385 0050
– Opening hours: Monday to Friday 09:00 – 17:00
Image credit: United MoneyUnited Money is the first money changer worth a visit while looking for a place to buy CNY in Shanghai.
This Beijing-based company runs 33 outlets in different cities in China. In Shanghai, they operate 5 branches at easily accessible locations, including in Shanghai Pudong International Airport and Shanghai Hongqiao Airport Domestic Airport.
Just head straight to their Pudong airport counter, which is open 24/7, if you need local currency upon arrival.
Branches
1. United Money @ Mengzi East Road
– This branch is just 1 minute away from the north of Liyuan Park
– Address: 69 Mengzi East Road, Huangpu District, Shanghai, China
– Phone: +86 216 3390751
– Opening hours: Daily 09:00 – 20:00
2. United Money @ Yingchun Road
– It is a 1 minute walk from Radisson Hotel Pudong, and a 4 minute walk from Shanghai Information Building
– Address: 1078 Yingchun Road, Pudong New Area, Shanghai, China
– Phone: +86 215 8219092
– Opening hours: Daily 09:00 – 18:00
3. United Money @ Zhaohua Road
– It is a 2 minute walk from Zhaohua Road Post Office, and a 1 minute walk from Leyi Hotel
– Address: 242 Zhaohua Road, Changning District, Shanghai, China
– Phone: +86 216 2600295
– Opening hours: Daily 09:30 – 18:30
4. United Money @ Shanghai Pudong International Airport – Terminal 2
– Address: In the vicinity of Terminal 2 Arrivals, Shanghai Pudong International Airport, Shanghai, China
– Phone: +86 216 8339619
– Opening hours: 24/7
5. United Money @ Shanghai Hongqiao International Airport
– Address: In the vicinity of Domestic Arrivals, Shanghai Hongqiao Airport, Shanghai, China
– Phone: +86 212 2382717
– Opening hours: Daily 08:00 – 20:00
Image credit: GeoswiftGeoswift, a Hong Kong-based global payment service company with offices in Shanghai, London, Vancouver, Seattle and San Francisco, is among the most reliable addresses to exchange money in China.
The company has 8 outlets in Shanghai, 2 among them are placed at Pudong International Airport.
If you are visiting the historic Yu Garden, you can swing by Geoswift’s branch on Jiuxiaochang Road to stock local currency. This outlet is open until 20:00 every day.
Recommended branches
1. Geoswift @ Yu Yuan
– It is within walking distance from Yixiulou and Yu Garden
– Address: 123 Jiuxiaochang Rd, Huangpu Qu, Shanghai Shi, China
– Phone: +86 216 3551831
– Opening hours: Daily 08:30 – 20:00
2. Geoswift @ Pudong Xinqu
– This branch is just 3 minutes away from Shanghai Expo
– Address: 1/F Jinyin Building B, No. 1518 Minsheng Rd, Shanghai, China
– Phone: +86 216 8547048
– Opening hours: Monday to Friday 09:00 – 17:30
3. Geoswift @ Hanzhong Road
– It is just a few steps from Hanzhong Square
– Address: 2/F, No. 188 Hanzhong Rd, Shanghai, China
– Phone: +86 216 3530636
– Opening hours: Monday to Friday 09:00 – 17:30
4. Geoswift @ Shanghai Pudong International Airport Terminal 1
– Address: T1-B1 Shanghai Pudong Airport International Arrival, Shanghai, China
– Phone: +86 216 8355029
– Opening hours: Daily 06:00 – 23:00
5. Geoswift @ Shanghai Pudong International Airport Terminal 2
– Address: T2-B7 Shanghai Pudong Airport International Arrival, Shanghai, China
– Phone: +86 216 8339027
– Opening hours: Daily 06:00 – 00:30
Image credit: International Currency Exchange International Currency Exchange is one of the most popular foreign currency exchange companies in the world.
Started as a lone exchange shop in London, the company now has 400 branches in different continents. Its 3 outlets in Shanghai can be found in Pudong District, including 2 exchange booths at Shanghai Pudong International Airport. If you arrive at the airport in the wee hours of dawn, you can rely on its service at the booth at International Arrivals.
Check out one of its branches if you have traveler’s cheques to be exchanged.
Branches
1. International Currency Exchange @ Pudong Xinqu
– This is just 1 minute away from Parkyard Hotel, and less than 5 minutes away from Zhangjiang High Technology Park subway station
– Address: 635 Bibo Road, Pudong, Shanghai 201202, China
– Phone: +86 216 835 5790
– Opening hours: Daily 09:30 – 19:00
2. International Currency Exchange @ Shanghai Pudong Airport
– Address: International Arrivals, Shanghai Pudong Airport, Qihang Road, Shanghai 201202, China
– Phone: +86 216 835 5786
– Opening hours: 24/7
3. International Currency Exchange @ Shanghai Pudong Airport
– Address: International Departures, Shanghai Pudong Airport, Qihang Road, Shanghai 201202, China
– Phone: +86 216 835 5790
– Opening hours: Daily 06:30 – 24:00
Image credit: ymgermanTravelex has become synonymous with currency exchange in most travelers’ minds. You will be greeted by a Travelex’s booth at Shanghai Pudong International Airport, just like what often happens at many other airports around the world.
While being in Shanghai, you can use the service of one between its two outlets in the city for your currency exchange and/or traveler’s cheques selling needs.
Branches
1. Travelex @ Green Sports and Leisure Center
– This branch is located near the entrance of Green Sports and Leisure Center, and opposite Starbucks cafe
– Address: Green Sports and Leisure Center, 1Y1-3, Lantian Road 600 (Biyun Road 633), Pudong District, Shanghai 201206, China
– Phone: +86 213 3821 682
– Opening hours: Daily 09:00 – 20:00
2. Travelex @ Shanghai Pudong International Airport
– It is situated at the entrance of metro line 2 and opposite the Maglev station
– Address: Shanghai Pudong International Airport – Magnetic Train Station, 6000 Yingbin Avenue, Pudong District, Shanghai 201207, China
– Phone: +86 216 8351 690
– Opening hours: Daily 06:00 – 23:00
