Money in Shanghai

The easiest way to obtain Chinese currency in Shanghai is at an ATM. HSBC's machines are the most reliable. Otherwise, the best places to convert your dollars into yuan are at your hotel's front desk or a branch of a major bank, such as Bank of China, CITIC, or HSBC. All these operate with standardized government rates—anything cheaper is illegal, and thus risky. You need to present your passport to change money.

Although credit cards are gaining ground in China, for day-to-day transactions cash is definitely king. Getting change for big notes can be a problem, so try to stock up on tens and twenties when you change money.

ATMs & Banks

ATMs are widespread in Shanghai and rates are as good, if not better, than at exchange desks. The most reliable ATMs are HSBC's. They also have the highest withdrawal limit, which offsets the transaction charge. Of the Chinese banks, your best bet for ATMs is the Bank of China, which accepts most foreign cards. That said, machines frequently refuse to give cash for mysterious reasons. Move on and try another. On-screen instructions appear automatically in English.

Credit Cards

In Shanghai, American Express, MasterCard, and Visa are accepted at most major hotels and a growing number of upmarket stores and restaurants. Diners Club is accepted at many hotels and some restaurants.