Ren Min Bi (RMB) is the sole legal tender of China. The unit used for the RMB is Yuan and it has the smaller denominations of Jiao and Fen (1 Yuan = 10 Jiao = 100 Fen).

RMB is issued in both note and coin forms. The paper notes come in the denominations of 100 Yuan, 50 Yuan, 20 Yuan, 10 Yuan, 5 Yuan, 2 Yuan, 1 Yuan, 5 Jiao, 2 Jiao and 1 Jiao; and the denominations for coins are 1 Yuan, 5 Jiao, 1 Jiao, 5 Fen, 2 Fen and 1 Fen.

We strongly recommend you to set up a bank account after you arrive in Hefei, and apply for a related bank card with the identification “UnionPay” on it. The UnionPay card, as a Debit Card, enables you to transfer money from your account directly to the recipient's account and it is commonly used in China. You can use it to pay for tuition fees, medical insurance and shopping in supermarkets, etc.. You can also download bank’s official app after opening an account in the bank to check balance conveniently.

In addition, online payment in China is very developed and convenient. International students can bind their bank cards with Alipay and WeChat to shop online and transfer money. Please be alert to any form of fraud and scam (such as telephone scam, text messages scam, and Internet fraud) to avoid any economic losses.

 · Bank of China, Tel: 95566, Website: http://www.bank-of-china.com/ 

·  Industrial and Commercial Bank of China, Tel: 95588, Website: http://www.icbc.com.cn/ 

·  China Construction Bank, Tel: 95533, Website: http://www.ccb.com.cn/

·  Agricultural Bank of China, Tel: 95599, Website: http://www.abchina.com/

·  Bank of Communications, Tel: 95559, Website: http://www.bankcomm.com/