The Language of Money

A cash course

Read any popular guidebook to Beijing more than a few years old, and in the section on money and currency, foreign-card capable Automatic Teller Machines are usually listed individually!  Thankfully, with China's hurtling trajectory into a high-tech tomorrow, quick and easy access to cash is now almost as easy as most other world cities (and easier than many of Asia's other capitals). That said, using a foreign debit or credit card in one of Beijing's many ATMs still requires a little care.

Which bank?

Check the logos on your card. Foreign cards compatible with the Cirrus or Maestro networks can be used in practically every Bank of China, ICBC and China Merchants Bank branch in Beijing.  The Bank of China and many of Beijing's foreign banks accept Visa network cards. Take care, however, not to assume that every ATM in every branch will accept your card - the Cirrus/Maestro or Visa compatible ATMs are always clearly marked.  No logo, no foreign connection!

But I don't read Chinese!

Don't panic. Most ATMs will present you with an initial Chinese and English welcome menu.  Pressing "English" (or in some cases just selecting one of the English prompts, which will usually be all on the left or all on the right) will give you an English language session.

Ack!  How much did I withdraw?

Many Bank of China ATMs use the dollar symbol ($) to stand for RMB.  Don't panic - even though your shou1 ju4* (transaction receipt) says you have withdrawn (say) $5000, it is actually RMB5000!

One final tip on Chinese ATMs:  You might be told that your transaction has been "declined".  So long as your home account has adequate funds, this advice is a misnomer, and actually means "the network is not currently responding, please try again later, or try another bank."

How much can I withdraw?

There are no hard and fast answers to this question - it depends on the bank you are using. Common limits include RMB3000 or RMB5000 per withdrawal, and almost all banks allow multiple withdrawal transactions per day.

Overdue? I didn't even get an invoice!

Many new arrivals to Beijing are shocked to have their internet or telephone summarily disconnected without ever having received an invoice from the company. This is not an oversight on the part of the company, simply a system which works well in a nation of 1.4 billion people. Telephone (and the majority of internet) bills are due on the 25th of every month.  Don't expect to receive an invoice.  Waiguoren (foreigners) in Beijing should arrange their affairs to ensure that the amount due is paid, at an ICBC bank, before that date each month.

Paying a bill at the bank

This seemingly daunting process is easier than many waiguoren think.  Make a note of the following example phrases and you'll be fine.

Wo³ yao⁴ jiao¹ dian⁴ hua⁴ fei⁴ (literally," I want to pay (my) telephone bill")

Wo³ yao⁴ jiao1 wang³ fei⁴ (literally," I want to pay (my) internet bill")

Present a slip of paper with your telephone number or account number and home address, and the teller will inform you what you owe.  She might ask you to fill out a jiao¹ fei⁴ dan¹ (literally, "pay bill form") - you are well within your rights to ask her qing³ bang¹ zhu⁴ (literally, "please help"). The three important items are xing⁴ ming² ("name"), zhang⁴ hao⁴ ("account number") and qian² shu⁴ ("how much").

Foreign exchange

For simplicity and security, Beijing is a comparative paradise when it comes to foreign exchange. The most startling aspect of FX for many new arrivals is that rates of exchange are standardized across China, so there is no chance of being cheated or over-charged, as long as you stick to the official channels to change money. If you find yourself carrying RMB excess to requirements on your way out of China, presenting one of your ATM transaction receipts at the bank that issued it will allow you to change money back into your home currency up to the amount shown on your ATM receipts.

We are the robots

Many larger Bank of China branches (such as the one on the corner of Wangfujing and Oriental Plaza) have automatic money-changing machines which don't require any Chinese language ability whatsoever. These handy machines are clearly marked in English, and accept practically every type and denomination of foreign notes.  You simply feed your foreign notes into the machine, one at a time, and check that the machine has correctly identified your currency type and denomination (the machines give a running total and are consistently accurate and reliable). Your risk is negligible, as you can cancel the transaction at any time prior to final confirmation.  When you've fed your notes into the machine, press the "issue RMB" button and you will be presented with a bundle of crisp new Chinese notes, and a shou¹ ju⁴.

The human touch

If you prefer to do your foreign exchange with a human teller, arm yourself with Business Beijing's handy language reference:

Wo³ yao⁴ huan⁴ qian², yong⁴ [your currency type] huan⁴ Ren2 Min² Bi⁴ (literally: "I want to exchange money, from [your currency type] into RMB".) 

Popular currency types are mei³ yuan² (American Dollars), ou¹ yuan² (Euro), ri⁴ yuan² (Japanese Yen) and ao⁴ bi⁴ (Australian Dollars).  If you don't know (or you forget) the Chinese word for your currency type, simply substitute zhe⁴ ge⁴ (this) for the Chinese word and show the teller your foreign cash.  Like love, money is a universal language!

The teller will usually ask you to count the money she has given you by saying qing³ shu³ yi⁴ shu³ or the very handy dui⁴ bu² dui⁴ (literally: "right or not right?").  If it is right, say dui⁴ (right/correct).  Remember what your mother taught you and don't forget to say xie⁴ xie (thank you).

Credit cards: easy!

Credit cards are now widely accepted in stores where prices are marked across metropolitan Beijing, however it is always wise to check that you can use your card before assuming that the vendor's machine is connected and in good working order.

Simply ask ke³ yi³ yong⁴ guo² wai⁴ xin⁴ yong⁴ ka³ ma? (literally: "can (I) use (a) foreign credit card?").  Your vendor will make her reply clear (she wants to avoid a misunderstanding as much as you do).

20 indispensiable terms

bank                            yin ² hang²           银行

bill(invoice)                   fei⁴                  费
bill payment form         jiao³ fei⁴ dan¹      交费单

cash                             xian ⁴ jin¹           现金

Chinese currency          Ren² Min² Bi⁴  (RMB)      人民币

credit card                    xin⁴ yong⁴ ka³               信用卡

deposit form                 cun² kuan³ dan¹            存款单

electricity bill                 dian⁴ fei⁴                        电费

exchange rate               hui⁴ fei⁴                         汇率

internet bill                   wang ³ fei⁴                       网费

money                           qian ²                              钱  

salary                            gong1 zi¹                        工资

telephone bill                 dian ⁴ hua4 fei⁴              电话费

to deposit money           cun ² qian²                     存钱

to exchange                   huan ⁴                             换

to pay                             jiao ¹                              交

to withdraw money        qu³ qian²                       取钱

travellers cheque            lv³ xing² zhi¹ piao⁴        旅行支票

withdrawal form             qu³ kuan³ dan¹               取款单

We hope that this month's Learning Curve helps to smooth your stay in China's capital.  As usual, Business Beijing welcomes feedback and suggestions for future Learning Curve columns: learningcurve@btmbeijing.com

*Italics refers to spoken pinyin and the number symbol refers to the tone to be used.