money exchange
 

I have Taiwanese dollars and Canadian dollars in addition to US dollars. Can I use them to exchange to yuan when I arrive in China? Also, is it true that they would only exchange brand new bills and not old or used bills? What about using $1 USD bills?

What about using your ATM card?

The yuan or RMB is the currency of China. Don't mark yourself as naive and asking to be charged more by using US$1 bills. You can certainly exchange any hard currency into yuan, including Canadian dollars and Taiwanese dollars.

Your ATM card is certainly the easiest way to get local currency, though it may be expensive, depending on what your bank charges for use in a foreign country.

All over Asia, if you want to bring US$ for exchange, you are best to bring US$100 bills (as they get a better exchange rate) and make sure you have the newer-type bill. You want bills that are not too worn or ripped or written on. Only in Burma do you need pristine bills to exchange.

Thank you for the info.

Just returned from first trip to China. Yes, they are very fussy about the condition of the bills, must be newish with no writing or even a smidgeon of a tear.One bill with writing on it was refused, and a worn 100 RMB bill I asked to have broken down into smaller amounts was initially refused at a Marriott Hotel until I told them they had given it to me.

If I needed to exchange cash, is it better to do it at the airport, bank, or hotel?

Better to exchange at bank, and you could do a small amount exchange at the airport for transportation etc.. BTW, i doubt you could exchange Taiwanese dollar in mainland China.

Agree that you want to go to a bank to exchange currency, and my experience was that we had to go to a bank that specifically dealt with foreign exchange. (The first one we tried sent us to a different bank.) I was in Beijing for a month and ended up exchanging money twice. Each time took at least an hour at the bank, where you take a ticket and wait in line with the other customers. The teller will examine everything very closely: your passport, visa, and the condition of the bills you want to exchange.

On the flip side, ATMs that accepted foreign cards were everywhere including at the airport, and very easy to use.