Friday, June 28, 2024
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Shanghai has achieved comprehensive coverage of foreign currency exchange service points across its 16 districts. These services are now available in airports, star-rated hotels, commercial districts, and tourist hubs. By the end of June, all high-star-rated hotels in the city will also offer these services, according to the Shanghai head office of the People’s Bank of China (PBOC).
As a key entry point for many international visitors—whether for business, study, or tourism—Shanghai is enhancing its foreign exchange services to accommodate the cash payment preferences of many overseas guests.
As of June 11, Shanghai boasts a robust foreign currency exchange network that includes 20 franchised institutions, 200 agencies, 80 self-service machines, and over 3,000 bank branches. Additionally, nearly 9,000 ATMs across the city facilitate foreign bank card withdrawals.
Pudong International Airport is particularly well-equipped, with 12 franchised points, four ATMs for foreign currency withdrawals, three bank branches for currency exchange, and one self-service machine. These facilities are conveniently located at both arrival and departure gates and in public areas of both terminals.
The exchange services in Shanghai cover up to 50 currencies, including those from most countries involved in the Belt and Road Initiative. Additionally, around 30 other currencies, such as the United Arab Emirates’ dirham, the Danish krone, the Brazilian real, and the Polish zloty, are also exchangeable, catering to the diverse needs of international visitors.
Furthermore, digital RMB services have been introduced at franchise institutions for foreign currency exchange.
The Shanghai head office of PBOC reports that the volume of foreign currency exchange transactions in the city has seen a significant increase this year, with a fourfold year-on-year rise from January to May. Both the number of transactions and overseas visitors have quadrupled.
To continue improving service quality, Shanghai has standardized foreign currency exchange institutions, expanded the list of exchangeable currencies, optimized service processes, and ensured that all exchange points have bilingual staff.
