Currency exchange and payment instructions

Currency Exchange Information

1. In Lhasa, there are many branches of Bank of China, Postal Savings Bank of China, Agricultural Bank of China, and China Construction Bank. Most of them are equipped with ATMs. WeChat Pay and Alipay are widely used throughout the region, making payments very convenient.

2. It is advisable to carry some cash with you for convenience.
   Important Note: Withdrawing money from an ATM usually incurs a transaction fee, which varies depending on the amount withdrawn. Additionally, not all ATMs operate 24 hours a day, and due to high usage, it is common for some ATMs in the city to run out of cash. Therefore, it is recommended to keep enough cash on hand to avoid any inconvenience.

3. The fifth series of the Renminbi (RMB) includes eight denominations: 100 yuan, 50 yuan, 20 yuan, 10 yuan, 5 yuan, 1 yuan, 0.5 yuan (50 jiao), and 0.1 yuan (10 jiao).

4. According to Chinese customs regulations, any individual aged 16 or above carrying more than USD 5,000 in cash must declare it to customs. For specific procedures, please consult Chinese customs authorities or ask the staff at the airport upon arrival.

Payment Methods

1. Bank Cards: If you have a card bearing the UnionPay, Visa, or Mastercard logo, you can use it for payment at merchants displaying the corresponding acceptance marks. If there is no visible signage, you may ask the cashier whether your card is accepted. UnionPay cards are generally accepted at all merchants in mainland China that have bank card terminals.

2. Mobile Payment
   Alipay (You need to download the international version of the app)
   WeChat Pay (Available for tourists after verifying their account)

3. Cash: If you need cash in Renminbi (RMB), you can withdraw it using your bank card at ATMs that display your card’s network (e.g., Visa, Mastercard, UnionPay). Alternatively, you can exchange foreign currency for RMB at bank branches with currency exchange services, authorized exchange agencies, or self-service exchange machines. Please consult the staff on-site for accepted currencies.

4. Bank Accounts: With your passport or other valid ID, you can open a RMB or foreign currency account at nearby bank branches. Major commercial banks such as ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications all provide account opening services. Once opened, you will have access to services such as deposits and withdrawals in both RMB and foreign currencies, foreign exchange, domestic transfers, international remittances, currency conversion, and payments. For specific requirements, please consult the branch staff or refer to the official website of the bank.