Shanghai, a bustling metropolis and a global financial hub, attracts millions of visitors each year. Whether you’re traveling for business or leisure, having local currency on hand is essential. Navigating currency exchange in a foreign city can be daunting, but knowing where to go can save you time and money. This guide highlights the best currency exchange locations in Shanghai, ensuring you get the most value for your money.
Banks: Reliable and Secure Options
Banks are often the most reliable and secure places to exchange currency in Shanghai. Major banks like the Bank of China, ICBC (Industrial and Commercial Bank of China), and China Construction Bank have branches throughout the city. These banks offer competitive exchange rates and are known for their transparency and security.
When exchanging currency at a bank, it’s important to bring your passport, as identification is required for the transaction. Most banks operate from 9:00 AM to 5:00 PM, Monday through Friday, with some branches open on weekends. While banks offer favorable rates, the process can be time-consuming, especially during peak hours. It’s advisable to visit during off-peak times to avoid long queues.
Currency Exchange Counters at Airports
If you need to exchange currency immediately upon arrival, Pudong International Airport and Hongqiao International Airport have several currency exchange counters. These counters are convenient, especially for travelers who need local currency for transportation or immediate expenses. However, it’s important to note that airport exchange rates are typically less favorable compared to banks or city-based exchange services.
To minimize costs, consider exchanging only a small amount at the airport to cover initial expenses, and then seek better rates in the city. The airport counters are open 24/7, providing flexibility for travelers arriving at odd hours.
Local Currency Exchange Services
Shanghai also hosts a variety of local currency exchange services that cater to tourists and expatriates. These services are often located in popular shopping districts and tourist areas, such as Nanjing Road and the Bund. They offer competitive rates and are generally quicker than banks, making them a popular choice for many travelers.
When using local exchange services, it’s crucial to compare rates and fees, as they can vary significantly between providers. Always count your money before leaving the counter and ensure you receive a receipt for the transaction. Some reputable services include Travelex and Money Exchange, which have multiple locations across the city.