Friday, June 28, 2024
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Shanghai’s foreign currency exchange services now cover all 16 districts, including airports, star-rated hotels, commercial areas, and tourist hubs. By the end of June, this network will extend to all high-star-rated hotels across the city, as announced by the Shanghai headquarters of the People’s Bank of China (PBOC).
Shanghai, often the first destination for many foreigners arriving in China for business, study, or tourism, has enhanced its foreign exchange offerings to cater to diverse visitor needs. As of June 11, the city boasts a robust network: 20 franchised institutions, 200 agencies, 80 self-service machines, and over 3,000 bank branches. Additionally, nearly 9,000 ATMs support foreign bank card withdrawals.
At Pudong International Airport alone, there are 12 franchised points, four ATMs for foreign currency withdrawals, three bank branches for currency exchange, and one self-service machine. This setup ensures convenient exchange services at arrival and departure gates, as well as in public areas of both terminals.
Shanghai’s franchised institutions accept up to 50 currencies, covering countries along the Belt and Road initiative, with services for approximately 30 other currencies like the United Arab Emirates’ dirham, Danish kroner, Brazilian real, and Polish zloty. This diversity meets the varied needs of international visitors.
Moreover, digital RMB services are now available at franchise institutions, complementing traditional currency exchange options. The volume of foreign currency transactions in Shanghai has seen significant growth this year, quadrupling in transactions and visitors from January to May compared to the previous year.
To further elevate service standards, Shanghai has standardized foreign currency exchange practices, expanded the range of exchangeable currencies, streamlined service procedures, and ensured bilingual staff at all exchange points.
